Dublin, Oct. 07, 2021 (GLOBE NEWSWIRE) -- The "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)" report has been added to ResearchAndMarkets.com's offering.
According to the 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 American overhead console market along with the drivers and restraints pertaining to the market growth. Emphasizing consumer investments in car accessories, fostering the adoption of vehicle telematics and raising AI in the automotive industry is the major factor driving the growth of the North America overhead console market. However, lower adoption of luxury cars in developing economies hinders the growth of the North American 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 infrastructure capabilities. Hence, any impact on the growth of the industrial sector hampers the economic growth of the region. At present, the US is the world's worst-affected country due to the 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 the 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 consoles is likely to increase once the industries attain normal operational conditions; these systems are much needed owing to the rise in demand for automobiles. Owing to the favorable government policies and ever-increasing investment by North American countries in advanced technology, North America has a large demand for overhead consoles. Any impact on the automobile sector is projected to have a negative influence on the region's economic development.
The North American 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 the North America overhead console market and infotainment system & HMI is the fastest-growing segment over the forecast period.
Based on vehicle type the overhead console market is divided into passenger vehicles and commercial vehicles. In 2020, the passenger vehicle segment held the largest share of the North American overhead console market, and also passenger vehicle is expected to be the fastest-growing segment over the forecast period.
Companies Mentioned
- Flex ltd
- Grupo Antolin
- Hella GmbH and Co. KGAA
- Magna International Inc.
- Yanfeng Automotive Interiors
- Gentex Corporation
- Daimay Automotive Interior Co. Ltd
- Diamond Coatings Inc.
- JPC Automotive
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
Key Topics Covered:
1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. North America Overhead Console - Market Landscape
4.1 Market Overview
4.2 PEST ANALYSIS
4.3 Ecosystem Analysis
5. North America Overhead Console - Market Dynamics
5.1 Market Drivers
5.1.1 Emphasizing Consumer Investments in Car Accessories
5.2 Market Restraints
5.2.1 Lower Adoption of Luxury Cars in Developing Economies
5.3 Market Opportunities
5.3.1 Fostering Adoption of Vehicle Telematics
5.4 Future Trends
5.4.1 Raising of AI in the Automotive Industry
5.5 Impact Analysis of Drivers and Restraints
6. North America Overhead Console - Market Analysis
6.1 North America Overhead Console Market Overview
6.2 North America Overhead Console Market Revenue Forecast and Analysis
7. North America Overhead Console Market Analysis - By Application
7.1 Overview
7.2 North America Overhead Console Market, By Application (2020 & 2028)
7.3 Vehicle Telematics
7.4 Infotainment System & HMI
7.5 Others
8. North America Overhead Console Market Analysis - By Vehicle Type
8.1 Overview
8.2 Overhead Console Market, By Vehicle Type (2020 & 2028)
8.3 Passenger Cars
8.4 Commercial Vehicle
9. North America Overhead Console Market - Country Analysis
9.1 Overview
10. North America Overhead Console Market - COVID-19 Impact Analysis
10.1 Overview
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
12. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/w2gemc
