The overhead console market is projected to grow from US$ 9,934.27 million in 2021 to US$ 15,011.51 million by 2028; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028.
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.
Impact of COVID-19 Pandemic on Overhead Console Market
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.
Lucrative Regions in Overhead Console Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights– Overhead Console Market
Rising Sales of Premium Cars in China Boosts Overhead Console Market Growth
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.
Application-Based Insights
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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Vehicle type-Based Insights
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.
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Overhead Console Market: Strategic Insights
Market Size Value in US$ 9,934.27 Million in 2021 Market Size Value by US$ 15,011.51 Million by 2028 Growth rate CAGR of 6.1% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Overhead Console Market: Strategic Insights
| Market Size Value in | US$ 9,934.27 Million in 2021 |
| Market Size Value by | US$ 15,011.51 Million by 2028 |
| Growth rate | CAGR of 6.1% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Players operating in the overhead console market are mainly focused on the development of advanced and efficient products.
- In 2020, Gentex Corporation would demonstrate its new features and technology concepts at CES 2020 that dramatically expand its digital vision, car connectivity & sensing, and dimmable glass product lines. Gentex Corporation is a supplier of electro-optical products for the automotive, aerospace, and fire protection sectors. They would also showcase their new in-vehicle smoke detector for autonomous vehicles and rideshare operators.
- In 2020, Hella GmbH & Co. KGAA opened an electronics plant in Lithuania. The plant in the Kaunas Free Economic Zone started production of various electronic components in August 2018. At present, sensors, and actuators as well as lighting electronic components are manufactured at the site and more than 180 employees are employed.
The overhead console market has been segmented as follows:
By Application
- Vehicle telematics
- Infotainment system & HMI
- Others
By Vehicle type
- Passenger Cars
- Commercial Vehicles
By Geography
North America
- US
- Canada
- Mexico
Europe
- Germany
- France
- Italy
- UK
- Russia
- Rest of Europe
Asia Pacific (APAC)
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
South America (SAM)
- Brazil
- Argentina
- Rest of SAM
Overhead Console Market–Company Profiles
- 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
- Yanfeng Automotive Interiors
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application and Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, South Africa, South Korea, Turkey, United Kingdom, United States
Frequently Asked Questions
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.
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.
The List of Companies - Overhead Console Market
- 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
- Yanfeng Automotive Interiors
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