Overhead Console Market is expected to reach US$ 15,011.51 million by 2028

Rising Sales of Premium Cars in China is Fueling the Growth of Overhead Console during 2021–2028

According to our latest market study on “Overhead Console Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Application and Vehicle Type,” the market was valued at US$ 9,934.27 million in 2021 and it is projected to reach US$ 15,011.51 million by 2028; it is expected to grow at a CAGR of 6.1% from 2022 to 2028.

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.

The demand for premium cars witnessed growth in the country and has an impressive sales results in the year 2020. For instance, Mercedes-Benz, a well-known brand for premium cars, delivered 774,382 new cars in 2020 to Chinese customers, which is a growth of about 11.7% year-on-year. The company has announced 18 new models to China in 2020. The premium carmakers are focusing on strengthening domestic production by introducing advanced and new models and lowering prices. Therefore, the rising demand of premium cars and the installation of overhead console drives the market growth.

Impact of COVID-19 Pandemic on Overhead Console Market

Companies offering overhead consoles are expanding their business by opening new operation sites and investment in technologies to increase comfort features for the drivers. The demand for overhead consoles had been significantly increasing before the pandemic with the government regulation for increased safety in commercial vehicles and the increase in demand for features such as lightning systems and navigation tools, which require overhead consoles and driver navigation systems that have been a necessity for people living in urban areas to avoid traffic and to improve the performance of the vehicle. The shutdown of manufacturing units across the world has significantly impacted the overhead console market with reduced demand for automobiles. The market is poised to improve after the pandemic when the demand and supply are in equilibrium.

Flex Ltd., Gentex Corporation; Grupo Antolin; Hella GmbH & Co. KGAA; JPC Automotive; Magna International Inc.; Diamond Coatings Inc.; Daimay Automotive Interior Co., Ltd.; Kojima Industries Corporation; and Yanfeng Automotive Interiors are among the major companies operating in the overhead console market.

Overhead Console Market — by Geography, 2020

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Overhead Console Market to Grow at a CAGR of 6.1% to reach US$ 15,011.51 million from 2021 to 2028

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Overhead Console Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Application (Vehicle Telematics, Infotainment System & HMI, and Others) and Vehicle Type (Passenger Cars and Commercial Vehicles)

The global overhead console market has been segmented as follows:

Overhead Console Market – by Application

• Vehicle telematics
• Infotainment system & HMI
• Others

Overhead Console Market – by Vehicle Type

• Passenger Cars
• Commercial Vehicles

Overhead Console Market – by Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • Russia
  • UK
  • Russia
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Rest of APAC
• Middle East & Africa (MEA)
  • Turkey
  • South Africa
  • Rest of MEA
• South & Central America (SAM)
  • Brazil
  • Argentina
  • Rest of SAM