According to a report, “Automotive Interior Materials Market Analysis By Product (Leather, Composite, Plastic, Metals, Fabric), By Application (Dashboard, Seats, Airbags & Seat Belts, Door Panel & Trims, Carpet & Headliners), By Region, And Segment Forecasts, 2018 – 2025”, published by Grand View Research, Inc., the global automotive interior materials market is anticipated to reach USD 66.5 billion by 2025. The market is projected to witness a high growth rate owing to an increase in demand for lightweight passenger vehicles. In addition to this, galloping urbanization spread and bettering economic conditions along with the rise in demand for personalization of cars are expected to lend a helping hand to the market in pushing the growth rate higher.
The market is rife with competitive rivalry due to the presence of multiple players and this is one of the reasons for the intense focus on product differentiation among them to gain an upper hand in the market. Also, as there is an observed rise in the interest for attractive automobile interiors along with improving manufacturing conditions after the lifting of COVID-19 restrictions, expansion of the product catalog is likely to grab any market opportunities in the offing. Furthermore, leading players have expressed interest in expanding their distribution channels as well as investing in mergers and acquisitions to strengthen their global reach in the market for automotive interior materials. These market developments speak volumes of the current market mood after the residing of the COVID-19 pandemic all over.
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Automotive Interior Materials Market Report Highlights
• The establishment of new manufacturing facilities boosts the demands for the product in that specific region. For instance, in January 2021, Toyoda Gosei announced that it is going to establish a new plant for interiors and exteriors in Miyagi, Japan
• Regional expansion and new product development is a key strategy adopted by major market players in order to strengthen their position globally. For example, in November 2018, Continental announced the construction of a 12,000 square meters premium surface materials manufacturing facility with an initial annual capacity of 5 million square meters, slated to be operational in the latter part of 2021
• In June 2016, Lear Corporation signed an agreement to construct a technology complex in Shanghai, China. The aim of the agreement was to boost the company’s business in China and the Rest of Asia Pacific, thus creating a pathway for long-term growth in the developing region.
• By product, plastic accounted for a revenue share of 43.6% in 2016. Plastics are used in lightweight vehicles, which have gained consumer preference in recent years
• Composite products accounted for a revenue share of 10.2% in 2016 and is projected to grow at a CAGR of 5.3%. This can be attributed to the rise in demand for lightweight and fuel-efficient vehicles
• On the basis of applications, Dashboard held a share of 33.0% by application in 2016 and is expected to witness significant growth over the forecast period. Plastics and composites are likely to be utilized in dashboard applications by automotive manufacturers due to their low cost and high durability
• On the basis of region, Asia Pacific held the highest revenue share of 53.0% by region in 2016 and is estimated to dominate the market over the forecast period. This dominance can be attributed to an increase in demand for vehicles from developing countries such as India and China
Automotive Interior Materials Market Segmentation
Grand View Research has segmented the global automotive interior materials market on the basis of product, application, vehicle type, and region:
Automotive Interior Materials Product Outlook (Revenue, USD Million, 2014 – 2025)
Automotive Interior Materials Application Outlook (Revenue, USD Million, 2014 – 2025)
• Airbags & Seat belts
• Door panel & trims
• Carpet and headliners
Automotive Interior Materials Vehicle Type Outlook (Revenue, USD Million, 2014 – 2025)
• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle
Automotive Interior Materials Regional Outlook (Revenue, USD Million, 2014 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central & South America
• Middle East & Africa
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Grand View Research is an India & U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.
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