SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Automotive Control Panel - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 8; Released: May 2021
Executive Pool: 11953
Companies: 48 - Players covered include ACTIA GROUP; Alps Alpine Co., Ltd.; C&K; Calsonic Kansei Corporation (Marelli); Carling Technologies, Inc.; Continental AG; EAO AG; Eaton Corporation; Eissmann Automotive Deutschland GmbH; Faurecia SA; HELLA; Hyundai Mobis Co., Ltd.; Johnson Electric; JP Minda (JPM) Group; Judco Manufacturing, Inc.; KOSTAL Automotive Electrical Systems; Lear Corporation; Littelfuse, Inc.; LS Automotive Technologies; Preh GmbH; Rees, Inc.; Toyodenso Co., Ltd.; Valeo SA (France). and Others.
Coverage: All major geographies and key segments
Segments: Component (Electric Window, Rotary Switch, Roof Light, Touchpad, Locking Function, Other Components); End-Use (Passenger Cars, Commercial Vehicles)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Automotive Control Panel Market to Reach $120.6 Billion by 2024
Automotive control panels are electrical and display controls that aid drivers in operating a vehicle by providing complete details about the various systems of the vehicle. The automotive control panels market is witnessing rapid growth, driven by increasing emphasis on improving cabin safety and comfort, enhancing interiors, and the growing adoption of advanced technologies. Rising demand for electric vehicles is one of the most important factors propelling the market for automotive control panels, as they ensure easy access to all the convenience and comfort capabilities of the vehicles. Amid the COVID-19 crisis, the global market for Automotive Control Panel is projected to reach US$120.6 Billion by 2024, registering a compounded annual growth rate (CAGR) of 7.9% over the analysis period. The United States represents the largest regional market for Automotive Control Panel, accounting for an estimated 20.3% share of the global total. The market is projected to reach US$28.8 Billion by the close of the analysis period.
Instrument panels and control panels are important fixtures of vehicle's interior. They influence not just aesthetic appeal of a vehicle but also have an impact on safety. Ease of use of control panels is therefore a growing area of focus. Given the importance of control panels, manufacturers especially of luxury vehicles are adding value by developing innovative instrument and control solutions centered on visual appeal, luxurious feel and easy operations. Some of the innovations in these two areas include leather wrapped instrument/control panels with 3D shapes for a modular and futuristic experience; vacuum formed and simultaneous pressed panels with soft foam molding; injection-molded instrument panel skins; and safe to operate knobs, toggles and push buttons that also give high-tech feel for the controls. Rotary knob shifters on the console are a raging fire consuming luxury car designs for two major reasons. These knob-control electronic modules are visually pleasing and occupy less space as compared to a traditional floor based gear level control that occupies a significant portion of the floor space. The benefit becomes critically important at a time when strong emphasis is laid on lightweighting and fuel efficiency. Mercedes-Benz has been adopting this design as a mainstay for several of its models.
Less sensitive to price than the rest of the automobile industry, luxury vehicle sales have been posting encouraging performance. As the environment friendly vehicle trend seeps into the market, small size luxury cars are emerging into a big and lucrative market opportunity. China and India with their improving consumer confidence will mobilize a major chunk of global growth in this space. Few of the factors driving growth include expanding dealer networks; new model launches; growing prosperity of the expanding middle class population; growing affluence of young buyers; launch of new affordable entry-level luxury cars and sport utility vehicles (SUVs); and increase choices at myriad price points such as large sedan, midsize sedan, and large or midsize SUV. The United States continue to lead luxury car penetration rates with OEMs such as BMW; Mercedes-Benz; Tesla; Audi; Lexus; Acura; Infiniti; and Buick, leading in the listed order respectively. The growing demand for luxury cars promises to echo upstream into the automotive supply chain, brightening the outlook for control panel components. More
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