According to a report published by Grand View Research, Inc.; the global automotive interior materials market is anticipated to achieve a valuation of around USD 66.5 billion by 2025. High demand for light weight vehicles and attractive interiors is anticipated to propel market over the forecast period (2018 to 2025).
Change in consumer lifestyle and rising demand for passenger cars are likely to positively influence growth of the market for automotive interior materials. High adoption of advanced composites and automotive plastics to manufacture lightweight vehicles can further augment market in the forthcoming years.
The worldwide automotive interior materials market can be segregated on the basis of product, application, vehicle type, and region. Based on product, the market can be categorized into plastic, metals, composite, leather, and fabric. Based on application, the market can be classified into seats, airbags and seat belts, door panel and trims, dashboard, carpet and headliners, and others. In 2016, dashboard dominated the market and accounted for around 33% market share.
Continual advancements in vehicle dashboard and their materials can fuel growth. Dashboards are expected to be free from hazardous materials. There is a significant rise in demand for environment-friendly dashboards. Rising production of such dashboards using advanced technologies, materials, and designs is anticipated to bode for global market in near future. the ventilated seats segment is expected to gain traction owing to additional comfort offered by these sets. Such seats are available for premium, entry-level, and middle segment cars.
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On the other hand, airbags and seatbelts segment accounted for around 16.2% market share in 2016. It is likely to expand at a significant pace during the forecast period. Growing adoption of safety regulations by a number of government and automotive agencies can fuel demand in the forthcoming years. In addition, focus on safety inside vehicles can also surge demand for seatbelts and airbags in near future.
Based on vehicle type, the market for automotive interior materials can be segmented into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. In 2016, passenger vehicles segment dominated the market and accounted for around 75.5% market share. Rising demand for high-quality and long-lasting products can fuel demand. This factor is likely to push manufacturers to work on innovative products offering high-end features at low costs.
Similarly, rising demand for commercial transportation services among consumers is projected to support adoption of light commercial vehicles during the forecast period. In addition, improvement in road infrastructures coupled with supportive regulatory policies can further surge product demand in the years to come.
Heavy commercial vehicles segment accounted for around 4.3% market share in 2016. Growing requirement from small and medium enterprises to transport goods to various locations is likely to drive demand for light commercial vehicles. Hence, heavy commercial vehicle segment is anticipated to witness limited growth during the forecast period.
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Regional segmentation includes Europe, North America, Asia Pacific, Central and South America, and Middle East and Africa (MEA). In Asia Pacific, the market is anticipated to witness CAGR of 6.4% from 2017 to 2025. Favorable government initiatives in terms of subsidies and positive regulations can drive initiation of new manufacturing plants in the region. This, in turn, can porpel growth of regional market for automotive interior materials.
Europe is expected to witness CAGR of 3.9% from 2017 to 2025 and is expected to witness significant expansion in the forthcoming years. Rising importance of automotive interiors from rising importance for vehicle interiors among European consumers is likely to empower regional manufacturers to innovate in terms of variety and applications. This, in turn, can drive the overall market over the forecast period.
North America is projected to witness substantial growth during the forecast period attributed to rising demand for passenger vehicles. In addition, economic feasibility of premium options and frequent technological advancements can further fuel regional market growth. Moreover, growing dependence on cars for personal transportation can propel demand. MEA is likely to grow well over the forecast period attributed to high demand for automobiles from South Africa, Nigeria, Egypt, and Iran. In addition, rapid infrastructural developments are likely to fuel demand for heavy commercial vehicles in the region.
Some of the leading companies in automotive interior materials market are Takata Corporation, Grupo Antolin, Draxlmaier Group, SMS Auto Fabrics, and Sage Automotive Interiors.
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