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Automotive Armrest Market: Introduction

Customer demand for additional comfort features in vehicles is expected to propel the global automotive armrest market. Rise in demand for personal vehicles coupled with a rise in preference toward electric vehicles owing to low operation cost, rising disposable income of people, and increase in purchasing power is estimated to further boost the automotive armrest market during the forecast period.

Key Drivers of Automotive Armrest Market

The armrest is installed either on the seats or door. Armrests make driving comfortable regardless of the position of the seat or the height of the driver. Some armrests are adjustable and fully foldable and support heavy use. Furthermore, armrest with features such as portability and wireless charging and soft materials such as fabric, vinyl, leather, or PUR with improved esthetics are gaining popularity among consumers. This, in turn, is fueling the demand for armrest and subsequently, driving the market.
Armrests are provided in some mid-range cars and all luxury vehicles. The armrest can either be OEM fitted or can be purchased through the aftermarket. The armrest in the front sometimes also contains a storage space. Additionally, on the back of the front armrest, cup holders and air conditioning vents can be provided to enhance the comfort of passengers at the back.
Rise in preference for e-commerce is expected to propel the global automotive armrest market. The costs to customers for shopping in a traditional retail store can be substantial owing to transportation costs, including fuel for the car or public transportation costs and often higher costs paid due to an inability to compare shops. However, in case of online shopping, the costs of shopping are virtually negligible. It takes very little amount of time to purchase a product from a vendor online, and it can be done from the convenience of a mobile phone, without requiring a consumer to be present at the shop physically. Therefore, leading manufacturers of armrests are listing products online in order to gain market share across the globe.

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Asia Pacific to dominate Automotive Armrest Market

In terms of region, the global automotive armrest market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. Asia Pacific is expected to hold a major share of the global automotive armrest market owing to the increase in production and sale of passenger vehicles across China, South Korea, and India.
Asia Pacific has presence of strong economies including China, Japan, India, and South Korea. Expansion of the e-commerce industry coupled with presence of well-established supply chain network catering to shipbuilding industry, automobile productions, and increasing demand for transportation is expected to drive the automotive armrest market in the region.
However, disruptions in supply chain catering to the automobile industry, owing to shutdown of production and manufacturing facilities and raw material shortage caused by the coronavirus pandemic across the world is estimated to contract the market in 2020. The coronavirus pandemic has hampered the global automotive armrest market. The market is anticipated to recover economic losses by increasing production volume of vehicle components as well as vehicle production in 2021. This, in turn, is projected to offer lucrative opportunity to players operating in the supply chain of the automotive armrest market during the forecast period.

Key Players Operating in Automotive Armrest Market

The global automotive armrest market is highly concentrated due to the presence of top manufacturers. A few key players operating in the automotive armrest market are: