Automotive Trim Parts Market to be valued at close to US$ 58 Bn by 2031

Automotive Trim Parts Market 2022

The global automotive trim parts market is currently valued at US$ 39.4 Bn. Providing high-quality interior and exterior parts for OEMs, increasing use of lightweight materials for automotive parts, and rise in global automotive production are factors driving market expansion. Sales of automotive trim parts are projected to increase at 4% CAGR and be valued at close to US$ 58 Bn by 2031.

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Vehicle manufacturers are focusing on providing technologically advanced interior trim parts in place of heavier components so as to ensure reduced weight of vehicles. As such, demand for trim parts is increasing due to rise in automotive production and sales around the globe. Due to increasing population and rising disposable income, demand for passenger cars has seen a boost in the past few years, which has also accelerated the need for trim parts. This segment is set to account for more than 80% overall demand for trim parts.

In 2020, sales of vehicles were hit due to the onset of COVID-19, which dented demand for trim parts as well. However, with the new normal, as demand and sales of vehicles are rising again, the market for trim parts has also gained traction.

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Key Takeaways from Market Study

• Based on product, the market was dominated by interior parts. Interior trim parts include door trims, door panels, instrument panels, headliners, and others. These parts upgrade the vehicle’s aesthetics and the overall driving experience, which is why they are a very important in any vehicle.
• Passenger vehicles dominate the worldwide automotive trim parts market owing to rising consumer demand for compact and mid-sized cars.
• During the forecast period, East Asia and Europe are expected to be extremely high-growth markets. China, Japan, and Germany have advanced technologies for making these components, with Major OEMs and tier-1 suppliers present in both regions.

Competitive Landscape

The global automotive trim parts market is highly competitive at regional as well as global levels, and highly consolidated in nature. Some of the key players included in the report are Magna International Inc., Faurecia, Toyota Boshoku Group, Toyoda Gosei Co. Ltd, Grupo Antolin, Plastic Omnium, and Futuba Industrial Co. Ltd.

Top companies operating in the market have high market share in terms of revenue. Manufacturers are collaborating with other companies to improve their profitability index as well as global presence. Prime manufacturers are also updating their technologies to improve their market share and increase their sales of trim parts.

Conclusion

Demand for automotive trim parts has shown significant growth over the years. Increasing production of passenger cars, light commercial vehicles, and heavy commercial vehicles is surging demand for trim parts. Various manufacturers are also investing in research & development projects for new products as well upgrading technologies for existing products.

Also, manufacturers are updating their product portfolios through new product development to increase their market presence. East Asia and Europe hold significant market share for trim parts. Demand for lightweight body components for passenger cars will accelerate demand for trim parts over the coming years.

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Key Questions Answered in This Report.

• What will the Market growth rate in Future?
• What are the key factors driving the global Market?
• Who are the key manufacturers in Market space?
• What are the opportunities and threats faced by the vendors in the global industry?
• What are sales, revenue, and price analysis by regions of industry?