The Global Automotive Glove Box Market is projected to reach US$ 2,115.1 Million in 2032. The surge in worldwide automotive sector growth is driving the demand for Automotive Glove Box.
According to FMI, the Global Automotive Glove Box Market is estimated to be valued at US$ 1,310.9 Million in 2022 and is projected to increase at a CAGR of 4.9% in the forecast period from 2022 to 2032.
| Attributes | Details |
|---|---|
| Market Size (2021) | US$ 1,249.7 Million |
| Market Size 2022 | US$ 1,310.9 Million |
| Market Size 2032 | US$ 2,115.1 Million |
| Value CAGR (2022 to 2032) | 4.9% |
The term automotive glove box also refers to the section of the glove compartment fixed on the dashboard that is situated over the footwall of the front-seat passenger. Important paperwork, papers evidencing vehicle insurance, and other items are frequently stored in car glove boxes for a variety of purposes. The glove box often has the option of locking with a key in addition to closing with a handle or latch. Most glove boxes in conventional cars are sealed, however, the selected model, like the Jeep Wrangler, has a doorless box with open places for gears in the glove compartment. Automobile glove boxes are also referred to as jockey boxes in some parts of England and the USA. In order to create glove boxes with better quality and to lighten the vehicle, manufacturers have been motivated by the rising trend toward lightweight vehicles to use composite materials like PVC, leather, carbon fiber, etc. for glove box production.
Expansion of sales and production of Electric Vehicle, rise in production of new commercial vehicles, and high demand for luxurious cars across the world, owing to a high disposable income are fueling the market of automotive glove box worldwide. Additionally, the production and sales of automobiles are being fueled by the speedy uptake of technologically advanced features and the development of high-quality materials for making automotive components, which is also fueling the market for automotive glove boxes.
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The analysis of Automotive Glove Box demand from 2017 to 2021 showed a historical growth rate of 2.2% CAGR. The primary driver propelling the growth of the automotive glove box market throughout the historic period was the increasing demand for luxury vehicles, including passenger cars, SUVs, and battery-operated vehicles on a global scale.
The automotive industry and vehicle spare parts manufacturing industry were both severely affected by the coronavirus infection due to the impact of the COVID-19 pandemic on the global economy. Due to the severe lack of raw materials needed to produce vehicle components, the automotive manufacturing industry has been shut down. Additionally, due to a lack of raw materials and constraints in the supply chain network, the manufacturing facility for materials including PVC, fiber, leather, and plastic composites had been shut down. However, As Glove Box is manufactured with materials like PVC, leather, and carbon fiber, this reduction in global material manufacturing capacity has an adverse effect on the growth of the market on a worldwide scale. However, the rise in the popularity of green mobility & increasing automotive production is expected to boost the market growth in the upcoming period.
Rising vehicle production is predicted to fuel the growth of the global automotive glove box market. Additionally, rising industrialization with the growth of the automotive industry, economic development, and an improved standard of living for consumers with greater purchasing power globally have increased demand and sales for luxury cars, commercial trucks, and passenger cars, which is ultimately fueling the expansion of the automotive glove box market.
One of the emerging factors that are projected to propel the market for automotive glove boxes is the introduction of composite materials to the automotive industry in order to make the vehicles lighter in weight. Growing consumer demand for safety and comfort has always been a top priority in both vehicle design and production. The demand for vehicle glove boxes to store safety and first-aid equipment has increased due to the rise in concern about accidents and fatalities globally.
Automotive glove boxes function differently based on how the vehicle is being used, from light commercial vehicles to heavy commercial vehicles. As a result, it will encourage manufacturers to create vehicle glove box designs that are more efficient, which will drive the market throughout the forecast period. Additionally, due to the advancement of engineering technology, manufacturers can now produce vehicle glove boxes with high-quality materials and with simplifying technology which is extending their lifespan and improving their dependability. Additionally, the failure rate has decreased because of the use of innovative items for car glove boxes, which has increased the market for these boxes overall.
