Growing Demand for Automotive Glove Box Driven by Increasing Vehicle Production
The global automotive glove market will touch USD 90 billion at a 3.5% CAGR by 2028, as per the new Market Research Future report.
Drivers
Launch of Composite Materials in Auto Industry to Boost Market Growth
The launch of composite materials in the auto industry for making cars lighter in weight will boost market growth over the forecast period.
Opportunities
Increasing Application of Composite Materials to offer Robust Opportunities
The increasing application of composite materials both for passenger cars and high-end sports cars will provide lucrative opportunities for this market during the assessment period.
Restraints
Rollout of Different Government Regulations to act as Market Restraint
The rollout of different government regulations and lack of awareness may act as market restraints in the forecast period.
Challenges
Less Leg Space to act as Market Challenge
Less leg space and obstacles related to knee space may act as market challenges over the forecast period.
Market Segmentation
The global automotive glove box market is bifurcated based on end-users, materials, vehicle types, and types.
By types, fixed type will lead this market over the forecast period.
By vehicle type, passenger cars will domineer this market over the forecast period.
By materials, plastic will spearhead the market over the forecast period.
By end users, pharmaceutical & biotechnology will hold the lions share in the market in the forecast period.
COVID-19 Analysis
There had been havoc since the pandemic’s first cases were reported in APAC’s China region. But in addition to being frightening, the pandemic’s rate of spread across national and international borders brought with it a number of other problems. Because of the alarmingly high pandemic rate and positive case count, the healthcare system, its services, and its providers were collapsing. Additionally, since the WHO had declared a pandemic, the international governments had begun making stringent decisions, including imposing a lockdown, international and domestic travel bans, cross-border restrictions, and others.
Additionally, as businesses shifted to work-from-home and virtual working models, other trends and changes in lifestyle demands and preferences emerged. Due to the limitations, the target audience was only concerned with getting by, boosting their immunity, and meeting their expanding medical needs. In this situation, demand was dwindling. Governments around the world were concentrating on the growth of consumer demand for goods and services. Additionally, market investors are putting more money into the R&D divisions that help create new technologies and products for the market. These advancements will help the market become more innovative and increase the likelihood of growth over the forecast period.
Regional Analysis
APAC to Steer Automotive Glove Box Market
The APAC region is anticipated to have the highest revenue share during the forecast period, and this trend is anticipated to continue given the rapid increase in global sales and production levels. The automotive boxes are a fundamental yet commonplace part of cars and are a significant asset for the demand for cars in both developed and developing nations like India, China, Japan, and others. Over the course of the assessment period, the Asia-Pacific region will domineer the global automotive glove box market. Sales and production levels have significantly increased in the area, which is thought to be the primary factor promoting the expansion of the local market. For the demand for vehicles in developed and emerging economies like Japan, India, China, and others, the automotive boxes are crucial. Given the growing demand for more efficient operations, the regional market for automotive glove boxes will expand significantly during the forecast period worldwide along with the rising number of vehicles.
Key Players
Prominent industry players in the automotive glove box market report include IAC Group (Luxembourg), Magna International Inc. (Canada), Visteon Corporation (the U.S), ITW (the U.S), Moriroku Holdings Company (Japan), Yanfeng Automotive Interiors (China), Faurecia (the U.S), Trinseo S.A (the U.S), Hyundai Mobis (South Korea), Minda KTSN Plastic Solutions GmbH & Co.KG (Germany), and Recticel (Belgium).
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