Automotive Interior Components Global Market – Overview
The automotive interior components market encompasses the development of the infotainment, instrument cluster, telematics, flooring, door panel, automotive seat, interior lighting among others. The automotive interior components mainly focus on the ergonomic and comfort of the passenger. Owing to the economic growth and the government initiatives, the income levels of individuals in the developing nations such as India, South Korea, China and Indonesia have been gradually increasing. With income rising among individuals there is scope of increasing expenditure across various industries such as automotive industry. Increasing dominance of customization in automobiles such as interior lighting systems, instrument cluster telematics and audio systems, has been steadily pushing the automotive interior market gradually. Currently, the thriving automotive industry, coupled with steadily increasing income of the growing population, is expected to contribute significant growth. The global Automotive Interior Components Market is very dynamic in nature and is expected to witness high growth over the forecast period. The growth of the automotive interior components market is influenced by growing automotive industry, increase sales of new vehicles, and technological advancements, whereas the global market is hindered by the higher installation cost associated with the automotive interior components, underdeveloped aftermarket services and economic downturn in Africa.
Over the last few years, the income levels of individuals has been increasing which are resulting in more disposable income among the individuals. Moreover, increasing incidence of customization in automobiles such as interior lighting systems, instrument cluster telematics and audio systems among others has been steadily pushing the automotive interior components market gradually. Additionally, the automotive interior components market is completely dependent on the automotive industry. Thus the increasing or decreasing demand of the automotive industry directly has an impact on the automotive interior components market. The total four wheeler production for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2020.
Geographically, the global automotive interior components market by region has been segmented into North America, Europe, Asia-Pacific and Rest of the world. This market has seen a substantial growth over the past few years and it has been experienced that the market will remain on the same growth level till forecast period. Among the regions covered, Asia Pacific has accounted the largest market for automotive interior components market followed by North America and Europe.
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The key players of global automotive interior markets are Toyoda Gosei Co. Ltd (Japan), Toyota Boshoku Corporation (Japan), Lear Corporation (U.S), NTF India Pvt Ltd (India), Sage Automotive Interiors. Inc (U.S), BASF Automotive Solutions (Germany), and Faurecia S.A (France).
In October, 2017 – Toyota Boshoku along with Autoneum and Nihon Tokushu Toryo Co., Ltd decided to come into a joint venture agreement to commence noise and vibration evaluation and analysis of automobile interior systems. With this joint venture, Toyota Boshoku will expand its presence across the globe which will result in the growth of automotive interior component market.
In August, 2017 – Japan- based automotive interior component manufacturer Toyoda Gosei acquired Pecval Industria Ltd, which is a leading manufacturer of automotive interior parts in Brazil. This acquisition intended to make company’s foundation in promising market of Brazil. As a result, this would make the global automotive interior component market to have a strong hold in South America.
Automotive Interior Components Global Market – Segmentation
The scope of global automotive interior components market is segmented into two major segments which are explained below:
- Instrument Cluster
- Door Panel
- Automotive Seat
- Interior Lighting
- Passenger Vehicles
- Commercial Vehicles
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Automotive Interior Components Global Market – Competitive Analysis
The global market for automotive interior components seems to be highly competitive. Major auto interior components manufacturers such as Toyoda Gosei Co. Ltd, Toyota Boshoku Corporation, Lear Corporation and Magna International Inc have come across various key developments such as merger & acquisition, production launch, expansion and partnership. The major players have adopted these strategies to retain and/or expand their market share. Key strategies followed by most companies within the global automotive interior components market were expansion.
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