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The latest key improvement of manufacturing technology for the glove box enhances the product quality along with enabling the manufacturers to produce components with complex designs & properties, this is anticipated to be a key opportunity for the automotive glove box market over the forecast period. The ongoing research, invention & development of producing new materials for the production of glove box which is light in weight will play a significant opportunity in the global automotive Glove Box market in the coming years. Nowadays, the glove box is being manufactured with ABS resin, talc-filled polypropylene resin, and reinforced elastomers which deliver products with the property like superior scratch resistance, heat, and impact resistance. These types of developments in manufacturing technology produce opportunities for targeted market growth.
Sectors like e-commerce, import-export, and the food industry are growing as a result of the industrialization and urbanization of developing countries. These industries need heavy and light commercial vehicles as a transportation solution, which will increase vehicle sales and expand the targeted market. The market is expected to expand more rapidly in the future as a result of these overall sales and sales of glove box which is readily equipped with vehicle production.
Geographically, the market is sub-segmented into the region of North America, Latin America, Europe, East Asia, South Asia, and the Middle East & Africa. Europe and North America are among the top regions in terms of consumption of Glove Box due to increasing automotive production and they will collectively account for a significant share of the global automotive Glove Box market in 2021.
With high living standards, rich lifestyles, and discretionary wealth, people in North America and Europe are more likely to spend money on luxurious passenger cars. Vehicle sales in the region will increase as a result. Additionally, the majority of the key players in the glove box market are based in the North American region, which has contributed to the expansion of the automotive glove box market.
Moreover, the USA automobile sector plays a significant role in the country's economic development and is excellently crafted into its industrial and cultural landscape. Each year, the automotive industry invests between $16 and $18 billion in research and product development. This will be benefitted the growth of the targeted market.
Opportunities for the glove box market to grow are created by industrialized nations like Germany, which has the automotive sector as a core business. Owing to the changing demographics and the increasing popularity of E-vehicle in the country, demand for the automotive glove box in Germany is anticipated to increase in the forecasted period.
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Key players operating in the Global Automotive Glove Box Market include Visteon Corporation, IAC Group, Hyundai Mobis, Magna International Inc., Moriroku Holdings Company, TONG YANG GROUP, Yanfeng Automotive Interiors, Faurecia and Trinseo, Toyoda Gosei, Johnson Controls, Moriroku Technology, Fucheng, Sealcoat, Srumto, Eternity, Illinois Tool Works Inc. among others.
The Global Automotive Glove Box Market is Moderately Fragmented. The leading companies control between 35% and 40% of the market. Companies are working together and acquiring competitors to enhance their business operations and foreign direct investment, which is expected to boost the growth of the automotive glove box market.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 4.9% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Units, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Vehicle Type, Material Type, Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia & Pacific; The Middle East and Africa |
| Key Countries Covered | USA, Canada, Mexico, Brazil, Germany, The United Kingdom, France, BENELUX, Italy, Spain, Russia, China, Japan, India, Turkey, South Africa, Northern Africa, GCC Countries, Australia |
| Key Companies Profiled | Visteon Corporation; IAC Group; Hyundai Mobis; Magna International Inc.; Moriroku Holdings Company; TONG YANG GROUP; Yanfeng Automotive Interiors; Faurecia and Trinseo; Toyoda Gosei; Johnson Controls; Moriroku Technology; Fucheng; Sealcoat; Srumto; Eternity; Illinois Tool Works Inc. |
| Customization & Pricing | Available upon Request |
In 2021, the value of the Global Automotive Glove Box Market reached over US$ 1,249.7 Million.
During the forecast period, the Global Automotive Glove Box Market is estimated to expand at a CAGR of 4.9% from 2022 to 2032.
The Global Automotive Glove Box Market is projected to reach US$ 2,115.1 Million by the end of 2032.
Europe and North America are projected to lead the Global Automotive Glove Box Market in the forecast period.
The key players operating in the Global Automotive Glove Box Market are Visteon Corporation, IAC Group, Hyundai Mobis, Magna International Inc., Moriroku Holdings Company, TONG YANG GROUP, Yanfeng Automotive Interiors, Faurecia and Trinseo, Toyoda Gosei, Johnson Controls, Moriroku Technology, Fucheng, Sealcoat, Srumto, Eternity, Illinois Tool Works Inc. and among others.
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Automotive Glove Box Market
