Overhead Console Market is Poised to Attain Valuation of US$ 20.68 Billion By 2032 | Astute Analytica

Overhead console market soars as innovation meets consumer demand, offering advanced, customizable features that enhance driving comfort and convenience. Overcoming challenges, the market thrives, promising an exciting future for automotive interiors.

New Delhi, Nov. 27, 2024 (GLOBE NEWSWIRE) -- The global overhead console market is projected to attain a valuation of US$ 20.68 billion by 2032, up from US$ 12.77 billion in 2023 at a CAGR of 5.5% during the forecast period 2024-2032.

The overhead console market is on the cusp of transformative growth in 2023, buoyed by rapid technological advancements and evolving consumer preferences. The global automotive industry is embracing the electric revolution, with electric vehicle (EV) sales expected to surpass 8 million units worldwide this year. This surge signifies a monumental shift toward sustainable transportation solutions. Overhead consoles are adapting to meet the demands of this new era, incorporating advanced features such as battery management displays, energy consumption indicators, and seamless integration with charging infrastructure. The automotive electronics market, which includes overhead consoles, is projected to reach $260 billion in 2023, highlighting the escalating role of electronic components in vehicle design and functionality.

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The luxury vehicle segment continues to offer robust opportunities for overhead console manufacturers. In 2023, global sales of luxury vehicles are anticipated to exceed 12 million units, as consumers increasingly seek premium experiences that blend comfort, technology, and performance. Automotive manufacturers in the overhead console market are responding by investing unprecedented amounts in research and development; the industry is expected to allocate over $120 billion towards R&D initiatives this year. This substantial investment is fueling innovation in overhead console technology, enabling features like augmented reality displays, gesture control interfaces, and enhanced connectivity with smartphones and wearable devices. The in-car infotainment market is projected to reach $40 billion in 2023, underscoring the growing consumer demand for sophisticated entertainment and informational services within their vehicles.

Advanced driver-assistance systems (ADAS) are another critical catalyst for overhead console market growth. In 2023, over 60 million vehicles worldwide are equipped with ADAS technologies, many of which rely on overhead consoles for optimal integration and user interaction. Consumer surveys reveal that 80% of new car buyers prioritize vehicles with advanced safety and convenience features, driving manufacturers to continuously enhance overhead console offerings. The proliferation of smart technologies, including voice assistants and AI-driven personalization, is transforming the overhead console into a central hub for vehicle control and information. As the automotive industry progresses toward higher levels of vehicle autonomy, the overhead console's role is set to become even more integral. The market outlook is exceedingly optimistic; these converging trends are creating unprecedented opportunities for innovation and growth within the overhead console sector, heralding a new era of automotive excellence.

Key Findings in overhead Console Market

After Light Module, Storage Compartment to Take Up Highest Revenue Share of 19%

In terms of components, the storage compartment segment is projected to hold a second largest 19% share of the global overhead console market by 2032. With consumer preferences shifting, over 70% of new car buyers in 2023 indicated that interior storage solutions are a top priority. Storage compartments in overhead consoles provide convenient options for drivers and passengers to store essential small items, contributing to a clutter-free and organized vehicle interior. This convenience directly enhances the driving experience, meeting the growing consumer demand for practicality and functionality within the vehicle cabin.

The prevalence of storage compartments is notably higher in luxury vehicles, which are experiencing increased popularity worldwide. In 2023, luxury vehicles accounted for 15% of global car sales, with 85% of these models featuring enhanced storage solutions. As consumers show a preference for vehicles that offer enhanced comfort and convenience features, manufacturers are integrating more sophisticated storage solutions into overhead consoles. Recent surveys in the overhead console market suggest that 68% of consumers are willing to pay a premium for vehicles with customizable interior storage. Innovations include customizable and modular storage options that can accommodate various user needs, reflecting a trend towards personalized vehicle interiors. The market for modular interior components has grown by 12% over the past year.

Additionally, the expanding adoption of electric and hybrid vehicles is anticipated to bolster the growth of the storage compartment segment. Electric vehicles, which represented nearly 18% of total vehicle sales in 2023, often prioritize interior space optimization. These vehicles often prioritize interior space optimization and advanced features to appeal to environmentally conscious consumers seeking modern amenities. A study conducted in 2023 showed that 75% of electric vehicle buyers consider interior space efficiency as a critical factor in their purchase decision. Manufacturers are thus focusing on developing overhead consoles with innovative storage solutions that complement the design and functionality of electric and hybrid vehicles, helping to differentiate their products in a competitive market.

Acrylonitrile Butadiene Styrene (ABS) Becoming the Trending Materials in Manufacturing Overhead Console

When examining the market by material, Acrylonitrile Butadiene Styrene (ABS) is expected to remain a significant material in the global overhead console market, generating a substantial portion of the market revenue in the forthcoming years. In 2023, ABS accounted for 30% of the total polymer consumption in the automotive sector. ABS is renowned for being lightweight, durable, and cost-effective, qualities that are highly valued in the automotive industry. Its excellent mechanical properties, including resistance to impact, heat, and chemicals, make it an ideal material for manufacturing overhead consoles that meet rigorous performance standards. Research indicates that the use of ABS can reduce component weight by up to 15% compared to traditional materials, enhancing fuel efficiency.

