In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
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.
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.
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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.
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.
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.
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.
Our-in depth analysis of the global automotive armrest market includes the following segments:
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:
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