New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- The global Automotive Center Console Market is forecasted to reach USD 50.15 Billion by 2027, according to a new report by Reports and Data. The industry is witnessing high growth in the global market due to an increased demand for the automotive interior to ensure a high level of comfort and customization. Also, an increase in the luxury vehicle market is helping the market grow highly as high technology vehicles are the highest contributor to the market.
An increase in sales cars in many regions, especially in developing nations, advancement in technology pertaining to vehicle safety, will also fuel the market growth. Moreover, the availability of service flexibility, cost-effectiveness, and reliable maintenance services is also expected to propel the market growth globally. The high price of raw materials is expected to affect market growth. However, increasing demand from the consumers for a luxurious and comfortable traveling experience will propel the demand for the product.
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The COVID-19 impact:
The distribution of Covid-19's has influenced manufacturing activities worldwide. Logistic constraints and reconsiderations of the specifications for raw materials are becoming a problem for producers all over the world. Lockdown measures to minimize the spread of the pandemic in many countries have had a major effect on the automotive industries, including the shut-down of several automobile manufacturing units. Over the weeks, the market has experienced a downturn that can continue in the coming months. The Asia Pacific region was the most affected by this pandemic, with China at the center of the outbreak. Most initiatives in multiple countries have changed to a temporary halt. Production and supply were put on hold, which caused losses for manufacturers, dealers, and consumers.
Further key findings from the report suggest
- Luxury vehicles incorporate the extensive level of comfortable and attractive materials to provide with the premium class feel and outlook. Interior materials of the luxury vehicles are highly expensive, which makes the segment to be the largest contributor to this market.
- The rise of touch screens, fledgling data show advancements, and different contraptions are allowing manufacturers to recast automotive center consoles. The cooperation between the visible automotive information and the driver will hugely affect vehicle insides, which in turn will prod market growth over the globe.
- The Asia Pacific holds the significant piece of the overall industry in terms of revenue, along with Europe and North America. In the Asia Pacific region, nations such as China and India have been seeing substantial requests and generation for traveler vehicles. This is expanding the use of the center console in traveler vehicles.
- Key participants include Hyundai Mobis Co Ltd., Faurecia S.A., Johnson Controls Inc., Alps Electric Co. Ltd., Methode Electronics, Delphi Automotive plc., Magna International Inc., Valeo Group, Continental AG, and Calsonic Kansei Corp., among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/automotive-center-console-market
For the purpose of this report, Reports and Data has segmented into the Global Automotive Center Console market on the basis of type, vehicle type, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Touch Screen
- Buttons and Controls
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
- Passenger Vehicle
- Premium Cars
- Compact Cars
- Mid-Size Cars
- Luxury Cars
- SUV
- Light commercial vehicle (LCV)
- Heavy commercial vehicle (HCV)
- Electric Vehicle
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Original Equipment Manufacturer (OEM)
- Aftermarket
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Canada
- Europe
- Germany
- UK
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- Latin America
- Brazil
- Rest of LATAM
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Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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