ID: MRFR/AM/8743-HCR | February 2021 | Region: Global | 100 pages
Automotive Glove Box Market size is anticipated to register a CAGR of 3.5% between 2020 and 2026.
An Automotive Glove Box, also known as a glovie or glove compartment, is a section located over the front-seat passenger’s footwell, which is built into the dashboard of the vehicle. Automotive glove boxes are often used for storing various items. In many vehicles, the glove compartment closes with the use of a handle or latch and can also be locked with a key. Automotive glove boxes can be sealed or unsealed and are generally used for keeping portable items such as vehicle registration papers, insurance papers, sunglasses, pens, maps, etc. In modern-day cars, the glove boxes are mostly sealed, but few of the vehicles, such as the jeep wrangler have glove boxes that do not have a door. In England and a few areas of the northwest United States, automotive glove boxes are called ‘jockey boxes.’
The rising demand for vehicles across the world is anticipated to increase the demand for the automotive glove box market. A major short-term restraint faced by automotive OEMs is the decreasing production of glove boxes. Automotive component supplier Recital’s production of glove boxes was hampered due to fire, forcing OEMs such as Volkswagen to stop their production for a limited number of days and store their Passat cars until enough glove boxes were produced. A major opportunity in the automotive glove box market is increasing the use of polycarbonate and other polymer and plastic materials in the production of glove boxes. Fuel efficiency is inversely proportional to the weight of the vehicle. The use of polycarbonates to produce automotive glove boxes and other internal components will reduce vehicle weight, thereby increasing fuel efficiency and reducing vehicular emissions.
The global automotive glove box market is segmented based on vehicle type and region. Based on vehicle type, the global automotive glove box market can be further categorized as passenger vehicles, heavy commercial vehicles, and light commercial vehicles. The passenger vehicles segment accounted for a significant contribution to the automotive glove box market during 2019 and is projected to remain dominant over the predicted period. Factors such as improved socio-economic conditions, increased industrial output, and higher disposable incomes are expected to drive the adoption of passenger cars, subsequently fueling the growth of the automotive glove box market.
Global Automotive Glove Box Market size is anticipated to register a CAGR of 3.5% between 2020 and 2026.
The global automotive glove box market is expected to witness moderate growth during the forecast period due to the rising demand for passenger vehicles and the emergence of glove box airbags. These factors are projected to drive the demand for automotive glove boxes in the coming years.
Based on region, the automotive glove box market is segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America is a major market for automotive glove boxes, with the U.S. being the largest market in the region and the second-largest automotive manufacturer in the world. Canada and Mexico are other significant markets in this region. Recently KSTN Plastic Solutions, Germany (a part of the Ashok Minda Group), has opened a new manufacturing facility in Mexico for the manufacture of glove boxes and other automotive components for Volkswagen and other automotive OEMs.
The key market players include IAC Group (Luxembourg), Magna International Inc. (Canada), Visteon Corporation (the U.S), ITW (the U.S), Moriroku Holdings Company (Japan), Yanfeng Automotive Interiors (China), Faurecia (the U.S), Trinseo S.A (the U.S), Hyundai Mobis (South Korea), Minda KTSN Plastic Solutions GmbH & Co.KG (Germany), and Recticel (Belgium).
|Market Size||2027: Significant Value|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Vehicle Type and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||IAC Group (Luxembourg), Magna International Inc. (Canada), Visteon Corporation (the U.S), ITW (the U.S), Moriroku Holdings Company (Japan), Yanfeng Automotive Interiors (China), Faurecia (the U.S), Trinseo S.A (the U.S), Hyundai Mobis (South Korea), Minda KTSN Plastic Solutions GmbH & Co.KG (Germany), and Recticel (Belgium)|
|Key Market Opportunities||Increasing the use of polycarbonate and other polymer and plastic materials in the production of glove boxes|
|Key Market Drivers||Rising demand for vehicles across the world|
Frequently Asked Questions (FAQ) :
The global automotive glove box market is predicted to expand at 3.5% CAGR from 2020 to 2026.
Rising demand for four-wheelers is triggering the demand in the global automotive glove box market.
Low production rate of glove compartments can hamper the global market growth.
Passenger vehicles can capture a large share of the global automotive glove box market.
Minda KTSN Plastic Solutions GmbH & Co.KG, Visteon Corporation, Recticel, Moriroku Holdings Company, IAC Group, Yanfeng Automotive Interiors, ITW, Magna International Inc., Faurecia, Hyundai Mobis, and Trinseo S.A are prominent players of the global automotive glove box market.