Automotive Glove Box Market

Automotive Glove Box Market Overview:

Automotive glove box market, also referred to as glove compartment, or glovie is an interior component of an automobile and is a part of the vehicle’s dashboard. It is primarily used for miscellaneous purposes. It is a section located over the front-seat passenger’s footwell that is built into the dashboard of the vehicle. Automotive glove box is primarily used for different storage. In many vehicles, the glove compartment closes with a latch or handle, and also has an option of locking with a key. It is sealed and unsealed container that is typically used for storage in an automobile. It is generally used for keeping portable items including insurance papers, vehicle registration papers, pens, sunglasses, maps etc. The global automotive glove box market was valued at USD 68.8 billion in 2022 and is likely to reach USD 91.3 billion by 2030, at a CAGR of 4.1%.

Automotive Glove Box Market Segmentation:

By material, the automotive glove box market is classified into stainless steel, plastic, aluminum, and others. The stainless steel segment held a significant market share in 2022 and is projected to register a robust CAGR by the end of 2030. Stainless steel automotive glove box market offers a hermetically sealed environment, providing vital electrical components. It exhibits excellent resistance to a broad range of chemicals, superior moisture & heat resistance, is easy to clean, highly durable, offers hygienic properties, and is aesthetically pleasing. They can be easily cleaned and decontaminated, and they are ESD safe suitable for electrostatic-sensitive applications if grounded. The plastic segment in the automotive glove box market is projected to register a healthy CAGR during the forecast timeline. Commonly used plastics are ABS, PP, and reinforced elastomers. ABS resins offer low VOC and odor as well as high heat resistance, thus augmenting the segment growth.

Based on vehicle type, the global automotive glove box market has been segmented passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment accounted for a substantial market share in 2022. Passenger cars are the most common mode of conveyance in the developed countries and are rising in numbers in the emerging economies as well, mainly due to increasing disposable income. The demand for Special Utility Vehicles (SUVs) has increased in the past few years owing to growing leisure & tour activities across the globe. Small car sales are also expanding rapidly as create less traffic on the road in comparison to commercial vehicles. The light commercial vehicles segment is projected to register a healthy CAGR during the forecast timeline. Rise in industrial activities, increasing logistics, and development of the e-commerce industry are expected to augment the segment growth.

Automotive Glove Box Market Dynamics and Factors:

Automotive glove components are usually very handy and provide a higher degree of convenience that attracts a large number of customers. The improved degree of socio-economic conditions in developing countries has resulted in a robust rise in the preference & sale of passenger cars and high-end premium sedans. In addition, there has been a strong surge in the demand for light vehicles with reduced weight. Increasing long travel and availability of compartments to store small items such as wallets and sunglass further boost the industry growth. Also, the glove compartments are wear & tear-resistant, light, coupled with a higher degree of durability.

Automotive Glove Box Market Geographical Analysis:

The Asia Pacific automotive glove box market held a significant share in 2022 and is estimated to register the fastest-growing CAGR during the assessment period. This is mainly ascribed to rising population and rapid urbanization & industrialization. Also, significant rise in the sales & productions of passenger cars and light commercial vehicles further boosts the automotive glove box market growth. The automotive boxes are a basic yet standard component of vehicles which is a key asset for the automobile demand in developed and developing economies such as China, India, Japan, and others. The North American market held a substantial market share in global automotive glove box market in 2022. This is mainly due to presence of key product manufacturers such as BMW, Volkswagen, Audi, etc. Also, high purchasing power coupled with surge in logistics for delivery of products further augments the regional and global automotive glove box market growth.

Automotive Glove Box Market Report Scope

Key Market Segmentation

Automotive Glove Box Market - By Material 

o   Stainless Steel

o   Plastic

o   Aluminium

o   Others

Automotive Glove Box Market - By Vehicle Type

o   Passenger Cars

o   Light Commercial Vehicles

o   Heavy Commercial Vehicles

Automotive Glove Box Market - By Region

o   North America

o   US

o   Canada

o   Mexico

o   Europe

o   Germany

o   UK

o   France

o   Italy

o   Spain

o   Russia

o   Benelux

o   Nordics

o   Rest of Europe

o   Asia-Pacific

o   China

o   India

o   Japan

o   South Korea

o   Rest of Asia-Pacific

o   Middle East and Africa

o   South America