Automotive Glove Box Market
The Global Automotive Glove Box Market was valued at US$152 million in 2021 and it is expected to reach at US$189 million in 2027 at a CAGR of 3.03% during forecast period 2022-2027. The report on the automotive glove box market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
Automotive Glove Box Market Overview
This report contains comprehensive research with in-depth data and contemporary analysis of the Automotive Glove Box market at a global, regional and key country level, covering different sub-segments of the industry.
The automotive industry is set to experience a few structural changes in the near term due to the rapid developments in novel technologies. Artificial intelligence (AI) and machine learning will significantly transform the manufacturing process improving robotic efficiency, accuracy, and consistency. Level 2 automation including active safety systems and driver assistance is allowing OEMs to add attractive features and bolster revenue growth. However, the full-fledged rollout of level 4 autonomous vehicles is expected to witness further delays for the technology to mature and for consumers to accept.
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Market Definition
The global automotive glove box is also known as the glove compartment section located right over the front seat, passengers footwall seat mounted onto the dashboard of the vehicle. These glove boxes are generally used for storage purposes such as important documents, vehicle insurance papers and others. They are often opened by the help of a latch or a handle, sometimes with a lock and a key for ensuring safety concerns. These are also used for the reduction of the weight of the vehicle. These factors regarding the use of the glove boxes will further drive the market growth.
Regional Analysis
By geography the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific holds the major revenue share in the global market and is projected to boost in the forecast period owing to the rapid growth in the sales and production of vehicles in this region. The automotive glove boxes have become the basic and standard component of the vehicles. Developing and developed economies such as India, China, Japan, and South Korea are the significant contributors for the high volume of passenger cars across the world. The rapid adoption of technologically advanced systems and innovation of automobile features by these countries have propelled the sales and production of vehicles in this region. Europe and North America are also estimated to show an exponential growth in the global market owing to the high potential for investing in new materials and features and the ability to provide customised vehicles to their customers.
Market Drivers
The introduction of composite materials including polymer matrices and carbon fiber in the automotive sectors with reference to the concept of light weight is positively influencing market expansion. Many end-user industries are replacing the original materials with composites since carbon fiber is known for reducing the weight of the vehicle where it has been employed. The market will develop as a result of the growing demand for lighter vehicles.
Market Restraints
The market for vehicle glove boxes may encounter challenges during the anticipated term due to high implementation costs. The use of composite materials necessitates a considerable financial outlay. The cost of these materials can be high. As a result, it is anticipated that the high cost of composite materials as well as expenditures made in production and associated costs will restrain the market’s expansion.
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Market Segmentation
The global automotive glove box market is segmented into vehicle type and material. By vehicle type it segmented into passenger cars, compact cars, mid-size cars, luxury cars, buses and coaches, truck and trailers, sport utility vehicle, light commercial vehicles and heavy commercial vehicles. By material it segmented into PVC, wood, leather, genuine leather, synthetic leather.
Competitive Landscape and Automotive Glove Box Market Share Analysis
The automotive glove box market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to automotive glove box market.
Some of the major players operating in the automotive glove box market are
Coy Laboratory Products, Inc. (U.S.)
Cole-Parmer Instrument Company, LLC (U.S.)
Glove Box Technology Limited (U.K.)
Vacuum Atmospheres Company (U.S.)
MBRAUN. (U.S.)
Inertcorp (U.S.)
International Association of Better Business Bureaus, Inc, (U.S.)
Jacomex (France)
Marine and Industrial Plastics Ltd (Dubai)
Germfree Laboratories, Inc (U.S.)
Miwa Mfg Co., Ltd. (Japan)
Bangalore Vacuum Technology (India)