The overhead console market in North America is expected to grow from US$ 2045.93 million in 2021 to US$ 2,786.89 million by 2028; it is estimated to grow at a CAGR of 4.5% 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 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.
North America is one of the leading regions in terms of the development and adoption of new technologies; this is mainly attributed to favorable government policies that boost innovation and strengthen the infrastructure capabilities.Hence, any impact on the growth of industrial sector hampers the economic growth of the region.
At present, the US is the world’s worst-affected country due to COVID-19 outbreak.The overhead console market’s reliance on manufacturing industries such as automobile companies and automobile component manufacturers has been highlighted by the recent pause in manufacturing units due to COVID-19 outbreak.
Even before the COVID-19 problem, the auto sector faced challenges such as electric mobility, driverless cars, automated factories, and ridesharing.The automobile industry is suffering a major setback as a result of the pandemic’s severe restrictions on travel, as well as international manufacturing closures, declining car sales, and large layoffs.
The overall demand for overhead console is likely to increase once the industries attain normal operational conditions; these systems are much needed owing to the rise in demand of automobiles. Owing to the favorable government policies and ever-increasing investment by North American countries in advanced technology, North America has the large demand for overhead consoles. Any impact on automobile sector is projected to have a negative influence on the region’s economic development.
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.
In 2020, the others segment held the largest share of North America overhead console market.The others application in the overhead console market includes consoles with integrated lighting solutions such as dome, RGB, ambient lighting, map and logo lights, and conversation mirror, sunglass bin, and sunroof controls, among others.
The increase in disposable income among the individuals especially across the fast-growing economies is showcasing an inclination towards pre-installed accessories on their vehicle including overhead consoles, is propelling market growth across various vehicle models.In the current scenario, majority of the vehicles including low-budget, mid-budget, and luxury vehicles are produced with basic to advanced overhead consoles.
The continuous increase in production of vehicles (passenger cars, LCV, MCV, and HCV respectively) over the years has led the others segment to dominate the overhead console market. The evolution of advanced roof lighting solutions through overhead consoles, sunroof controls, and sunglass holders has led the overhead console market to a newer level, as the majority of the automotive manufacturers are increasingly procuring advanced overhead consoles. This is boosting the overhead console market. In addition, in the current scenario, the mid-budget vehicle manufacturers are also offering sunroof, which is majorly operated through the overhead consoles, which is supporting the procurement of higher volumes of overhead consoles, thereby catalyzing the market.
The overall North America 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 North America 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 North America overhead console market. Flex Ltd.; Grupo Antolin; Hella GmbH & Co. KGAA; Magna International Inc.; Yanfeng Automotive Interiors; Gentex Corporation; Daimay Automotive Interior Co., Ltd.; Diamond Coatings Inc.; and JPC Automotive are among a few players operating in the North America overhead console market.
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