Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.
Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.
We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.
In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months. Request Insights
Introduction to Automotive Armrest
Armrest is where an occupant can rest their hand. In automotive, armrest is a feature for the drivers to rest their hand or keep essential things so as to access them easily while driving. Some of its features include storage, cup stand or controlling some non-essential functions of the vehicle.
Armrest at the backseat is foldable which can be used as a seat for third person or can be used as stand for resting their hand. This feature is available in luxury cars. Armrest in the doors of the car is available in almost every car that can be used for resting the hands or for holding the door while opening the door.
Market Size and Forecast
The market is observing vibrant growth on account of increasing number of road trips. The rising production and sale of new vehicles are increasing the demand for armrest from the original equipment manufacturers (OEM) and are further boosting the growth of the market. Further, rising focus on interior designing of the cars and growing car rental market is anticipated to augment the growth of the automotive armrest market during the forecast period i.e. 2019-2027.
The automotive armrest market is anticipated to record a CAGR of 3.7% during the forecast period. The market is segmented by channel into original equipment manufacturer and aftermarket, out of which, the original equipment market is expected to have dominant market share on the back of rising production and sale of new vehicles. The automobile manufacturers purchase the armrest directly from original equipment manufacturers which in turn is boosting the growth of the market. Further, aftermarket is second leading market for automotive armrest. CLICK TO DOWNLOAD FREE SAMPLE
Growth Drivers
Rise in Demand for Passenger Vehicles
Rising per capita income is boosting the demand for new vehicles in the automobile market which in turn is increasing the demand for armrest for the vehicles. According to OICA, the total production of cars was around 97 million in 2017, which is further estimated to increase in upcoming years. These factors are anticipated to boost the overall growth of the market over the forecast period.
Rising Prevalence of Car Rental
The rising number of car rental service providers is raising the demand for armrest in the vehicles. Long driving hours leading to the driver's fatigue is propelling the demand for the armrests amongst the drivers which is further driving the market.
Growing Demand in Aftermarket
The aftermarket for armrest is growing on account of non-availability of armrest in the mid-range cars since manufacturers do not provide armrests for mid-range cars. These factors are driving the aftermarket in order to set armrests in these cars.
Restraints
Perceived as a Luxury Product
Perception of automotive armrest as a luxury car accessory amidst large strata of the population acts as a key restraint in the market. Despite the amplification in the passenger car sales, consumers across large automotive markets such as India and China have been comparatively less adaptive towards the installation of armrest in the cars. Lack of interior space coupled with unavailability of the pre-installed arm rests might hamper the growth of the market.
Market Segmentation
Our-in depth analysis of the global automotive armrest market includes the following segments:
By Channel
By Application
By Region
On the basis of regional analysis, the global automotive armrest market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia-Pacific is expected to dominate the market of automotive armrest on the back of rising automobile market coupled with increasing purchasing power of individuals. Asia-Pacific is a hub of automotive manufacturing across the globe. The rising demand for automobile is increasing the sales of new vehicles which in turn is driving the market of armrest.
The global automotive armrest market is further classified on the basis of region as follows:
Key Players
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