According to Technavio’s latest market research study, the global automotive glove box market is expected to grow at a CAGR of close to 4% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global automotive glove box market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the vehicle type
The top three revenue contributing vehicle segments are discussed below:
Global automotive glove box market by passenger cars segment: Increasing consumer expectations; intense competition that leads OEMs to introduce unique features; and stringent government regulations demanding additional safety, fuel efficiency, and security are fueling the transformation of passenger cars from mechanical vehicles to high-end electronic/electric vehicles. The global automotive glove box market offers factory fitted systems in the passenger cars. Technavio’s market research analysts anticipate the global automotive glove box market by passenger cars segment to account for more than 87 million units by 2021.
“Asia will be the largest market, in terms of volumes, during the forecast period. The growth of the Asian market will be followed by North America as the US has reached pre-recession levels in passenger cars sales due to the strong demand for automotives in Mexico,” says Siddharth Jaiswal, a lead analyst at Technavio for research on automotive components.
Global automotive glove box market by LCVs segment: The automotive glove box market is directly correlated with the LCVs market. LCVs are a reliable form of transport that offer high-quality performance and mileage for commercial purposes in small and medium scale businesses. Vans are the most preferred vehicles for the distribution of goods from central hubs. Due to the revival of industrial output and strong growth in emerging economies, the LCVs market is expected to grow steadily over the next four years, leading to growth of the global automotive glove box market by LCVs market.
Global automotive glove box market in HCVs segment: The HCVs segment is growing in emerging markets due to the increasing infrastructural and mining activities. Superior performance, enhanced driver comfort, and improved vehicle security and safety in HCVs are the key trends in the market. The global automotive glove box market is directly correlated with the HCVs market. Therefore, an increase in the demand for these vehicles will drive the demand for automotive glove boxes.
The top vendors operating in the global automotive glove box market are:
- Hyundai Mobis
- Magna International
Other prominent vendors in the market include Moriroku Holdings Company, TONG YANG, Yanfeng Automotive Interiors, Faurecia, and Trinseo.
A more detailed analysis is available in the Technavio report titled, ‘Global Automotive Glove Box Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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