As per the current market research conducted by CMI Team, the global Automotive Overhead Console Market size is expected to record a CAGR of 6.8% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 42.1 billion. By 2032, the valuation is anticipated to reach USD 58.6 billion.
Automotive Overhead Console Market: Growth Factors and Dynamics
- Rising Demand for Enhanced In-Car Features: The increasing demand for enhanced in-car features and functionalities has driven the growth of the automotive overhead console market. Consumers are seeking advanced features such as integrated infotainment systems, ambient lighting controls, and storage compartments, which are often integrated into overhead consoles.
- Focus on Interior Aesthetics and Comfort: Automotive manufacturers are placing greater emphasis on interior aesthetics and comfort to differentiate their vehicles in the competitive market. Overhead consoles not only serve as functional storage units but also contribute to the overall interior design and ambience of the vehicle, attracting consumers seeking a more comfortable and visually appealing driving experience.
- Technological Advancements: Advancements in technology have led to the integration of advanced electronics and sensors within overhead consoles. These consoles can house features such as touch-screen displays, gesture recognition systems, and advanced lighting controls. As the automotive industry becomes more tech-oriented, the demand for sophisticated overhead console features continues to rise.
- Growing Interest in Electric Vehicles (EVs): The surge in interest and production of electric vehicles has also impacted the automotive overhead console market. EV manufacturers often focus on creating futuristic and innovative interiors to align with the technology-driven nature of electric vehicles. As a result, overhead consoles in EVs tend to incorporate cutting-edge features, contributing to market growth.
- Customization and Personalization: Consumers are increasingly seeking customizable and personalized features in their vehicles. Automotive overhead consoles offer manufacturers the opportunity to provide modular designs and features that cater to individual preferences. This customization trend has led to an upswing in demand for overhead consoles with various storage configurations and tech integrations.
- Safety and Driver Assistance Integration: Overhead consoles are not only limited to infotainment and aesthetics; they also play a role in enhancing safety and driver assistance features. Many modern overhead consoles house controls for functionalities like lane departure warnings, adaptive cruise control, and emergency communication systems. As safety remains a top priority in the automotive industry, the integration of these features further propels market growth.
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Automotive Overhead Console Market: Acquisitions and Partnerships
- Magna International and LG Electronics: In 2021, LG and Magna to develop next generation autonomous driving-infotainment solutions. This collaboration follows a successful joint venture LG and Magna announced in July 2021 called LG Magna e-Powertrain Co., Ltd, to manufacture e-motors, inverters and onboard chargers as well as related e-drive systems to support the growing global shift toward vehicles for certain automakers.
- Adient Acquires Futuris Group: In 2017, Adient acquired Futuris Group, enhancing its position in automotive seating and interiors, including overhead console design and manufacturing. They produce and deliver automotive seating for all vehicle classes and all major OEMs. From complete seating systems to individual components, our expertise spans every step of the automotive seat-making process.
Automotive Overhead Console Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the Automotive Overhead Console Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
- Supply Chain Disruptions: The COVID-19 pandemic disrupted global supply chains, leading to shortages of essential components and materials required for manufacturing overhead consoles. This resulted in production delays and hindered the overall market growth.
- Dampened Consumer Demand: Economic uncertainties and lockdown measures during the pandemic led to a decrease in consumer spending on non-essential items, including automobiles. As a result, the demand for vehicles, and subsequently, automotive interior components like overhead consoles, experienced a temporary decline.
- Pent-up Demand Release: As economies gradually recover from the pandemic and consumer confidence returns, there is a potential for pent-up demand for vehicles. This rebound in demand would drive the need for interior features like overhead consoles, as consumers look to upgrade their vehicles.
- Resumption of Production: With the easing of lockdown measures and the recovery of global supply chains, automotive manufacturers can resume production at pre-pandemic levels. This would alleviate the supply constraints and contribute to the market’s recovery.
- Focus on Health and Hygiene: The pandemic highlighted the importance of health and hygiene within vehicles. Automotive manufacturers may incorporate features within overhead consoles that address these concerns, such as hands-free controls, UV sterilization, or antimicrobial materials, thereby stimulating consumer interest.
- Shift Towards Contactless Technology: The preference for contactless technology has accelerated due to the pandemic. Overhead consoles can integrate touchless controls, voice recognition, and gesture-based features, aligning with changing consumer behaviour and attracting potential buyers.
List of the prominent players in the Automotive Overhead Console Market:
- Johnson Controls International plc
- Magna International Inc.
- Visteon Corporation
- Continental AG
- Grupo Antolin
- Gentex Corporation
- Lear Corporation
- Faurecia
- Harman International Industries Inc.
- Toyoda Gosei Co. Ltd.
- Others
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