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The automotive glove box is also known as the glove compartment section located right over the front-seat passenger’s footwall space, mounted onto the dashboard of the vehicle. These glove boxes are generally used for various storage purpose such as important documents, vehicle insurance papers, and other personal belongings. They are often opened or closed with a latch or a handle, and sometimes with a lock and key option for enhanced safety purposes. In modern vehicles the glove boxes are mostly sealed, but few of the vehicles such as jeep wrangler have glove compartment boxes that are door less and have open spaces for gears. In England and other few regions of United States, the automotive glove boxes are also called as “jockey boxes”. The increasing trend for light weight vehicles have encouraged manufacturers to develop composite materials such as PVC, leather, carbon fibre etc., for developing glove boxes with greater aesthetic looks and to reduce the weight of the vehicles. Additionally, the rapid growth in the sales and production of passenger cars is expected to boost the automotive glove box market in the forecast period.
Key Market Driver -
Increasing volume of sales and production of automobiles is expected to drive the growth of the market in the forecast period.
Key Market Restraint -
Less leg space and obstacle for knee space may hinder the necessity of the automotive glove box.
Globally, the automotive glove box market is segmented by type, by vehicle, and by geographic coverage. Based on type, the market is further segmented into fixed type, and tipping bucket type. The fixed type glove box holds the largest revenue share in the global market and is expected to uphold its dominance over the forecast period. The fixed type glove box is permanently mounted on the dashboard of the vehicle and is not detachable from its position. It is considered to a part of the dashboard. Majority of the vehicles are equipped with fixed glove boxes as they are an integral part of the vehicle’s interior and is considered to be a standard element of the vehicle. Fixed glove boxes requires less space and has more safety and security features such as locking system as compared to the tipping bucket glove box. Nowadays, the manufacturers are adopting advanced materials and designs for developing glove boxes which enhances the aesthetic appearance of the vehicle interiors. However, the tipping bucket glove box has a very scarce market demand owing to its non-advantageous features such as less safety and security, absence of locking system, and space consuming component. Old and traditional passenger cars and commercial vehicles such as pickup trucks were deployed with tipping bucket glove boxes as these vehicles had no space for storage. However, tipping bucket glove boxes can be used for additional spaces in the vehicles. The aftermarket companies are now developing tipping bucket glove boxes with safety and security laches for extra storage purposes in vehicles. The vehicle type is further segmented into passenger cars and commercial vehicles. The passenger car segment holds the largest share in the global automotive glove box market and is expected to maintain its leading position in the forecast period. The rapid growth in the urbanization, expansion of the industrial sector, improvement in the standard of living, as well as surge in the income level of individuals is creating high demand for passenger cars across the world. Also, the rapid adoption of technologically advanced features and development of high quality materials for manufacturing automotive components is driving the sales and production of automobiles and consequently boosting the automotive glove box market.
Major players operating in the global automotive glove box market include Magna International Inc., IAC Group, Visteon Corporation, ITW, Moriroku Holdings Company, Yanfeng Automotive Interiors, Faurecia, Trinseo S.A , Hyundai Mobis, Minda KTSN Plastic Solutions GmbH & Co.KG and Recticel among others.
By geography the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. Asia Pacific holds the major revenue share in the global market and is projected to boost in the forecast period owing to the rapid growth in the sales and production of vehicles in this region. The automotive glove boxes have become the basic and standard component of the vehicles. Developing and developed economies such as India, China, Japan, and South Korea are the significant contributors for the high volume of passenger cars across the world. The rapid adoption of technologically advanced systems and innovation of automobile features by these countries have propelled the sales and production of vehicles in this region. Europe and North America are also estimated to show an exponential growth in the global market owing to the high potential for investing in new materials and features and the ability to provide customised vehicles to their customers.
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