The use of ABS allows manufacturers in the overhead console market to produce overhead consoles that contribute to overall vehicle weight reduction, which is critical for improving fuel efficiency and meeting stringent environmental regulations. The automotive industry has seen a 5% year-on-year increase in demand for lightweight materials, driven by regulations emphasizing reduced emissions. As the automotive industry increasingly focuses on sustainability and emission reductions, the demand for lightweight materials like ABS is projected to grow. A 2023 industry report highlighted that 60% of automotive manufacturers are investing in research to enhance the properties of ABS. Furthermore, ABS provides design flexibility, enabling the creation of complex shapes and the integration of multiple functionalities into overhead consoles without compromising structural integrity.

Europe to Emerge As Second Largest Overhead Console Market

Europe remains a pivotal overhead console market, expected to capture a significant portion of global market revenue in the coming years. The region's high demand for luxury vehicles is a primary driver of this growth. In 2023, European luxury car manufacturers such as BMW , Mercedes-Benz, and Audi are collectively projected to sell over 7 million units, reflecting robust consumer interest in high-end vehicles equipped with advanced features. Europe's total vehicle production is anticipated to reach approximately 12 million units this year, providing a substantial market for overhead console installations. The popularity of sunroofs and moonroofs is notable, with over 6 million vehicles sold in Europe equipped with these features, necessitating the use of overhead consoles.

The increasing adoption of electric and hybrid vehicles in Europe is another significant factor driving the overhead console market. Electric vehicle sales in the European Union are expected to exceed 2.5 million units in 2023, while hybrid vehicle sales are projected to surpass 1.8 million units. Europe's extensive electric vehicle infrastructure, with over 350,000 charging stations available this year, supports this growth. These developments require overhead consoles that can accommodate features like battery status displays and energy management systems. Additionally, the European automotive industry continues to invest heavily in research and development, with expenditures exceeding €70 billion in 2023, focusing on safety and technological innovations. North America follows closely behind Europe, with the U.S. automotive industry expected to sell over 15 million vehicles in 2023. The popularity of SUVs and pickup trucks, which make up a significant portion of sales, drives demand for advanced overhead consoles, as consumers in the region value convenience and safety features integrated into their vehicles.

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Manga International Takes the Lead in Overhead Console Market with 11.88% Market Share

Magna International , a leading global automotive supplier, has established itself prominently in the overhead console industry, securing over 11.88% market share. This success is attributed to its innovative product offerings, which include advanced overhead consoles with integrated lighting solutions and human-machine interface technologies. These products often feature customizable options and advanced systems like driver monitoring, enhancing both safety and user experience. Magna's strategic partnerships and collaborations further bolster its market position, allowing the integration of cutting-edge technologies such as AI and IoT into its offerings. The company’s commitment to innovation and quality, supported by significant R&D investments, ensures that its products remain at the forefront of technological trends.

Key growth strategies underpinning Magna's success in the overhead console market include its focus on expanding into emerging markets and diversifying its product portfolio to minimize risks. By maintaining a presence in over 27 countries, Magna not only taps into new customer bases but also adapts to local market dynamics, enhancing its global reach. Moreover, the company is aligning its development strategies with major industry trends like electrification, autonomous driving, and connected vehicles, which keeps its offerings relevant and competitive. Emphasizing sustainability, Magna is investing in lightweight solutions, addressing the growing consumer demand for eco-friendly automotive components.

Although specific 2023 developments in overhead consoles are not detailed, Magna's strategic focus includes enhancing electrification efforts and securing advanced system contracts. Current market trends such as touchless controls, eco-friendly materials, and smart technology integration are likely influencing Magna’s product innovations. As consumer preferences shift towards more integrated infotainment systems and personalized customization, Magna's ability to adapt and innovate positions it well to maintain and potentially grow its market share. This comprehensive approach, combining innovation, strategic partnerships, and market adaptation, underscores Magna’s stronghold in the overhead console industry.

Key Companies:

• Grupo Antolin
• HELLA GmbH & Co. KGaA
• IAC Group
• LS Automotive India Pvt Ltd.
• Magna International Inc.
• Methode Automotive Solutions
• Plastic Omnium SE
• Shanghai Daimay Automotive Interior Co., Ltd.
• Yanfeng Automotive Interior
• Other Prominent Players

Key Segmentation:

By Type:

• Front Overhead Console
• Rear Overhead Console

By Component:

• Storage Compartment
• Light Modules
• Information Display Screen
• Climate Control System
• Microphones
• Others

By Material:

• Polypropylene
• Acrylonitrile-Butadiene-Styrene (ABS)
• Styrene Maleic Anhydride (SMA)
• Others (Polyvinyl Chloride, Polycarbonate, etc.)

By Vehicle Type:

• Passenger Vehicle
• Commercial Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle

By Distribution Channel:

• OEM
• Aftermarket

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa (MEA)
• South America

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Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/