Global Automotive Center Console Market Poised to Reach $38.05 Billion by 2028, Fueled by Rising Demand for Electric Vehicles

DUBLIN, Oct. 2, 2023 /PRNewswire/ -- The "Global Automotive Center Console Market Size, Share, Growth Analysis, By Sales channel, By Vehicle type - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The global automotive center console market, valued at $27.07 billion in 2021, is projected to grow significantly, reaching $38.05 billion by 2028.

This growth is expected to occur at a compound annual growth rate (CAGR) of over 5.50% during the forecast period of 2022 to 2028. Several factors contribute to the expansion of this market.

Market Dynamics

The demand for automotive center consoles is on the rise due to various factors. Factors such as increasing disposable income, a growing preference for luxury vehicles, and improved lifestyle choices are driving this market's growth. The center console, located in the front middle of the car between the two seats, serves multiple functions, including controlling air conditioning, temperature, cup holders, music, and other accessories.

High-performance luxury vehicles are offering additional features like screens, charging ports, electronic devices, and music controls within the center console. In the future, more advanced technologies, such as console-mounted parking and driving assistance systems, are expected to become common. As we enter the era of connected cars and autonomous vehicles, the center console is becoming increasingly sophisticated.

Market Segmentation

The global automotive center console market is segmented based on vehicle type, sales channel, and region. By vehicle type, it is categorized into passenger vehicles, premium cars, compact cars, mid-size cars, luxury cars, SUVs, electric vehicles, and others. Based on sales channel, the market is divided into original equipment manufacturers (OEMs) and aftermarket.

Market Drivers

The rapid growth of the automotive center console market is primarily attributed to the increasing demand for electric vehicles. Electric cars rely on central control systems that are reliable, safe, and secure. These systems often include touch controls and navigation systems integrated into the center console. In 2020, there were already 10 million electric vehicles on the road globally, and this number is expected to rise. The ongoing expansion of the automotive industry, coupled with the growing production of high-performance automobiles and the appeal of luxury cars, is further fueling market growth.

Market Restraint

One potential restraint on market expansion is the rising popularity of front slang seat attachments, which can reduce the demand for rear seat center consoles. However, the addition of supplementary amenities such as heating and cooling accessories is expected to create new growth opportunities for the global automotive center console market.

Market Trends

Market players in the aftermarket segment are strategically positioning themselves in response to the development of new technologies and market changes. The aftermarket industry is expected to maintain its dominant market share, reaching 56.70% by 2027. The increasing demand for electric vehicles, driven by environmental concerns and government support, is boosting the adoption of the latest center console technology. As electric cars become more popular, the demand for other related products is also expected to grow.

Companies Mentioned

Key players in the global automotive center console market include AGM Automotive LLC, Alps Electric Co. Ltd, Calsonic Kansei Corp., Continental AG, Delphi Automotive plc, Emerson Electric Co., Faurecia S.A, Hyundai Mobis Co, Johnson Controls Inc., Lear Corporation, and MVC Holdings LLC.

For more information about this report visit https://www.researchandmarkets.com/r/i8v482

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