Automotive Glove Box Market Research Report - Global Forecast till 2030

Automotive Glove Box Market Research Report Information By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles and Heavy Commercial Vehicles) and Region (North America, Europe, Asia-Pacific and the Rest of the World) ‚Äď Forecast till 2028

ID: MRFR/AM/8743-HCR | 100 Pages | Author: Sejal Akre | June 2023         

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Automotive Glove Box Market Overview


Owing to the rising need for new-age vehicles that are durable and have a higher demand, the automotive glove box market size is expected to grow at a good scale during the forecast period. The market operations are expected to attain a good CAGR of 3.5% by 2028, to reach a final market value of USD 90 billion by the end of the forecast period in 2028.


The automotive component suppliers work for producing glove boxes and help to provide the same to the original equipment manufacturer (OEMs). The OEMs install them in the automobile that acts as a vital component and similar functions to perform in vehicle manufacturing. The other name for an automotive glove box is glovie or glove compartment. It can be recognized as an interior component of the automobile and can be a part of the vehicle’s dashboard. It has miscellaneous purposes to solve.


COVID 19 Analysis


Since the initial cases of the pandemic were reported in APAC’s China region havoc was on the way. But the rate at which the pandemic spread and coss both regional and international borders were not only scary but also brought along various other issues. The healthcare infrastructure, services, and providers were collapsing because the rise of the pandemic rate and positive cases was alarmingly high. Also, since the pandemic was recognized by the WHO, the global governments were taking strict decisions like the imposition of lockdown, domestic and international travel bans, cross-border restrictions, and others. Also, the corporate world was switching to the work-from-home model and virtual working which gave rise to other trends and changes in lifestyle demands and preferences. The restrictions were such that the target audience was just focusing on meeting their necessities and focusing on boosting their immunity and growing health needs.


In such a scenario, the demand was declining. The global governments were focusing on the development of demand for the market products and services. Also, the market investors are increasing their investment in the research and development departments that help come up with new market products and technologies that will help in adding innovation to the market and increase the chances of growth during the forecast period.


Competitive Landscape


The rising market competition is a result of the recent developments undertaken by the market players. The prominent market players in the automotive glove box market are as follows:



  • Moriroku Holdings Company

  • Magna International Inc.

  • IAC Group

  • ITW

  • Faurecia

  • Hyundai Mobis

  • Recticel

  • Visteon Corporation

  • Trinseo S.A

  • Minda KTSN Plastic Solutions GmbH &CO.

  • Yanfeng Automotive Interiors


Recent Developments



  • The prominent automotive glove box market players are focusing on adding features and innovation that will help in the mass development of the tipping bucket glove box. The rising investments in the research and development departments are adding to the advantageous features that promise security and safety. Also, the space consumption and storage issues are being solved.

  • The passenger car vehicle segments are expected to hold the largest market share and maintain a dominant position in the global market during the period that will be ending in 2030.

  • The APAC and North American region are undergoing excellent levels of urbanization along with the expansion of the industrial sector that will help in benefitting the companies by rooting for a strong customer base. The improved levels of living standards of people followed by the surge in the income of people along with the availability of high-quality materials for the manufacturing and production units.


Market Dynamics


Drivers


The automotive glove components are very handy and offer a great degree of convenience which are some of the features that attract the maximum customers. There have been numerous attempts that are showing signs of increasing the income and disposable income of people that belong to the middle range. The improved degree of socio-economic conditions has led to a tremendous increase in the preference and sale of passenger cars. Passenger cars have a higher share in comparison to the number of other automobiles that are being manufactured across various global locations. Further, there has been a substantial increase in the demand for light vehicles with reduced weight. This is expected to bring a lot of functional changes to the market segments in general during the forecast period that will be ending in 2030. Also, the glove compartments are light, are wear and tear-resistant along with promising a higher degree of durability. 


Restraints


However, one of the major issues that are being faced by the rising automotive glove box market value is the rollout of various government regulations. The regulations that are being circulated are regarding automobile safety followed by the emissions that act as a major restraint for the market on the way of its growth during the forecast period that ends in 2030. Also, lack of awareness is another restraint that is likely to hamper the ability of the market to expand their target base that has an impact on the sales and revenue collected by launching new products and creating demand during the forecast period.


Technology Analysis


In the current market scenario, the automotive glove box market size is gaining a lot of momentum. The interiors of automotive include materials for both commercial and passenger vehicles. Technology has a wide role to play in the same. The result is that a significant amount of attention is being drawn by both the makers and users keeping in mind the degree of comfort and quality offered. The automotive glove component as a part of the market is being considered as one of the vital components that has a major role to play in influencing the buying decision of the target audience in various parts across the globe in the forecast period.


Study Objectives



  • The report aims to cover the insightful market factors that are responsible for the global growth of the market based on the dynamics available like the drivers and opportunities. Also, the report highlights the restraints that might pose challenges to the market while on its way to growth during the period.

  • The report also highlights the market insights like the availability of technology that will help in the market growth. Also, the market report discusses the basis on which the global market is segmented and caters to the mushrooming needs of the target audience. The market segmentation is also helpful in having an idea about the potential held by them to increase sales and improve the market revenue.

  • The report also aims to understand the functionality of the market players and the rising competitive degree amongst them. The report also discusses the recent developments of the market and the mergers and acquisitions that are on the way.


Segment Overview


The automotive glove box market report helps in providing the market investors and potential buyers with insights that will be helpful for them in making better environmental decisions. The market operations aim to solve the diverging needs of the audience and hence, the global market has been segmented based on the following factors:


Based on the type


The type segment of the global market includes the fixed type and the tipping bucket type.


Based on the vehicle type


The global market operations deal in vehicles like passenger cars and commercial vehicles.


Based on the geographical regions


The global market targets to meet the mushrooming needs of the target audience that is spread in various global locations. The market currently deals in 4 major regions that are North America, the European nations, the APAC region, and the rest of the world (RoW).


Regional Analysis


Based on the geographical division of the global market, the market has been divided into 4 major regions. The APAC region is expected to hold the largest revenue share in the forecast period and the same is expected to boost as there has been a huge rise in the sales and productions levels that is on the way in the global region. The automotive boxes are a basic yet standard component of vehicles that is a major asset for the vehicle demand in developed and developing countries like India, China, Japan, and others.


Report Overview


The global automotive glove box market reports discuss the factors that will drive the market towards global growth during the forecast period of 2022-2030. The report also discusses the possible challenges that might restrain the market segments from functioning in various regions. The report analyzes the competition of the market based on the recent developments undertaken during the forecast period ending in 2030. The report covers the market behavior after the coronavirus pandemic hit and the factors that will fulfill the growth motives of the market.



Report Scope:

Report Attribute/Metric Details
  Market Size   2028: USD 90 Billion
  CAGR   3.5% CAGR (2021 to 2028)
  Base Year   2020
  Forecast Period   2021 to 2028
  Historical Data   2019
  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 2021 to 2028.

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.

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.

Rising demand for four-wheelers is triggering the demand in the global automotive glove box market.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players‚Äô financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
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