Summary
The overhead console market in Asia Pacific is expected to grow from US$ 4,543.86 million in 2021 to US$ 7,368.81 million by 2028; it is estimated to grow at a CAGR of 7.2% from 2021 to 2028.
In the earlier generation, consumers used to purchase premium vehicles to reflect their social status, but the new generation is expressing other reasons for buying premium autos for the need of luxury and clever technologies.According to the study conducted by the China Association of Automobile Manufacturers (CAAM), women are playing an important role in the premium car market, especially in the developed economies.
As per the survey, while selecting a vehicle model, women primarily focus on safety features, comfort, and exterior styling, over the attributes favored by their male counterparts, such as powertrain technology, socially recognized premium brands, and bigger models.The mounting inclination of consumers toward comfortable travel experience is also propelling the demand of car accessories for an entertaining, luxurious driving experience, a surge in vehicle customization among the young population, and increasing trends toward moving car accessories are prominent factors for the Asia Pacific overhead console market.
Also, the modern customer demands the best range of accessories at a reasonable cost.Several car accessories brands are providing premium quality car accessories at desirable prices.
Thus, the above-mentioned factors are driving the demand for overhead consoles in sedans and SUVs.
Due to increasing number of cases in China, the APAC region is greatly affected by COVID-19.The country also homes the largest population across the world, which is imposing greater risk to a large number of individuals.
China is also a world leader of many global brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has affected major economies of the region, including China, India, South Korea, and Vietnam and these market has experienced a downward industrial growth during the first two quarter of 2020.
The overhead console market is segmented into application, vehicle type, and country.Based on application, the market is segmented into vehicle telematics, infotainment system & HMI and others.
The infotainment system & HMI is expected to be the fastest growing segment in Asia Pacific overhead console market during the forecast period.With an increasing demand of smartphones connectivity among vehicles, the integration of overhead consoles for in-vehicle infotainment is also boosting.
The penetration of front row infotainment in the in-vehicle infotainment system is also demanding the installation of overhead consoles in the vehicles.The front row infotainment in the vehicle offers various information to the users such as entertainment (audio and video) services, weather forecast, and navigation.
The growing demand of premium vehicle with an infotainment system consist of overhead consoles display. The installation of advanced infotainment systems facilitates live media streaming, Wi-Fi and Bluetooth connectivity, interactive voice recognition services, and smart technology for mobile integration. Additionally, the market players are focusing on the development of different HMI solutions that comprises wide range of tactile and capacitive buttons for advanced systems such as haptic feedback.
The overall Asia Pacific overhead console market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining overview and forecast for the Asia Pacific overhead console market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific overhead console market. Flex Ltd.; Grupo Antolin; Hella GmbH & Co. KGAA; Magna International Inc.; Yanfeng Automotive Interiors; Gentex Corporation; Daimay Automotive Interior Co., Ltd.; Kojima Industries Corporation; and JPC Automotive are among a few players operating in the Asia Pacific overhead console market.
