Automotive Interior Material Market Global Industry Review 2019 To 2027
Posted: May 12, 2019
The global automotive interior material market is predicted to garner USD 149.6 billion during the forecast period (2014-2027). Th market is considered to expand at 8.72% CAGR owing to the burgeoning demand for visual appearance of a car, asserts Market Research Future (MRFR). Automotive interiors can be referred to the interior components present in the cabin of a vehicle and comprises components such as dashboards, cockpit, door panels, and seats. Automotive interior elements are an important part of a vehicle as they help to enhance its ambiance and provide driving pleasure by maximizing the comfort level of both the drivers and the passengers. High-grade interiors were only found in luxury vehicles previously, but these days even the mid-sized cars feature premium interiors.
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The prominent players operating the global automotive interior material market are Lear Corporation (U.S), NTF India Pvt Ltd (India), Sage Automotive Interiors. Inc (U.S), Toyoda Gosei Co. Ltd (Japan), Toyota Boshoku Corporation (Japan), Faurecia S.A (France), and BASF Automotive Solutions (Germany).
Global Automotive Interior Material Market: Segmental Analysis
The global automotive interior material market has been segmented on the basis of type, vehicle type, and region.
By mode of type, the global automotive interior material market has been segmented into fabric, synthetic leather, leather, and thermoplastic polymer. Polymers are considered to be the largest type of automotive interior material used as they are light in weight and help to reduce the overall weight of the vehicle.
By mode of vehicle type, the global automotive interior material market has been segmented into commercial vehicle and passenger vehicle. Among these, the passenger vehicles segment is considered to be the largest vehicle type owing to the high standard of living, increasing income, and growing economic conditions. Moreover, the need for safe and comfortable commute is anticipated to drive the segment.
Drivers and Constraints Impacting the Market
With the burgeoning demand for visual appearance of a car among the consumers, the automotive interiors are gaining importance across the globe. The growing prevalence of customization in automobiles by the individuals have further to the market growth during the appraisal period. Automotive industries being one of the most competitive industries globally, manufacturers are competing against each other in order to expand their customer base, which is further resulting in intense competition. This has resulted to high quality product being delivered to the customers, which is considered to fuel the automotive interior material market during the estimated period. Technological advancements during the production processes of automotive materials are considered to lead to superior sustainability and lower cost of production resulting in the improvement in performance efficiency. Moreover, automotive interior materials offer an aesthetic look, better reliability, and sustainability leading to superior design of automotive cabins. Also, rapid growth in the global economy and innovative automotive designs offer several opportunities to the market growth.
On the flip side, the rising cost of genuine leather owing to the demand-supply gap coupled with the regulations concerning synthetic leather are some of the major concerns anticipated to slowdown the market growth in the coming years.
Geographically, the automotive interior material market span across regions namely, Europe, Asia Pacific, North America, and Rest-of-the-World (Row).
Among all the regions, the Asia Pacific region is considered to occupy the largest market share during the appraisal period. The demand for automobiles is highly driven by the increasing population in economies such as India and China. Initiatives from the government towards safety drive are further promoting to the market growth.
The European region exhibits a significant growth rate and is considered to maintain its dominance in the coming years. Regulations associated with the improvement in crash performance and countermeasures in order to keep the passengers safe is fueling the market growth in this region.
January 14, 2019: Corning Incorporated has recently introduced two new auto interior glass solutions at the Consumer Electronics Show in Las Vegas. The company’s latest gorilla glass for automotive interiors solutions have been designed to address the new trends and offer the highest product performance.
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At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR) and Mar