Middle East and Africa Overhead Console Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application and Vehicle Type

Middle East and Africa Overhead Console Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application and Vehicle Type

  • July 2021 •
  • 87 pages •
  • Report ID: 6134348 •
  • Format: PDF
The overhead console market in Middle East & Africa is expected to grow from US$ 384.41 million in 2021 to US$ 503.94 million by 2028; it is estimated to grow at a CAGR of 3.9% 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 studies 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 Middle East & Africa 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.

The major countries in the MEA facing the economic impact of COVID-19 pandemic include Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait.The region is projected to register a swift decline in manufacturing activities due to industries shutting down and technology innovations coming to a halt across the Middle East and Africa region; this can be attributed to lowered production activities and disruption of manufacturing in many countries in these regions.

Irrespective of the previous projections regarding steady growth of the overhead console market in the MEA due to escalating demand of automobiles, to enhance resource utilization, improve efficiencies, and enhance driver safety.In Saudi Arabia and the UAE, the imposition of travel restrictions and disruption of supply chains are limiting the overhead console market growth to a certain extent.

The impact of the COVID-19 pandemic on this market has been huge both as a merit and demerit. However, it will certainly see a heavy rise after the pandemic.

The overhead console market is segmented into application and vehicle type.Based on vehicle type, the market is segmented into passenger vehicle and commercial vehicle.

Commercial vehicle includes light commercial vehicles (LCV) and heavy commercial vehicles (HCV). The Light commercial vehicles are specially designed as a van, pick-up truck, or utility vehicle for the carriage of passenger or goods with a gross design weight of 3.5 metric tons–7 metric tons. Light commercial vehicles are generally the trucks that have applications in short-to-medium cargo shipments. Similarly, the general weight of heavy commercial vehicles is more than 7 metric tons. The heavy commercial vehicles include trucks, tractors, and other vehicles. There is an increasing demand for heavy commercial vehicles in the region which is expected to drive the market growth during the forecast period. The automotive overhead console comprises lighting device holders and delivers navigation-related information in the vehicle. Further, rise in demand for driver monitoring system in a vehicle, which requires an overhead console, is boosting the Middle East & Africa overhead console market.

The overall Middle East & Africa 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 Middle East & Africa 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 expert 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 Middle East & Africa overhead console market. Flex Ltd.; Grupo Antolin; Hella GmbH & Co. KGAA; Magna International Inc.; and Yanfeng Automotive Interiors are among a few players operating in the Middle East & Africa overhead console market.
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