Global Automotive Control Panel Market To Reach $ 120.6 Billion By 2024
FACTS AT A GLANCE
Editing: 8; Posted: May 2021
Executive pool: 11953
Companies: 48 – The actors covered include ACTIA GROUP; Alpes Alpine Co., Ltd .; C&K; Calsonic Kansei Corporation (Marelli); Carling Technologies, Inc .; Continental SA; EAO SA; Eaton Corporation; Eissmann Automotive Deutschland GmbH; Faurecia SA; HELLA; Hyundai Mobis Co., Ltd .; Johnson Electric; JP Minda Group (JPM); Judco Manufacturing, Inc .; KOSTAL automotive electrical systems; Lear Corporation; Littelfuse, Inc .; LS Automotive Technologies; Preh GmbH; Rees, Inc .; Toyodenso Co., Ltd .; Valeo SA (France). and others.
Blanket: All major geographies and key segments
Segments: Component (electric window, rotary switch, ceiling light, touchpad, lock function, other components); End use (passenger cars, commercial vehicles)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; UK; Spain; Russia; and rest of Europe); Asia Pacific (Australia; India; South Korea; and rest of Asia Pacific); Latin America (Argentina; Brazil; Mexico; and rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and rest of Middle East); and Africa.
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Global Automotive Control Panel Market To Reach $ 120.6 billion by 2024
Automotive control panels are electrical and display controls that help drivers operate a vehicle by providing complete details about the various systems in the vehicle. The automotive control panel market is growing rapidly, driven by the growing focus on improving cabin safety and comfort, improving interiors and increasing adoption of advanced technologies. The growing demand for electric vehicles is one of the most important factors propelling the automotive control panel market as it ensures easy access to all the convenience and comfort features of vehicles. Amid COVID-19 Crisis, Global Automotive Control Panel Market Expected To Reach US $ 120.6 billion by 2024, registering a compound annual growth rate (CAGR) of 7.9% over the analysis period. United States represents the largest regional market for the automotive control panel, accounting for an estimated 20.3% share of the global total. The market is expected to reach 28.8 billion US dollars before the end of the analysis period.
Instrument panels and control panels are important parts of the vehicle interior. They not only influence the aesthetics of a vehicle, but also have an impact on safety. The ease of use of control panels is therefore an area of increasing interest. Given the importance of control panels, manufacturers, especially of luxury vehicles, add value by developing innovative instrument and control solutions focused on visual appeal, luxury feel and ease. of use. Some of the innovations in these two areas include leather-wrapped instrument / control panels with 3D shapes for a modular and futuristic experience; panels vacuum formed and pressed simultaneously with soft foam molding; injection molded dashboard coverings; and safe-to-use buttons, toggles and pushbuttons that also give a high-tech feel to the controls. Console shift levers are a raging fire in luxury car designs for two main reasons. These button operated electronic modules are visually pleasing and take up less space compared to a traditional ground gear level control which takes up a significant portion of the floor space. The benefit becomes extremely important at a time when the focus is on weight reduction and energy efficiency. Mercedes-Benz has adopted this design as the mainstay of several of its models.
Less price sensitive than the rest of the automotive industry, luxury vehicle sales are showing encouraging performance. As the trend of eco-friendly vehicles seeps into the market, small-sized luxury cars are emerging as a big and lucrative market opportunity. China and India with their improvement in consumer confidence, will mobilize a significant portion of global growth in this space. Few of the growth factors include the expansion of dealer networks; launches of new models; growing prosperity of the growing middle class population; growing influx of young buyers; launch of new entry-level luxury cars and affordable sport utility vehicles (SUVs); and expand the choices at a myriad of price points such as large sedans, midsize sedans, and mid to large SUVs. United States continue to dominate luxury car penetration rates with OEMs such as BMW; Mercedes-Benz; You’re here ; Audi; Lexus; Acura; Infinite; and Buick, in the lead respectively in the order listed. Growing demand for luxury cars promises to trickle up the automotive supply chain, informing the outlook for control panel components. Following
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