Report : North America Overhead Console Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Application (Vehicle Telematics, Infotainment System & HMI, and Others) and Vehicle Type (Passenger Cars and Commercial Vehicles)
Others Segment to Dominate North America Overhead Console Market during 2021–2028
According to a new market research study on “North America Overhead Console Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Application and Vehicle Type,” the market is expected to reach US$ 2,786.89 million by 2028 from US$ 2045.93 million in 2021. The market is estimated to grow at a CAGR of 4.5% from 2021 to 2028. The report provides trends prevailing in the North America overhead console market along with the drivers and restraints pertaining to the market growth. Emphasizing consumer investments on car accessories, fostering adoption of vehicle telematics and raising of AI in automotive industry are the major factor driving the growth of the North America overhead console market. However, lower adoption of luxury cars in developing economies hinder the growth of North America overhead console market.
North America is one of the leading regions in terms of the development and adoption of new technologies; this is mainly attributed to favorable government policies that boost innovation and strengthen the infrastructure capabilities. Hence, any impact on the growth of industrial sector hampers the economic growth of the region. At present, the US is the world’s worst-affected country due to COVID-19 outbreak. The overhead console market’s reliance on manufacturing industries such as automobile companies and automobile component manufacturers has been highlighted by the recent pause in manufacturing units due to COVID-19 outbreak. Even before the COVID-19 problem, the auto sector faced challenges such as electric mobility, driverless cars, automated factories, and ridesharing. The automobile industry is suffering a major setback as a result of the pandemic's severe restrictions on travel, as well as international manufacturing closures, declining car sales, and large layoffs. The overall demand for overhead console is likely to increase once the industries attain normal operational conditions; these systems are much needed owing to the rise in demand of automobiles. Owing to the favorable government policies and ever-increasing investment by North American countries in advanced technology, North America has the large demand for overhead consoles. Any impact on automobile sector is projected to have a negative influence on the region's economic development.
The North America overhead console market is segmented into application, vehicle type, and country. Based on application, the market is segmented into vehicle telematics, infotainment system & HMI and others. In 2020, the others segment held the largest share of North America overhead console market and infotainment system & HMI is to the fastest growing segment over the forecast period. Based on vehicle type the overhead console market is divided into passenger vehicle and commercial Vehicle. In 2020, the passenger vehicle segment held the largest share of North America overhead console market, and also passenger vehicle is expected to the fastest growing segment over the forecast period.
Flex Ltd.; Grupo Antolin; Hella GmbH & Co. KGAA; Magna International Inc.; Yanfeng Automotive Interiors; Gentex Corporation; Daimay Automotive Interior Co., Ltd.; Diamond Coatings Inc.; and JPC Automotive are among the leading companies in the North America overhead console market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, Hella GmbH & Co. KGAA opened an electronics plant in Lithuania. The plant in the Kaunas Free Economic Zone started production of various electronic components in August 2018. At present, sensors and actuators as well as lighting electronic components are manufactured at the site and more than 180 employees are employed.
The report segments the North America Overhead Console Market as follows:
North America Overhead Console Market – By Application
- Vehicle Telematics
- Infotainment System & HMI
- Others
North America Overhead Console Market – By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
North America Overhead Console Market – By Country
- US
- Canada
- Mexico
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com