Automotive Center Console Market Value to Reach US$ 130.5 Bn by 2031 | Transparency Market Research

WILMINGTON, DE / ACCESSWIRE / March 13, 2023 / Transparency Market Research Inc. - The global automotive center console market was valued at US$ 78.0 Bn in 2022 and is anticipated to grow at a CAGR of 5.9% during the forecast period from 2023 to 2031.

The Center console is the space between the driver's seat and the navigator's seat. Center consoles are used to store different products such as cup holders and cigarette lighters, and can also have music controls, a display screens, and an air conditioning systems.

Apart from internal combustion engine vehicles, automotive center consoles have also witnessed demand from different electric vehicles such as battery electric vehicles, fuel cell electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicles.

Continuous growth in the e-commerce industry is estimated to help trigger the demand for center consoles through online distribution channels such as e-commerce websites and company-owned websites

New product launches are helping leading automotive center console market players in gaining an edge over other players. Additionally, companies are signing collaborative agreements with other players to expand their presence and increase revenue share.

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Key Findings of Market Study

• Rise in Usage of Armrest Consoles in Automobiles: The last few years has seen a growing interest in armrest consoles in automobiles. A key factor that has led to increase in importance of armrest consoles is the evolution in their usage from a storage space to a console which operates air conditioning, windows, and seat massaging characteristics. Increase in need to ensure comfort in armrests is anticipated to help market development during the forecast period
• Increase in Demand for Front Center Consoles: In terms of type, the market has been trifurcated into front center console, rear center console, armrest console. The front center console segment accounted for dominant market share in 2022 and is likely to maintain its dominance during the forecast period. Rise in demand for advanced products in front center consoles due to increase in digitalization is fueling growth. Leading manufacturers are integrating smart features in front center consoles to improve the consumer experience. Some of the products that come under the front center console segment are air conditioner windows, audio controls, control units, and temperature controls.
• Surge in Demand for Passenger Vehicles: Based on vehicle type, the global market has been classified into buses and coaches, passenger vehicles, light commercial vehicles, and heavy duty trucks. The passenger vehicles segment held dominant share in 2022 and is likely to maintain its dominance in the next few years. Increase in disposable income and rise in preference for high performance vehicles, especially from the millennial population is triggering the demand for automotive center consoles. Additionally, rise in electrification of vehicles is anticipated to fuel the demand for automotive center consoles and help expand the market size. Passenger vehicles such as utility vehicles and sedans have gained popularity among consumers.

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Automotive Center Console Market-Key Drivers

• Rise in demand for aesthetically pleasing rental automobiles is driving the global automotive center console market
• Increase in demand for technologically advanced interior automotive components is propelling the market
• Growth in demand for luxurious automobiles is also expanding the automotive center console market

Automotive Center Console Market-Regional Insights

• Europe is anticipated to hold dominant market share in the next few years due to increase in adoption of modern technologies, surge in investments to produce high-end premium automobiles, and large presence of leading automotive players in countries such as the U.K. and Germany
• Asia Pacific is estimated to witness significant market growth during the forecast period due to increase in disposable income among consumers and rise in automobile sales in India and China
• The market in North America is likely to witness strong growth in future due to the presence of a developed automobile industry in the U.S. and Canada

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Automotive Center Console Market-Key Players

The global market is fragmented and has several international and local players. New players entering the market are likely to help intensify the competition during the forecast period.

A few leading players operating in the market are

• Emerson Electric Company,
• Magna International Inc.,
• Delphi Automotive PLC,
• AGM Automotive, and Continental AG.

The global market has been segmented as follows:

Type

• Front Center Console
  • Air Conditioner Windows
  • Temperature Controls
  • Audio Controls
  • Control Units
• Armrest Console
  • Storage Compartments
  • Cup Holders
  • Refrigerators
• Rear Center Console
  • Entertainment Systems
  • Climate System Controls
  • Auxiliary Power Outlets
  • Heater Vents

Vehicle Type

• Passenger Vehicles
• Hatchbacks
• Sedans
• Utility Vehicles
• Light Commercial Vehicles
• Buses and Coaches
• Heavy Duty Trucks

Electric Vehicle Type

• Battery Electric Vehicles
• Fuel Cell Electric Vehicles
• Plug-in Hybrid Electric Vehicles
• Hybrid Electric Vehicles

Sales Channel

• OEM
• Aftermarket

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America

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