Global Automotive Center Console Market - 2023-2030
Global Automotive Center Console market reached US$ 81.3 billion in 2022 and is expected to reach US$ 128.1 billion by 2030 growing with a CAGR of 5.9% during the forecast period 2023-2030.
The growth of electric and autonomous vehicles is providing great opportunities for manufacturers to develop innovative center console designs that cater to the specific needs and preferences of these vehicles' occupants. Furthermore, rising consumers' preference for comfortable and convenient driving experiences is driving the global automotive center console market.
Asia-Pacific is the fastest-growing automotive center console market covering more than 53.3% share globally. The region’s growth is due to the presence of well-established automotive industries and the presence of highly competitive companies based, with both local and international manufacturers. Companies are investing in research and development to offer innovative and high-quality center console solutions in the region.
Market Dynamics
Rise in Demand for Electric Vehicles
Three markets—China, Europe and U.S.—have seen the vast bulk of electric car sales to date. China is the market leader, accounting for 60% of all electric vehicle sales worldwide in 2022. China currently has more electric vehicles on the road than any other country. The second and third-largest markets, Europe and U.S., both had rapid growth in 2022, with sales rising by 15% and 55%, respectively.
Furthermore, in this decade and beyond, it is anticipated that ambitious governmental initiatives in major economies, like the Fit for 55 package in the European Union and the Inflation Reduction Act in U.S., will further raise the market share for electric vehicles. Around 60% of all new automobiles sold in China, the EU and U.S. are expected to be electric by the year 2030. The above rising number in EV sales is creating huge opportunities for the automotive center consoles to invest in the market leading to driving the product’s growth.
Rising Eco-Friendly Initiatives
The growing incorporation of sustainable materials and adoption of environmentally responsible manufacturing processes, aimed to reduce the overall carbon footprint. This includes sourcing materials from renewable sources and optimizing energy consumption during production. Companies are investing in adopting materials for automotive center consoles which have less carbon footprint and offer efficient functions as compared to other materials.
Furthermore, Many automakers include environmentally friendly programs in their CSR strategy. Companies can improve their brand image and draw in eco-friendly customers by adopting sustainable practices, such as the usage of eco-friendly center consoles.
High Production Costs
Integration of advanced technologies to improve customer experience adds to the overall production cost of automotive center consoles. The incorporation of advanced technology into center consoles with integrated infotainment systems, touch-screen displays, wireless charging and connectivity capabilities results in higher production costs.
Furthermore, the growing use of eco-friendly and sustainable materials due to their reduce carbon footprinting is another factor for the high cost of the product. These materials require extra processing and are followed by disruptions in the supply chain, such as shortages of raw materials or components which can impact production and lead to delays in delivery and the increased price of center consoles to OEMs.
COVID-19 Impact Analysis
The pandemic led to disruptions in global supply chains, affecting the availability of raw materials and components required for manufacturing center consoles. Factory closures, shipping delays and reduced production capacity contributed to supply chain challenges.
Furthermore, to reduce the spread of the virus, many automotive manufacturing facilities worldwide temporarily shut down or operated at reduced capacity. This resulted in delays in center console production and delivery to OEMs. However, due to the rising vaccination drive across the globe., the situation is evolving hence the market is expected to gradually recover and adapt to the changing consumer landscape, with a continued focus on innovative and sustainable center console solutions.
Segment Analysis
The global automotive center console market is segmented based on material, component, vehicle, design, distribution channel and region.
Rising Investments in Luxury Vehicles
Leather is a growing segment in the material category which has covered nearly 1/4th share in the global automotive center console market. The growth of luxury vehicles is a major market driving factor for leather material. Genuine leather is created using an animal's hide or skin, usually cattle.
The center consoles of high-end and luxurious vehicles are made of this premium material. Genuine leather has a luxurious appearance and feel, as well as attractive natural variances and grain patterns. While genuine leather is highly desirable, it can be more expensive and requires proper care and maintenance to preserve its quality and appearance which acts as a major market hampering factor for the segment.
Geographical Analysis
Asia-Pacific Increasing Adoption of Electric Vehicles (EVs)
Asia-Pacific holds a significant share of the global automotive center console market and countries like India, China and Japan hold a major share in it. India is among the developing economy making it cover 1/3rd of the market. India has seen significant growth in the adoption of electric vehicles. As EVs gain popularity, the demand for customized center consoles to accommodate EV-specific features and controls is expected to increase.
China is the world's largest producer and consumer of cars and Asia-Pacific is home to some of the largest automotive markets in the world. The market for automotive center consoles has grown as a result of the rising demand for automobiles in nations like China and India and the presence of key players in the region.
