Market Research Expert

Automotive Glove Box Market Estimated to Rise Profitably during the Foreseeable Future

Press Release   •   Jan 29, 2018 02:12 EST

Automotive glove box is also known as glove compartment or glovie. It is an interior component of an automobile and part of the vehicle’s dashboard. It is used for miscellaneous purposes.

Automotive component suppliers produce glove box and supply it to original equipment manufacturers (OEM) such as Volkswagen AG, BMW AG, Daimler AG, Renault and PSA Group among others. The OEMs install the glove box in automobiles. The glove box is a vital component required for the manufacturing of an automobiles.

By vehicle type the market is segmented into passenger vehicles, light commercial vehicles and heavy commercial vehicles. The market share of passenger vehicles is more than commercial vehicles.

By geography the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is a major automotive glove box market with the U.S. being the largest market in the region.

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The U.S is the second largest automotive manufacturer in the world. Canada and Mexico are other significant markets in this region. Recently KSTN Plastic Solutions, Germany (part of Ashok Minda Group) has opened a new manufacturing facility in Mexico to manufacture glove box and other automotive components for Volkswagen and other automotive OEMs. This is anticipated to increase the market size of glove box in Mexico and North America.

Europe is another major automotive glove box market in the world with Germany being the largest market in this region. Germany is the largest automotive market in Europe. The U.K, France, Italy, Spain, Belgium and Netherlands are other major markets in this region. Asia Pacific is a dominant automotive glove box market in the world with China being the largest market in this region. China is the largest automotive market in the world. Japan, South Korea, India and Australia are other significant markets in this region. Middle East & Africa and Latin America are other major automotive glove box markets. Turkey, Iran, South Africa, Brazil and Argentina are prominent markets in the above regions.

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Rising demand of vehicles across the world is anticipated to increase the demand for automotive glove box market. A major short term restraint faced by automotive OEMs is decreasing production of glove box. Automotive component supplier Recital’s production of glove box was hampered due to fire. This forced OEMs such as Volkswagen to stop their production for limited number of days and store their Passat cars until enough glove boxes were available. A major opportunity in automotive glove box market is increasing the use of polycarbonate and other polymer and plastic material in glove box production.

Fuel efficiency is inversely proportional to the weight of vehicle. If polycarbonates are used to produce automotive glove box and other interior vehicle components it will reduce vehicle weight and increase fuel efficiency and reduce vehicle emission. There is an increasing acceptance of hybrid and electric vehicles across the world. Major automotive manufacturers are producing electric vehicles which is anticipated to increase the demand for automotive glove box market.

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The report highlights the various competitive strategies adopted by key players operating in the market to gain market share. Company profiles include company details, market presence by segment and geography, strategic overview, SWOT analysis and historical revenue. The report also contains details of market share analysis of key players in the market. Major firms operating in the automotive glove box market are Magna International Inc. (Canada), IAC Group (Luxembourg), Visteon Corporation (the U.S), ITW (the U.S), Moriroku Holdings Company (Japan), Yanfeng Automotive Interiors (China), Faurecia (the U.S), Trinseo S.A (the U.S), Hyundai Mobis (South Korea), Minda KTSN Plastic Solutions GmbH & Co.KG (Germany) and Recticel (Belgium)

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