Technological advancements and innovations to produce cost-effective interior materials for automotive is a key factor driving market revenue growth
Market Size – USD 48.00 Billion in 2021, Market Growth – at a CAGR of 2.3%, Market Trends – Rising preference for luxury and comfortable cars.
The global automotive interior materials market size is expected to reach USD 59.42 Billion in 2030 and register a revenue CAGR of 2.3% over the forecast period, according to the latest report by Reports and Data. Demand for high-end automobile interiors is growing across the world, which is a key factor driving global automotive interior materials market revenue growth. Consumers are increasingly demanding premium interiors with superior aesthetic appeal and tactile experience, even in non-premium vehicles, which is pushing market players to invest in material innovation. Volvo’s research and development center in Shanghai, China, is developing new designs that give the company a technological edge over its competitors.
Rise in disposable income has led to the rise in demand for the vehicle in emerging countries such as Brazil, China and India, which is supporting increasing demand for automotive interior materials.
Companies profiled in the market report are Toyota Boshoku Corporation, Lear Corporation, Toyoda Gosei Co., Ltd., Adient plc, Faurecia SE, Grupo Antolín, Sage Automotive Interiors, Yanfeng Automotive Interior Systems Co., Ltd., SMS Auto Fabrics, and Dräxlmaier Group.
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Some Key Highlights From the Report
- Plastics segment is expected to register a considerable revenue growth rate over the forecast period, because of its optimum durability and ruggedness. Plastic is the most widely utilized material as automobile interior material in several applications like interior panels, dashboards, seats, and interior trim.
- Passenger vehicles segment is expected to account for the largest revenue share in the automotive interior materials market over the forecast period. The segment revenue growth has benefited from an increase in consumer willingness to spend on high-quality, long-lasting products. This has prompted manufacturers to develop innovative products offering high-end features at low costs. Rising demand for personal vehicles in emerging markets, as well as a growing desire for safe and comfortable travel, are expected to drive demand for passenger vehicles, and in turn, automotive interior materials.
- Market in Asia-Pacific is expected to register highest revenue share in the global automotive interior materials market during the forecast period. The small/economy car segment, which accounts for higher adoption of interior components, drives the Asia-Pacific automotive interior materials. Leading automakers in this region, including Honda, Toyota, and Hyundai, are embracing the advantages of advanced seating systems, electronics, lighting, and various safety systems, making them standard features across vehicle models. The rise in demand for electric vehicles in major economies such as Japan, China, and India is adding to market revenue growth. Demand for comfortable, premium interiors, and new and innovative features, like head-up displays and navigation systems, along with the growing focus toward sufficing safety standards, is driving the demand for automotive interior materials in the region.
- In March 2020, Sage Automotive Interiors entered into an agreement to acquire the automotive fabric business of Adient plc. Sage Automotive Interiors will be paying around USD 175 million for Adient’s automotive fabric business.
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For the purpose of this report, Reports and Data has segmented the global automotive interior materials market based on interior material type, vehicle type, class, application, and region:
Interior Material Type Outlook (Revenue, USD Billion; 2019-2030)
- Wooden Materials
Vehicle Type Outlook (Revenue, USD Billion; 2019-2030)
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Class Outlook (Revenue, USD Billion; 2019-2030)
Application Outlook (Revenue, USD Billion; 2019-2030)
- Door Panel & Trims
- Roof Paddings
- Airbags & Seatbelts
- Carpets & Floor Mats
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Latin America
- Middle East & Africa
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Key Advantages of Automotive Interior Materials Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Automotive Interior Materials industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Automotive Interior Materials market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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