Automotive Glove Compartment Market Set for Huge Growth in the Near Future

Globalization has transformed the automotive industry throughout the globe, with continuously heaving competition amongst automotive vendors. Development of the Automotive Glove Compartment, in reference to temperature control, and air bags is one of the important innovations which have ensued in the automotive industry, in recent years.

Glove compartment is one of the components of a vehicle’s dash board, utilized for keeping small tools and other belongings. Originally, glove compartments were in the form of a box near driver on the floorboard, and were used for storing gloves. Traditionally, Automotive Glove Compartments were locked with a latch and opened with a key. But with time these Automotive Glove Compartments have evolved a lot and have reached a stage where they have been automated completely.

Nowadays, interiors of automotive including both commercial and passenger vehicles are drawing significant attention from the makers as well as users, in terms of quality and comfort. Automotive Glove Compartment in the Interior structure of a vehicle is one of the vital components, and play considerably important role in making purchase decision of a vehicle.

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In the past few years, global Automotive Glove Compartment market has witnessed considerable growth rate, throughout the globe depending upon the sales of commercial as well as passenger vehicles across different geographies.

Nowadays, glove compartments with multiple compartments are being incorporated in automobiles. Apart from being highly useful, these multiple compartments for the Automotive Glove Compartment enhance the safety of the vehicle. Recently, Automotive Glove Compartment Airbags have come into existence. These airbags are compact and inflate immediately at the time of collisions, thus minimizing the injuries that may have happened otherwise. Due to government regulations, it is expected that in the coming years, demand for incorporation of Automotive Glove Compartment Airbags will increase significantly, which in-turn is expected to push the market for Automotive Glove Compartment. With noteworthy adoption of advanced features such as light weight material and airbags, the market for Automotive Glove Compartment is estimated to grow at a high CAGR during the forecast period from 2017 to 2027.

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For storage purposes Automotive Glove Compartment comes in very handy, and such features attract customers. Also, since the disposable income of middle-range earning consumers has increased, they can now afford automobiles which have such additional features more easily, thus impacting the global Automotive Glove Compartment market. Higher disposable incomes and improved socio-economic conditions have led to a tremendous increase in the sales of passenger cars. Passenger cars have bigger share in total number of automobiles manufactured throughout the world, in comparison to commercial vehicles. High production of passenger cars in the coming years is expected to drive the market for Automotive Glove Compartment in the forecast period. Also, increased demand for reduction in the weight of vehicle has led to considerable design changes in the Automotive Glove Compartment. Nowadays with the use of composites, the Automotive Glove Compartment are made light in weight, wear and tear resistant, and more durable. Adoption of advanced and light weight Automotive Glove Compartment is likely to drive the market of Automotive Glove Compartment globally.

Government regulations regarding automobile safety and automobile emissions can be a restraining factor in the growth of Automotive Glove Compartment Market in the forecast period 2017 to 2027.

Currently, the newest trend in the Automotive Glove Compartment market is the incorporation of airbags in the glove compartment of the automobile. Apart from that, some automobile manufacturers are also providing multi-compartment glove compartments in the vehicle.

The Automotive Glove Compartment market is segmented on the basis of type of vehicle, and region.

On the basis of type of vehicle, global Automotive Glove Compartment market is segmented into commercial vehicles, and passenger cars. Commercial Vehicles are further segmented into Medium Commercial Vehicle (MCV), Light Commercial Vehicle (LCV), and High Commercial Vehicle (HCV). Similarly, passenger cars are further categorized into large cars, mid-size cars, and compact cars.

On the basis of geographies, the Automotive Glove Compartment market is segmented across 7 key regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa.

Asia-Pacific region accounted for the largest share in the Automotive Glove Compartment market in 2016, and is also estimated to have the highest growth rate in the forecast period from 2017 to 2027. Increase in the adoption of commercial vehicles in countries such as China and India are forcing automobile manufacturers to incorporate advanced features such as Automotive Glove Compartment. Gradually, Asia-Pacific region is becoming the automobile hub, owing to increase in the production of commercial vehicles. This growth is also attributed to the potential and growth of the Chinese vehicle market. High sales of automobiles in the China region is likely to boost the demand for Automotive Glove Compartment in these regions. North America is also expected to foresee growth in the Automotive Glove Compartment Market. This growth is attributed to the huge production of LCVs in this region. Apart from Asia-Pacific Japan is also expected to show considerable growth rate in the Automotive Glove Compartment market, since the region is technologically advanced.

Few of the major players active in the global Automotive Glove Compartment market include Trinseo, Faurecia, IAC Group, Yanfeng Automotive Interiors, Hyundai Mobis, Magna International, Moriroku Holdings Company, RECTICEL Automobilsysteme GmbH, Minda KTSN Plastic Solutions GmbH & Co.KG, and company 10.

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This release was published on openPR.