Globalization has transformed the automotive industry throughout the globe, with continuously heaving competition amongst automotive vendors. Development of automotive cup holder is one of the important innovations because of the growing consumption of beverages while driving which have ensued in the automotive industry, in recent years.
Various automotive cup holder designers have provided technologies and styles to hold the beverages, but at high speeds and tough roads, it is difficult to keep the beverages from spilling out. One of the latest technologies used by Maksimatic in the automotive cup holder market was to provide a 360-degree spinning cup holders which can adjust according to the road settings. Apart from providing a spin to the cover, this technology also provides a spin to the liquid inside which keeps it away from falling. This technology was tested and gained popularity among the consumers. Apart from providing a spill free holder consumers are also looking for the temperature control automotive cup holder which keep their drinks hot or cold as per the requirement. This is achieved by using certain thermostatic materials at the bottom which are used in the thermos, and they maintain the required temperature.
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Market Overview:
Accessories in automobiles are essential nowadays. It is important for designers to put their efforts on the interiors of the automobiles, as the consumers have started spending their money for comfort and efficiency. Automotive cup holder market has started gaining popularity because of the growing consumers, and their need of holding their beverages in the vehicles. Automotive cup holder seems like a simple accessory in the automobiles, but the technology and the ideas used for providing a spill free cup holder is difficult. Due to the growing urbanization people have started taking decisions on buying automobiles not only on the basis of speed and fuel efficiency but also by the looks, interiors, accessories and the technologies which are provided in the automobile. The automobile cup holder market is expected to grow with a decent CAGR in the forecast period.
Market Dynamics:
The automotive cup holder market is driven by the looks and the comfort it provides to the consumers. Customers are looking for innovative designs and colors with the technologies incorporated to make automotive cup holder. Automobiles have started providing various automotive cup holders which have gained customers interest in buying those vehicles.
There are few big companies which still believe that automotive cup holder should not be incorporated in the automobiles as the drivers may lose their control and accidents may happen. One such company is Ferrari which believes that they provide such high speeds to the customers in which the driver’s concentration should be on the wheels, and there is no need of adding cup holders in their vehicles, which is a challenge faced by manufacturers in the automotive cup holder market.
Designers have started working on new technologies like cutting edge innovation which provide a total internal reflection in the cup holder, and it maintains the temperature of the beverage. This technology is used in other accessories or automobile parts too as it uses less power and delivers good performance. Due to the growing popularity of automotive cup holders, designers make them look attractive and showcase logos which enhances the vehicle’s interiors. This has gained popularity among consumers and the automotive cup holder market has created a lot of opportunities for the automotive cup holder designing companies.
Growing urbanization and changing lifestyle has changed the trend and people prefer automotive cup holder in their vehicles.
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Market Segmentation:
The automotive cup holder market is segmented on the basis of the orientation of cup holders, type of the technology used, type of vehicle, and region.
On the basis of the orientation of cup holders, the automotive cup holder market is segmented into flexible, and fixed cup holders.
On the basis of the type of technology used, the automotive cup holder market is segmented into Total Internal Reflection technology, 360-degree spin technology, and controlled temperature technology.
On the basis of type of vehicle, the automotive cup holder market is segmented into commercial vehicles, and passenger cars. Commercial vehicles are further segmented into Medium Commercial Vehicle (MCV), Light Commercial Vehicle (LCV), and High Commercial Vehicle (HCV). Similarly, passenger cars are further categorized into large cars, mid-size cars, and compact cars.
On the basis of geographies, the automotive cup holder market is segmented is segmented across 7 key region; North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, and Middle East & Africa. This market is driven by North America and Europe because of their lifestyles and interests. These regions are the largest manufacturers and consumers of automobiles and are open for new technologies. Consumers present in this region believe that cup holders are a necessity which must be added in the automobiles. They also believe that there should be innovative cup holders which keep their beverages from spilling away. Latin America and Middle East and African regions are at emerging stages and have a small market share. Asia Pacific has a very niche market of automotive cup holders.
Market: Key Players
Few of the major key players active in the automotive cup holder market includes Bestek, Custom Accessories, Pioneer Corporation, Lloyd mats, Covercraft Industries, JVISUSA LLC, Maksimatic, Bell Automotive products, Bracketron, Dorman, and Proline.
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