Overhead Console Market

Automotive overhead console serves a variety of functions, including holding lighting devices and providing navigation-related information in the vehicle. There is an increase in the adoption of vehicle telematics along with overhead consoles in the vehicles vehicle movement and location tracking by combining global positioning system (GPS) with on-board diagnostics systems. Vehicle telematics systems are primarily integrated by automobile fleet management companies to accurately monitor the activity and location of a vehicle. Vehicle connectivity has become a necessity in recent times, and automobile manufacturers are integrating connectivity solutions in their vehicles to increase features and automobile sales. 

COVID-19 Impact Analysis

• The impact of COVID-19 varied from country to country across the world as several countries experienced an increase in the number of reported cases resulting in strict as well as lengthy lockdown or social distancing. However, Western European countries such as Germany, France, and the UK have seen comparatively modest growth in industrial activities due to the strong healthcare system. To protect the population from the COVID-19 virus, the European government has made significant investments in introducing technologies in its healthcare systems to help identify signs of the COVID-19. During the COVID-19 pandemic, Europe was impacted with a halt in the manufacturing of automobile factories and automobile components. The crisis is not caused by the pandemic, but rather a negative economic environment, as demonstrated by the declining consumer confidence index across all European markets. Most people who intended to buy a car prior to the crisis are still unsure, and it will take several months for the market to completely recover. The European automotive market is beginning to emerge from its confinement. The majority of have resumed their showrooms, while several manufacturing factories have reopened the production or expect to do so in the next few days. Automobile sales are expected to improve in the next months which will impact the overhead console market as well. 

Top Impacting Factors
Rise in demand for comfort, rise in demand for overhead control lights, rise in sales of Premium cars in China drive the growth of the market.
High cost of overhead control panel hinders the growth of the market.
Rise in demand for aesthetic features provide growth opportunity for the players operating within the market.

The Overhead Console Market Trends are as Follows:
Rise in Demand for Comfort

• Rise in demand for comfort amenities in vehicles is expected to boost the automotive overhead console market across the globe. The global expansion of the automotive aftermarket across is expected to propel the automotive overhead console market across the globe. Rise in preference among consumers for elegant vehicle interiors is anticipated to boost the automotive overhead console market across the globe.

Rising Sales of Premium Cars in China

• As per Ministry of Public Security, China, the motor vehicle parc of the country accounted for around 372 million units in the year 2020, out of which 281 million units are automobiles. The country also recorded ~33.28 million motor vehicles, which are newly registered in the year 2020, and accounts for the growth of ~3.56% compared to the year of 2019. The new cars sales dropped by 6% compared to sales in 2019, out of which the sales of new-energy vehicles (NEVs) and new commercial-vehicles (CVs) recovered strongly, due to renewed government support. In 2020, the commercial vehicle (CV) sales, which includes buses and trucks, recorded a growth of ~18.7% (5.1m units). Similarly, according to the China Association of Automobile Manufacturers (CAAM) data, in 2020, the weakest part of the new-vehicle market in the China is the passenger-car segment that is contracted by around 6% (20.2m cars) compared to 2019. Nevertheless, the market for new electric vehicle is expected to expand by 10.9% year-on-year i.e., ~1.4m units.

Rise in Demand for Aesthetic Features

• Rise in vehicle production combined with an increase in the number of comfort features is likely to propel the automotive overhead Console market globally. Growing consumer preference for sunroofs in vehicles is anticipated to boost the automotive overhead console market across the globe. Rise in demand for spacious interior in the vehicle is prompting vehicle manufacturers to install overhead console in their vehicles, which is expected to propel the automotive overhead consoles market across the globe.

Key Benefits of the Report:

• This study presents the analytical depiction of the overhead console market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the overhead console market.
• The current market is quantitatively analyzed from 2020 to 2030 to highlight the growth scenario of the overhead console market.
• The report provides a detailed overhead console market analysis based on competitive intensity and the competition that will take shape in coming years.

Questions Answered in the Overhead Console Market Research Report:

• Who are the leading market players active in the overhead console market?
• What would be the detailed impact of COVID-19 on the market?
• What are the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the overhead console market?
• What are the future projections that would help in taking further strategic steps?

 Overhead Console Market Report Highlights