New York, US, Oct. 31, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),"Automotive Glove Box Market Research Report: By Vehicle Type, and Region– Forecast till 2028”, the automotive glove box market is predicted to thrive substantially at a healthy CAGR of approximately 3.5% to attain a valuation of around USD 90 billion by 2028.
Automotive Glove Box Market Overview:
The automotive component suppliers operate to generate glove boxes and help to offer the same to the original equipment manufacturer (OEMs).
Competitive Analysis
The catalog for prominent participants across the global automotive glove box market includes players such as:
- Moriroku Holdings Company
- Recticel
- Magna International Inc.
- Visteon Corporation
- IAC Group
- Trinseo S.A
- ITW
- Minda KTSN Plastic Solutions GmbH & C.O.
- Faurecia
- Yanfeng Automotive Interiors
- Hyundai Mobis
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Automotive Glove Box Market USP Covered
Market Drivers
The global automotive glove box market has experienced massive development in the last few years. The market's growth is mainly ascribed to these gloves' handy nature and convenience. Furthermore, the factors such as the growing disposable income, improved degree of socio-economic conditions, increase in the preference & sale of passenger cars, increase in demand for light vehicles, and promising a higher degree of durability are also predicted to influence the growth of the automotive glove box market over the coming years.
Numerous attempts have shown signs of increasing the income of people in the middle range. This has led to tremendous i. Passenger cars have a higher share compared to the number of other automobiles manufactured across various global locations. Further, there has been a substantial in reduced weight. This is expected to bring many functional changes to the market segments in general during the forecast period ending in 2030. Also, the glove compartments are light and wear and tear-resistant.
Market Restraints
On the other hand, the rollout of various government regulations is likely to limit the market's growth. Furthermore, the lack of awareness will impede the market's growth over the coming years.
Report Scope:
| Report Metrics | Details |
| Market Size by 2028 | USD 90 Billion |
| CAGR during 2022-2028 | 3.5% |
| Key Market Opportunities | Increasing the use of polycarbonate and other polymer and plastic materials in the production of glove boxes |
| Key Market Drivers | Rising demand for vehicles across the world |
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COVID-19 Impact of Automotive Glove Box Market
The world has been through many changes in the last few years, given the arrival of the global health crisis in the form of COVID-19, which ended up affecting most industry areas across the globe. The travel restrictions and social distancing norms imposed by governments across the globe led to causing severe disruptions in the supply chain networks for the majority of the market areas. Like all other market areas, the global automotive glove box market also witnessed several unexpected challenges during the pandemic. The sudden fall in demand for automobiles globally caused significant revenue losses in recent times. On the other hand, with rapid vaccination rates across the globe, the global automotive glove box market is likely to witness substantial growth over the coming years.
Automotive Glove Box Market Segment Analysis
Among all the types, the fixed type of segment is predicted to ensure the top position across the global market for automotive glove boxes over the assessment era.
Among all the vehicle types, the passenger cars segment is anticipated to hold the leading position across the global automotive glove box market over the review era.
Among all the materials, the plastic segment is predicted to secure the top spot across the global market for automotive glove boxes over the coming years. the lightweight nature of plastic and ease to manufacture in complex geometry is the main parameter supporting the growth of the segment.
Among all the end-users, the pharmaceutical & biotechnology segment is predicted to hold the top spot across the global market for automotive glove boxes over the review era. The massive scale of testing occurring because of the recent pandemic spread is considered the primary parameter is supporting the segment's growth.
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Automotive Glove Box Market Regional Analysis
The global market for automotive glove boxes is analyzed across five major regions: Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the research reports by MRFR, the Asia-Pacific region is anticipated to hold the top spot across the global automotive glove box market over the assessment era. The region has experienced a massive rise in sales and production levels, which is considered the main parameter is supporting the growth of the regional market. The automotive boxes are essential for vehicle demand in developed and emerging economies such as Japan, China, India, and others. Given the rising demand for smoother movement in operations, the regional market for the automotive glove box is likely to witness massive growth coupled with the growing increase in vehicles during the forecast period across the globe. Furthermore, the rising entrance of significant manufacturers and developed economies across the North American and European regions having the capacity to spend on more inventive and new materials for the vehicle customization is also likely to influence the growth of the regional automotive glove box market over the review era. Moreover, the rise in disposable income and changing demographics across the region are also likely to catalyze the regional market's growth over the review era.
The automotive glove box market for the North American region is anticipated to grow substantially over the assessment era. The region has the U.S. as the leading growth contributor, and the nation is the second biggest automotive manufacturer globally. Mexico and Canada are also considered to be important markets across the region.
The European regional market for automotive glove boxes is anticipated to show substantial growth over the coming years. Germany is the primary growth contributor across the region. The region has leading growth contributors such as the Netherlands, Belgium, Spain, Italy, France, and the U.K.
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The automotive glove box market for the Latin American and Middle East & African regions is anticipated to show substantial growth over the coming years. the regions have leading growth contributors such as Argentina, Brazil, South Africa, Iran, and Turkey.
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