New York, United States, Oct. 31, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR),”Automotive Glove Box Market Research Report: By Vehicle Type and Region – Forecast to 2028,” the Automotive Glove Box Market is set to flourish significantly at a healthy CAGR of around 3.5% to reach a valuation of around $90 billion. dollars by 2028.
Automotive Glove Box Market Overview:
Automotive component suppliers work to generate glove boxes and help offer the same to the original equipment manufacturer (OEM).
The catalog of leading players in the global automotive glove box market includes players such as:
- Moriroku Holdings Company
- Magna International Inc.
- Visteon Corporation
- IAC Group
- Trinseo SA
- Minda KTSN Plastic Solutions GmbH & CO
- Yanfeng Automotive Interiors
- Hyundai Mobi
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Automotive Glove Box Market Covered USP
The global automotive glove box market has witnessed massive development in recent years. The market growth is mainly attributed to the handiness and convenience of these gloves. Furthermore, factors such as increase in disposable income, improvement in socio-economic conditions, increase in preference and sale of passenger cars, increase in demand for Light vehiclesand promising a higher degree of durability is also expected to influence the growth of the automotive glove box market over the coming years.
Many attempts have shown signs of increasing the incomes of middle-class people. This led to huge i. Passenger cars have a higher share compared to the number of other automobiles manufactured in various places of the world. In addition, there has been a substantial reduction in weight. This is expected to bring many functional changes to the market segments in general over the forecast period ending in 2030. Additionally, glove boxes are lightweight and wear resistant.
On the other hand, the deployment of various government regulations is likely to limit the growth of the market. Moreover, the lack of awareness will restrain the growth of the market in the coming years.
|Market size by 2028||$90 billion|
|CAGR during 2022-2028||3.5%|
|Key market opportunities||Increase in the use of polycarbonate and other polymeric and plastic materials in the production of glove boxes|
|Key Market Drivers||Growing demand for vehicles across the world|
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Impact of COVID-19 on the Automotive Glove Box Market
The world has gone through many changes over the past few years, given the arrival of the global health crisis in the form of COVID-19, which has come to affect most industrial sectors across the globe. Travel restrictions and social distancing norms imposed by governments around the world have caused severe disruptions in supply chain networks for the majority of market areas. Like every other market, the global automotive glove box market has also witnessed several unexpected challenges during the pandemic. The sudden drop in demand for automobiles around the world has caused major revenue losses in recent times. On the other hand, with rapid vaccination rates across the globe, the global automotive glove box market is expected to witness substantial growth over the coming years.
Automotive Glove Box Market Segment Analysis
Among all the types, the fixed segment type is expected to secure the leading position in the global automotive glove box market over the assessment period.
Among all vehicle types, the passenger car segment is expected to hold the leading position in the global automotive glove box market during the review period.
Among all the materials, the plastic segment is expected to secure the leading position in the global automotive glove box market over the next few years. the lightness of plastic and its ease of manufacture in complex geometries is the main parameter supporting the growth of the segment.
Among all the end-users, the pharmaceutical and biotechnology segment is expected to hold the leading position in the global automotive glove box market during the the revision era. The massive scale of testing occurred due to the recent spread of the pandemic is considered to be the main parameter supporting the growth of the segment.
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Automotive Glove Box Market Regional Analysis
The global automotive glove box market is analyzed across five major regions: Latin America, North America, Europe, Asia-Pacific, Middle East & Africa.
According to research reports by MRFR, Asia-Pacific is expected to take the No. 1 position in the global automotive glove box market over the assessment period. The region has witnessed a massive increase in sales and production levels, which is considered to be the main parameter supporting the growth of the regional market. Automotive boxes are essential for vehicle demand in developed and emerging economies such as Japan, China, India and others. Considering the rising demand for smoother movements in operations, the regional Automotive Glove Box Market is expected to witness massive growth associated with the rising increase in the number of vehicles during the forecast period across the globe. Additionally, growing entry of prominent manufacturers and developed economies in North American and European regions having the ability to spend on more inventive and novel materials for vehicle customization is also likely to influence the growth of the market regional automotive glove boxes during the review. time. Moreover, increasing disposable income and changing demographics in the region are also likely to catalyze the growth of the regional market over the forecast period.
The automotive glove box market for the North American region is expected to grow significantly over the assessment period. The region counts the United States as the main contributor to growth and the country is the second largest automaker in the world. Mexico and Canada are also considered important markets in the region.
The European regional automotive glove box market is expected to show substantial growth over the coming years. Germany is the main contributor to growth in the region. The region has the main contributors to growth such as the Netherlands, Belgium, Spain, Italy, France and the United Kingdom
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The automotive glove box market for Latin America, Middle East and Africa regions is expected to show substantial growth over the next few years. regions have major growth contributors such as Argentina, Brazil, South Africa, Iran and Turkey.
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