Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Automotive Control Panel Market .
Automotive control panels are electric displaying controls that are used for the operation of vehicles. These are aimed mainly towards providing substantial knowledge to the driver for various systems of the vehicle. Primarily the control panels are an integral part of passenger cars, motorcycles, airplanes, ship, boats, and other vehicles.
Market Research Future has performed a market study on the global automotive control panels and has found that the market is expected to rise at a CAGR of 7% during the assessment period by 2023.
Automotive control panel market: Drivers & Constraints
The automotive control panel market is being majorly driven by various factors such as the increase in the demand for electric vehicles in the developing regions globally. With such a high rise in need, the automotive control panel has come into use with advanced features ensuring easy access to the to the driver for comfort and convenience factors in automobiles.
On the other hand, the latest stringent government regulations for the reduction of overweighted vehicles, reducing carbon dioxide emissions are also driving the growth of the market. Other factors including in the market to grow are the rapid urbanization, increase in demand for interior comfort, an increase in the sales of luxury cars.
Considering these factors, it has been in the notice that the global automotive control panel market has observed a remarkable growth where due to high demands, the market is expected to grow with the CAGR of 7% in the years to come.
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The global automotive control panel market is segmented based on panel type, which includes manual, push button and touch screen. Amongst these, the push button segment is likely to see a substantial growth with the highest CAGR during the forecast period. Push button control panel consists of buttons and switches to manage and control of different components.
Geographically, the global automotive control panel has covered regions such as North America, Europe, Asia Pacific and Rest of the World.
Of these, Asia Pacific has landed the leadership position in the market during the forecast period by 2023, due to countries like China and Japan, where vehicles are highly used by passengers and commercial ways partnering with a large number of automobile control panel manufacturers. Original equipment manufacturers in the region are enhancing their technological capabilities, which resultantly is offering more facilities for vehicles.
The surge in the production of automobiles along with the expanding demand for comfort and convenience is also likely to contribute to the growth of the market over the forecast period.
The prominent players in the automotive control panel market include Continental AG (Germany), Johnson Controls, Inc. (U.S.), Magna International Inc. (Canada), Hyundai Mobis Co. Ltd. (South Korea), Faurecia S.A. (France), Lear Corporation (U.S.), Valeo SA (France), Delphi Automotive Plc. (U.K.), Toyota Boshoku Corporation (Japan) and Calsonic Kansei Corporation (Japan).
Recently, Faurecia, a global automotive supplier organization has announced that they would be partnering with Chinese electric vehicle, OEM, BYD. Together they launched a new company ‘Shenzhen Faurecia Automotive Parts Co., Ltd.’ (70% Faurecia -30% BYD). The joint venture will focus on developing and manufacturing advanced seating solutions for BYD-affiliated OEM brands