There is an increase in adoption of vehicle telematics along with overhead consoles in the vehicles for the movement of a vehicle and monitoring location by combining global positioning system (GPS) and on-boards diagnostics systems. The vehicle telematics systems are primarily integrated by automobile fleet management companies to precisely monitor behavior and location of a vehicle. Further, the growing adoption of smartphones has enhanced the features of connectivity in the vehicle over time. The consumer requires to constantly stay connected with the outer world while travelling. The vehicle connectivity has become the necessity now-a-days, and the automobile manufacturers are integrating connectivity solutions in their vehicles to boost the features and the automobile sales. Therefore, the vehicle telematics market is anticipated to grow prominently owing to growing customer demands for staying connected 24*7 even while travelling. The automakers are installing overhead consoles for enhancing the geofencing, real-time monitoring, and diagnostic features to meet the mounting demand for fleet safety and security in transportation of goods through commercial vehicles. As per the telematics service providers, telematics in the global automotive industry is anticipated to expand rapidly specifically in the developing economies. Therefore, surging requirement for enhanced safety and security is anticipated to boost the installation of overhead console with automotive telematics features.
The impact of COVID-19 differed from country to country across the European region as selected countries witnessed an increase in the number of recorded cases and subsequently attracted strict as well as longer lockdown periods or social isolation. However, Western European countries such as Germany, France, and the UK have seen a comparatively modest growth in industrial activities due of the strong healthcare system. To protect its citizens from the COVID-19 virus, the European government has made tremendous investments in incorporating technologies in its healthcare systems to help identify signs of the COVID-19.
During the COVID-19 pandemic, Europe was impacted with stoppage in production of factories in the automobile and automobile components. The crisis is not caused by the pandemic, but by negative demand mood, as evidenced by the plummeting consumer confidence index across all European markets. Most people who planned to buy a car before the crisis are still unsure, and it will take several months for the market to fully recover. The European automotive market is beginning to emerge from its confinement. Most of the dealers have reopened their showrooms, while several manufacturing factories have restarted production or expect to do so in the next days. The sales for automobile are set to rebound in the coming months which will impact the overhead console market as well. The European region is forecasted to see second highest growth rate in the overhead console market in the coming years.
As per China's Ministry of Public Security, the country's motor vehicle parc accounted for around 372 million units in the year 2020, out of which 281 million units are automobiles. Also, the country recorded ~33.28 million motor vehicles, which are newly registered in the year 2020, and accounts for the growth of ~3.56% compared to the year of 2019. The sales of new cars fell by 6% compared to sales in 2019, out of which the sales of new-energy vehicles (NEVs) and new commercial-vehicles (CVs) recovered strongly, due to renewed government support. In 2020, the commercial vehicle (CV) sales, which includes buses and trucks, recorded a growth of ~18.7% (5.1m units). Similarly, according to the China Association of Automobile Manufacturers (CAAM) data, in 2020, the weakest part of the new-vehicle market in the China is the passenger-car segment that is contracted by around 6% (20.2m cars) compared to 2019. Nevertheless, the market for new electric vehicle is recorded an expansion by 10.9% year-on-year i.e., ~1.4m units.
Based on application, the overhead console market is bifurcated into vehicle telematics, infotainment system & HMI, and others; the others segment held the largest market share in 2020. The overhead console is different vehicle models for improved customer experience through enhanced car connectivity. Presently, notable number of leading overhead console manufacturers provides various type of overhead console with custom sizes and materials.
Based on vehicle type, the overhead console market is segmented into passenger cars and commercial vehicles. The OEMs across the globe are robustly focusing on the development of different models of overhead console to meet the emerging demand of end users. The passenger cars segment is expected to register a higher CAGR in the market during the forecast period.
Players operating in the overhead console market are mainly focused on the development of advanced and efficient products.
The regional trends and factors influencing the Overhead Console Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Overhead Console Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 9.93 Billion |
| Market Size by 2028 | US$ 15.01 Billion |
| Global CAGR (2021 - 2028) | 6.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Application
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Overhead Console Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Overhead Console Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The List of Companies - Overhead Console Market
The passenger vehicle type held the largest share. The integration of overhead consoles is linked to the vehicle control unit, which provides safety, comfort, convenience, and the ability to implement innovative driver assistance systems such as parking and navigation assistance. Moreover, growing demand of attractive interior inside the passenger cars and premium cars with the integration of connected vehicle technology is boosting the growth of the overhead console market.
Rising sales of premium cars in china coupled with accentuating consumer investments on car accessories, thereby substantially driving the overhead console market.
The automakers are installing overhead consoles for enhancing the geofencing, real-time monitoring, and diagnostic features to meet the mounting demand for fleet safety and security in transportation of goods through commercial vehicles. As per the telematics service providers, telematics in the global automotive industry is anticipated to expand rapidly specifically in the developing economies. Therefore, surging requirement for enhanced safety and security is anticipated to boost the installation of overhead console with automotive telematics features.