Overhead Console Market to Witness a Rise in Valuation of US$ 19.6 Billion by 2031
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According to the Analysis of Astute Analytica, the global overhead console market has untapped opportunities during the forecast period and growing with a volume of 4.1%. In order to increase their revenue in the market, major players in the overhead console market are growing their product offerings. They are concentrating on expanding their market presence by investing in merger and acquisition activities, starting new joint ventures, or building new facilities. The global market is being driven by increased vehicle production, the need for automated vehicles, and digitalization in automotive parts.
The number of vehicles sold globally, the aftermarket product demand, significant suppliers, major consumers, and the effect of luxury automobiles on overhead console sales have a positive influence on the market size. According to a report by Astute Analytica, despite the COVID-19 pandemic's impact on the automotive sector, global auto sales reached 67.2 million in 2022. The desire for cutting-edge features like overhead consoles is increasing along with the demand for vehicles.
The sales of overhead consoles are significantly impacted by luxury automobiles. There is a trend among consumers to look for comparable features in non-luxury vehicles as a result of the widespread availability of advanced overhead consoles as standard or optional options by many luxury vehicle manufacturers. When many automakers experienced a downturn after the pandemic in 2022, luxury automobile manufacturers BMW and Mercedes experienced growth. By 2030, millennials and younger generations will account for 80% of luxury spending, demonstrating the rise in luxury cars.
Front Overhead Console is Dominating the Global Market
The front overhead console segment dominated the global market and is likely to grow at the highest CAGR during the forecast period. The growing popularity of electric and hybrid automobiles is anticipated to fuel the expansion of the front overhead console market, as these cars need sophisticated technologies in front overhead consoles to improve the driving experience and set them apart from more conventional gas-powered vehicles.
Light Module to Attain a Revenue of Over US$ 7 Billion in Overhead Console Market
According to Astute Analytica, the need for innovative lighting solutions in a variety of end-use industries, such as automotive, aerospace, and construction, is predicted to increase, leading to a global light module segment revenue of over US$ 7 Billion by 2031. The research also emphasizes how the emergence of smart lighting and the growth of the Internet of Things (IoT) would lead to significant growth in the market for light modules in the upcoming years.
As a result of the rising demand for cutting-edge lighting solutions in the automobile market, North America and Europe are likely to be prominent consumers of light modules in the overhead console market.
Polypropylene Material is Witnessing a Rise in Demand in the Overhead Console Market
Polypropylene is the most common material utilized in the automotive market to make overhead consoles. In 2022, the polypropylene segment generated over 39% of the market sales. This is due to the fact that polypropylene is a flexible and affordable material that provides exceptional durability, impact resistance, and thermal stability.
Additionally, the automobile market's increased need for lightweight materials has helped to increase the appeal of polypropylene. In order to avoid adding extra weight to the vehicle, overhead consoles must be lightweight. Thus, polypropylene has grown to be a preferred material choice for manufacturers in this sector.
Asia Pacific Holds a Dominant Position in the Global Market
Asia Pacific generated a major share of the global overhead console market. China, Japan, Taiwan, and South Korea are a few of the developed nations with significant populations that are home to cutting-edge R&D and production facilities for car overhead consoles. Major producers of automotive compressors, including AGM Automotive (Flex Technologies Inc.), Daimay Automotive Interior Co. Ltd., and Yangfeng Automotive Interior Co. Ltd., have their global headquarters in this region. In Asia Pacific, China holds a dominant position in the overhead consoles market.
In the global automotive market, China is a key hub. The market in the region is growing by high connected vehicle production and sales rates in China, South Korea, and Japan. Another significant element driving the growth of the overhead console market in the Asia Pacific is a paradigm shift in consumer preferences toward connected or digital amenities rather than mechanical features of a vehicle in the decision-making process when buying a car.
Increased sales of passenger cars in nations like China, Japan, India, and South Korea are another factor driving the market. Since a few years ago, sales and production of passenger and commercial vehicles have increased dramatically in ASEAN nations, which is also likely to drive the overhead console market in Asia Pacific during the course of the projected year. According to data provided by the China Passenger Car Association, wholesale sales of passenger vehicles in China jumped 86.5 percent year over year to 1.81 million units in April. NEVs made up 30% of China's total exports of 300,000 passenger automobiles in April, a 227 percent increase year over year. To take the top place, Tesla exported 35,886 automobiles.
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Top 6 Players to Generate More Than 31.8% of the Global Overhead Console Market's Revenue
There are a variety of regional and small-scale companies in the highly competitive global market. According to the market share graph, the leading companies are, among others, Magna International Inc., HELLA GmbH & Co. KGaA, Plastic Omnium SE, and LS Automotive India Pvt Ltd. Due to low entry and exit barriers, the market is not perfectly competitive, as seen by the big competitors' combined market share is close to 31.8%.
Magna International Inc. dominates the market globally and focuses on integrating electronics and technology into vehicles to improve comfort, convenience, and style. HELLA GmbH & Co. KGaA is developing innovative lighting ideas for car interiors, including high-performance LED RGB modules and sophisticated lighting setups that support a number of new features. This suggests that in response to the trend of improved vehicle interiors, businesses are concentrating more on vehicle integration and in-vehicle space efficiency.
The overhead console market is characterized by fierce competition, and businesses are working to obtain a competitive edge through new product development, strategic alliances, and mergers and acquisitions. To create cutting-edge solutions for overhead consoles utilizing 3D printing and other cutting-edge technologies, Grupo Antolin, a leading supplier of overhead consoles, struck a partnership agreement with Additive, a German engineering start-up, in 2020.
Leading Companies
Grupo Antolin
HELLA GmbH & Co. KGaA
IAC Group
LS Automotive India Pvt Ltd.
Magna International Inc.
Methode Automotive Solutions
Plastic Omnium SE
Shanghai Daimay Automotive Interior Co., Ltd.
Yanfeng Automotive Interior
Other Prominent Players
Segmentation Outline
The global overhead console market segmentation focuses on Type, Component, Material, Vehicle Type, Distribution Channel, and Region.
By Type
Front Overhead Console
Rear Overhead Console
By Component
Storage Compartment
Light Modules
Information Display Screen
Climate Control System
Microphones
Others
By Material
Polypropylene
Acrylonitrile-Butadiene-Styrene (ABS)
Styrene Maleic Anhydride (SMA)
Others (Polyvinyl Chloride, Polycarbonate, etc.)
By Vehicle Type
Passenger Vehicle
Commercial Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicle
By Distribution Channel
OEM
Aftermarket
By Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
South Korea
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Argentina
Brazil
Rest of South America
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