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 of 2022-2030. During the period, the market operations are expected to attain a good CAGR and hence, 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.
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:
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.
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.
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.
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).
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.
The global automotive glove box market reports discuss the factors that will drive the market towards global growth during the forecast period of 2021-2028. 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 2028. The report covers the market behavior after the coronavirus pandemic hit and the factors that will fulfill the growth motives of the market.
|Market Size||2030 : Significant Value|
|CAGR||3.5% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|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|
The global automotive glove box market is predicted to expand at 3.5% CAGR from 2022 to 2030.
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.