Competitive Landscape
The major global players include Magna International Inc, Faurecia, Toyota Boshoku Corporation, Yanfeng Automotive Interiors, Grupo Antolin, IAC Group, Johnson Controls International Plc, Lear Corporation, Inteva Products and Visteon Corporation.
Why Purchase the Report?
• To visualize the global automotive center console market segmentation based on material, component, vehicle, design, distribution channel and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of automotive center console market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.
The global automotive center console market report would provide approximately 77 tables, 78 figures and 220 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Material
- 3.2. Snippet by Component
- 3.3. Snippet by Vehicle
- 3.4. Snippet by Design
- 3.5. Snippet by Distribution Channel
- 3.6. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Rise in Demand for Electric Vehicles
- 4.1.1.2. Rising Eco-Friendly Initiatives
- 4.1.2. Restraints
- 4.1.2.1. High Production Costs
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Force Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID
- 6.1.2. Scenario During COVID
- 6.1.3. Scenario Post COVID
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Material
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 7.1.2. Market Attractiveness Index, By Material
- 7.2. Plastic*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Leather
- 7.4. Metal
- 7.5. Others
- 8. By Component
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 8.1.2. Market Attractiveness Index, By Component
- 8.2. Storage Compartment*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Armrest
- 8.4. Cup Holders
- 8.5. Controls and Connectivity
- 8.6. Others
- 9. By Vehicle
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
- 9.1.2. Market Attractiveness Index, By Vehicle
- 9.2. Passenger Vehicle *
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Commercial Vehicle
- 9.3.1. Light Commercial Vehicles (LCVs)
- 9.3.2. Heavy Commercial Vehicles (HCVs)
- 10. By Design
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 10.1.2. Market Attractiveness Index, By Design
- 10.2. Full Floor Consoles*
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. High-mounted Consoles
- 10.4. Low-mounted Consoles
- 11. By Distribution Channel
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 11.1.2. Market Attractiveness Index, By Distribution Channel
- 11.2. Original Equipment Manufacturers (OEMs)*
- 11.2.1. Introduction
- 11.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 11.3. Aftermarket
- 12. By Region
- 12.1. Introduction
- 12.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 12.1.2. Market Attractiveness Index, By Region
- 12.2. North America
- 12.2.1. Introduction
- 12.2.2. Key Region-Specific Dynamics
- 12.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 12.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 12.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
- 12.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 12.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 12.2.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 12.2.8.1. U.S.
- 12.2.8.2. Canada
- 12.2.8.3. Mexico
- 12.3. Europe
- 12.3.1. Introduction
- 12.3.2. Key Region-Specific Dynamics
- 12.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 12.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 12.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
- 12.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 12.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 12.3.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 12.3.8.1. Germany
- 12.3.8.2. UK
- 12.3.8.3. France
- 12.3.8.4. Italy
- 12.3.8.5. Russia
- 12.3.8.6. Rest of Europe
- 12.4. South America
- 12.4.1. Introduction
- 12.4.2. Key Region-Specific Dynamics
- 12.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 12.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 12.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
- 12.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 12.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 12.4.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 12.4.8.1. Brazil
- 12.4.8.2. Argentina
- 12.4.8.3. Rest of South America
- 12.5. Asia-Pacific
- 12.5.1. Introduction
- 12.5.2. Key Region-Specific Dynamics
- 12.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 12.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 12.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
- 12.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 12.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 12.5.8. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 12.5.8.1. China
- 12.5.8.2. India
- 12.5.8.3. Japan
- 12.5.8.4. Australia
- 12.5.8.5. Rest of Asia-Pacific
- 12.6. Middle East and Africa
- 12.6.1. Introduction
- 12.6.2. Key Region-Specific Dynamics
- 12.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Material
- 12.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Component
- 12.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Vehicle
- 12.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 12.6.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Distribution Channel
- 13. Competitive Landscape
- 13.1. Competitive Scenario
- 13.2. Market Positioning/Share Analysis
- 13.3. Mergers and Acquisitions Analysis
- 14. Company Profiles
- 14.1. Magna International Inc*
- 14.1.1. Company Overview
- 14.1.2. Product Portfolio and Description
- 14.1.3. Financial Overview
- 14.1.4. Key Developments
- 14.2. Faurecia
- 14.3. Toyota Boshoku Corporation
- 14.4. Yanfeng Automotive Interiors
- 14.5. Grupo Antolin
- 14.6. IAC Group
- 14.7. Johnson Controls International Plc
- 14.8. Lear Corporation
- 14.9. Inteva Products
- 14.10. Visteon Corporation
- LIST NOT EXHAUSTIVE
- 15. Appendix
- 15.1. About Us and Services
- 15.2. Contact Us
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