Expansion of Global Automotive Armrest Market reported from US$10.284 billion in 2019 to US$11.143 billion by 2025
Automotive armrests are particularly utilized in most modern and comfortable cars and its major function lies in providing passengers a place to rest their arms. Additionally, armrests can be found equipped along with other car accessories like a cup holder and storage compartments.
According to the report, the Global Automotive Armrest Market is projected to increase at a CAGR of 1.35% over the forecast period 2019-2025.
The growing preference for additional comfort features in vehicles is driving the market growth during the forecast period
The major function of an armrest in providing comfort to the passengers is driving the market growth in the forecast period. This further contributes to providing a convenient driving experience for a driver, burgeoning the market demand in the forecast period. Armrests are mostly found in MPVs and SUVs and are located either in the front or in the rear of the vehicle, or sometimes are attached to both ends. In the economy cars, people prefer to install armrests in their vehicles, hence prefer purchasing it via aftermarket sales channel. Also, armrests present in the front of the vehicle contains storage space and this is useful for storing important vehicle documents or personal belongings, further providing an impetus in fueling the market demand during the course of the forecast period. Additionally, armrests coupled with cup holders and air conditioning vents will further increase passenger comfort, fueling the market growth in the forecast period. The growing global disposable income and the increasing purchasing power of the consumers are contributing to driving the market demand in the forecast period.
On the basis of geography, North America and the European regions are projected to hold a significant market share followed by the Asia Pacific region which is estimated to show high growth prospects in the forecast period
North America and Europe are estimated to hold a significant market share owing to the adoption of advanced seating systems in many vehicles in the region. Initiatives regarding the adoption of advanced composite materials for automotive interior and exterior systems are further fueling the market growth in the forecast period. This will further contribute to reductions in weight and costs, resulting in promoting vehicle safety. In the Asia Pacific region, the increasing production and purchase of the passenger vehicles with high passenger vehicle demand will contribute to surge the sales of armrests due to the rising preference for additional comfort features. The rising disposable income of the consumers and their willingness to spend on premium car interiors is further driving the market demand in the forecast period. However, due to the COVID-19 pandemic scenario, there is a decline in the market growth in 2020 owing to the national lockdown in many countries of the world leading to the shut down of manufacturing units.
The major players covered as part of the report are GRAMMER AG, BOS Group, and Adient plc among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-automotive-armrest-market
This report has segmented the global automotive armrest marketon the basis following terms
By Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Sales Channel
- United Kingdom
Middle East and Africa
- Saudi Arabia
- South Korea
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