Global Automotive Armrest Market Estimated to grow at a CAGR 1.35% to reach US$11.143 billion by 2025
Knowledge Sourcing Intelligence announces the publication of a new report on “Global Automotive Armrest Market – Forecasts from 2020 to 2025" to their offering.
Automotive armrests can be seen as an add-on which adds another layer of comfort and convenience both for the driver and for co-passengers. An armrest console often comes with one or more storage compartments which allow occupants to keep items which are not required at the moment but still must be available at all times.
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 automotive armrest market growth is closely tied to the growth of automotive sector. Use of armrests was, for long, confined to top variants of passenger cars or to luxury and sports cars but this trend is gradually losing its significance. Shrinking automotive sales in many parts of the world, on account of already high penetration of passenger cars and other vehicles, have been mounting worries for automakers. Rapid growth of used car businesses is one of the factors contributing to the declining sales of vehicles. Today, the used car market across countries has a good number of vendors who buy used cars, get them re-tuned and refurbished, and sell them to customers. Since refurbished cars cost a fraction of what new cars cost, and often come with some warranty from dealers, people can be seen showing a high degree of interest towards them. As customers tend to become more sensitive to the value for money they spend, automakers are continuously adding to what they offer in vehicles. Some features like power windows, child lock, and parking sensors among others, along with accessories like armrest are no longer confined to top variants. Many automakers are now incorporating them in base and mid variants in order to offer customers a perception of getting value for money and attracting them. This is increasing the demand for armrests among OEMs, thus boosting the market growth.
The market growth is being further boosted by the presence of a large number of vendors offering armrests directly to customers. Since installing armrests does not involve a very long or complex procedure, that which could, otherwise, confine this process to automotive manufacturing or assembling facilities, people with passenger cars or other vehicles can get armrests installed in their vehicle in a workshop. Availability of a wide range of armrest options to choose from, at a price which fits a customer’s budget, is increasing the sales of armrests in aftermarket, thus further propelling the market growth. However, declining automotive production, both due to shrinking sales and disruptions in supply chain due to COVID-19 pandemic, is affecting the market growth significantly. Since many automotive facilities have gone into a temporary shutdown, the demand for armrests is also getting affected. On another front, since loss of employment and disruptions in sources of income has hit people’s spending capacity, sales of armrests in aftermarket are also declining. Lockdowns in many parts of the world are keeping people from going out, which is also affecting the aftermarket sales of armrests.
Asia Pacific accounts for a significant share in the global automotive armrest market
Geographically, the global Automotive Armrest market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. Asia Pacific accounts for a major share in the global automotive production, which is driving the armrest market in this region. Increasing sales of vehicles in this region is giving impetus to the automotive armrest in the aftermarket segment. North America and Europe are expected to show a relatively slow market growth over the forecast period.
The major players covered as part of the report are Faurecia, Adient plc, Windsor Machine Group and Sydmeko Industri AB 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 of 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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