Automotive Glove Box Market Trends

Automotive Glove Box Market Overview

The Automotive Glove Box Market Size was valued at USD 1375.4 million in 2022. The Global Automotive Glove Box industry is projected to reach USD 2118.5 million by 2032, exhibiting a compound annual growth rate (CAGR) of 3.30% during the forecast period (2023 - 2032). Owing to the rising need for new-age vehicles that are durable and have a higher demand, the automotive glove box market size is expected to grow at a good scale during the forecast period.

The automotive component suppliers work for producing glove boxes and help to provide the same to the original equipment manufacturer (OEMs). The OEMs install them in the automobile that acts as a vital component and similar functions to perform in vehicle manufacturing. The other name for an automotive glove box is glovie or glove compartment. It can be recognized as an interior component of the automobile and can be a part of the vehicle’s dashboard. It has miscellaneous purposes to solve.

Competitive Landscape

The rising market competition is a result of the recent developments undertaken by the market players. The prominent market players in the automotive glove box market are as follows:

• Moriroku Holdings Company


• Magna International Inc.


• IAC Group


• ITW


• Faurecia


• Hyundai Mobis


• Recticel


• Visteon Corporation


• Trinseo S.A


• Minda KTSN Plastic Solutions GmbH &CO.


• Yanfeng Automotive Interiors

Recent Developments

• The prominent automotive glove box market players are focusing on adding features and innovation that will help in the mass development of the tipping bucket glove box. The rising investments in the research and development departments are adding to the advantageous features that promise security and safety. Also, the space consumption and storage issues are being solved.


• The passenger car vehicle segments are expected to hold the largest market share and maintain a dominant position in the global market during the period that will be ending in 2030.


• The APAC and North American region are undergoing excellent levels of urbanization along with the expansion of the industrial sector that will help in benefitting the companies by rooting for a strong customer base. The improved levels of living standards of people followed by the surge in the income of people along with the availability of high-quality materials for the manufacturing and production units.

Market Dynamics

Drivers

The automotive glove components are very handy and offer a great degree of convenience which are some of the features that attract the maximum customers. There have been numerous attempts that are showing signs of increasing the income and disposable income of people that belong to the middle range. The improved degree of socio-economic conditions has led to a tremendous increase in the preference and sale of passenger cars. Passenger cars have a higher share in comparison to the number of other automobiles that are being manufactured across various global locations. Further, there has been a substantial increase in the demand for light vehicles with reduced weight. This is expected to bring a lot of functional changes to the market segments in general during the forecast period that will be ending in 2030. Also, the glove compartments are light, are wear and tear-resistant along with promising a higher degree of durability. 

Restraints

However, one of the major issues that are being faced by the rising automotive glove box market value is the rollout of various government regulations. The regulations that are being circulated are regarding automobile safety followed by the emissions that act as a major restraint for the market on the way of its growth during the forecast period that ends in 2030. Also, lack of awareness is another restraint that is likely to hamper the ability of the market to expand their target base that has an impact on the sales and revenue collected by launching new products and creating demand during the forecast period.

Technology Analysis

In the current market scenario, the automotive glove box market size is gaining a lot of momentum. The interiors of automotive include materials for both commercial and passenger vehicles. Technology has a wide role to play in the same. The result is that a significant amount of attention is being drawn by both the makers and users keeping in mind the degree of comfort and quality offered. The automotive glove component as a part of the market is being considered as one of the vital components that has a major role to play in influencing the buying decision of the target audience in various parts across the globe in the forecast period.

Study Objectives

• The report aims to cover the insightful market factors that are responsible for the global growth of the market based on the dynamics available like the drivers and opportunities. Also, the report highlights the restraints that might pose challenges to the market while on its way to growth during the period.


• The report also highlights the market insights like the availability of technology that will help in the market growth. Also, the market report discusses the basis on which the global market is segmented and caters to the mushrooming needs of the target audience. The market segmentation is also helpful in having an idea about the potential held by them to increase sales and improve the market revenue.


• The report also aims to understand the functionality of the market players and the rising competitive degree amongst them. The report also discusses the recent developments of the market and the mergers and acquisitions that are on the way.

Segment Overview

The automotive glove box market report helps in providing the market investors and potential buyers with insights that will be helpful for them in making better environmental decisions. The market operations aim to solve the diverging needs of the audience and hence, the global market has been segmented based on the following factors:

Based on the type

The type segment of the global market includes the fixed type and the tipping bucket type.

Based on the vehicle type

The global market operations deal in vehicles like passenger cars and commercial vehicles.

Based on the geographical regions

The global market targets to meet the mushrooming needs of the target audience that is spread in various global locations. The market currently deals in 4 major regions that are North America, the European nations, the APAC region, and the rest of the world (RoW).

Regional Analysis

Based on the geographical division of the global market, the market has been divided into 4 major regions. The APAC region is expected to hold the largest revenue share in the forecast period and the same is expected to boost as there has been a huge rise in the sales and productions levels that is on the way in the global region. The automotive boxes are a basic yet standard component of vehicles that is a major asset for the vehicle demand in developed and developing countries like India, China, Japan, and others.

The global automotive glove box market reports discuss the factors that will drive the market towards global growth during the forecast period of 2022-2030. The report also discusses the possible challenges that might restrain the market segments from functioning in various regions. The report analyzes the competition of the market based on the recent developments undertaken during the forecast period ending in 2030. The report covers the market behavior after the coronavirus pandemic hit and the factors that will fulfill the growth motives of the market.