According to a report published by Grand View Research, Inc.; the automotive interior materials market is expected to reach a valuation of USD 66.5 billion by 2025. Rising demand for lightweight vehicles is expected to propel the market growth during the forecast period (from 2018 to 2025). Rapid urbanization and improving economic conditions in several emerging regions such as Asia Pacific are also expected to drive the market growth in the coming years. Escalating demand for passenger cars with attractive interiors due to improved standards of living is expected to drive the market. Moreover, demand for personalization of cars can also create positive outlook for the market over the next few years.
The global automotive interiors materials can be segmented on the basis of product, application, vehicle type, and region. Based on product, the market can be categorized into leather, plastic, composite, metals, and fabric. In 2016, composite products segment accounted for a revenue share of 10.2 % and is said to expand at a CAGR of 5.3 % over the forecast period. This growth is attributed to the growing demand for lightweight and fuel-efficient vehicles across the globe. On the basis of application, the market can be segregated into seats, dashboard, airbags and seat belts, carpet and headliners, door panel and trims, and others.
In 2016, dashboard segment held 33.0 % of the total volume share. It is likely to witness a significant expansion over the forecast period. On the basis of vehicle type, the market can be classified into passenger vehicles, Heavy Commercial Vehicles (HCVs), and Light Commercial Vehicles (LCVs). On the basis of geographies, the market is divided into North America, Europe, Asia Pacific, Latin America, Middle East and Africa (MEA). In 2016, Asia Pacific was the leading regional market for automotive interior materials and accounted for 53 % of the global revenue share. The region is likely to expand further at a CAGR of 6.4 % during 2018 to 2025 due to high spending on premium interiors.
Full Research Report On Automotive Interior Materials Market Analysis:
In addition, growing support by the regional governments, in terms of subsidies and supportive regulations is encouraging major automobile companies to set up their manufacturing plants in Asia Pacific. This, in turn, will have a positive impact on the automotive interior materials market in this region. Growing number of automotive companies in emerging countries such as China and India are also likely to provide lucrative opportunities for the automobile interior manufacturers in the coming years. For instance, automotive production in China increased by 3,615,500 units during 2015 to 2016. This factor is also anticipated to boost the region’s growth in near future.
Europe is anticipated to grow at a CAGR of 3.9 % from 2018 to 2025 and is will play a crucial role in the development of the global automobile interior materials market. Many auto manufacturers in this region are inventing in R&D to introduce newer applications to fulfill the rising demand for automobile interiors. This is expected to drive the growth of the Europe regional market. North America is one of the matured markets due to high demand for passenger vehicles, economic feasibility of premium options, and continuous technological developments.
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Dependency on cars for personal transportation in North America would enable a steady market growth. Furthermore, implementation of strict regulations regarding fuel economy are expected to boost the demand for lightweight vehicles, thereby augmenting the demand for advanced automotive interior materials. The MEA region is likely to have a healthy development in the coming years due to rapid infrastructure development and rising demand for HCVs. Increasing automotive sales in countries such as Egypt, Nigeria, Iran, and South Africa, would also propel the market growth in the coming years.
Key players operating in the market include Yanfeng Automotive Interiors; TATA Group; Magna International; SMS Auto Fabrics; and Toyoda Gosei Co., Ltd. Most of these companies are involved in R&D activities in order to provide premium and comfortable interior facilities. Participants are also making alliances with local companies in emerging countries to expand their distribution network. For instance, Lectra recently announced that Yanfeng Global Automotive Interiors (YFAI), world’s largest vehicle interior components supplier, has adopted its agile high-volume fabric cutting solution called Vector iX6.
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