The overhead console market in South America is expected to grow from US$ 314.13 million in 2021 to US$ 396.68 million by 2028; it is estimated to grow at a CAGR of 3.4% 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.
In SAM, Brazil has witnessed the highest number of COVID-19 cases, followed by Argentina, Peru, Chile, and Ecuador.Governments have been imposing travel restrictions, lockdowns, and trade bans to contain the spread of virus.
Thus, the COVID-19 pandemic has been severely affecting the overhead console’s market growth in this region.Governments need to consider waste management as an urgent and essential public service to respond to emergencies such as the COVID-19 outbreak, to minimize possible secondary impacts upon health and the environment.
Response measures need to consider the sudden demand once the pandemic ends. However, recent relaxations in lockdown and arrangement of large-scale vaccination drives would help the economies to bounce back, which would allow industries to regain their operations in the next few quarters.
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 of South America 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 South 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 South 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 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 South America 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 South America overhead console market.
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