Automotive Interior Market: Opportunities, Market Size and Growth
Global automotive interior market is expected to witness modest growth until 2028 on account of increasing safety concerns among consumers, rising number of technological advancements and surge in demand for luxurious vehicles. Moreover, surging demand for styling cabin interiors are further boosting market growth. Owing to the high production and high quality of the automotive components, the automotive interior market for passenger vehicles is anticipated to grow at the highest CAGR during the forecast period.
Various integrated essential components are designed for providing grip, ensuring comfort, and improving the aesthetic appeal and overall performance of vehicles, collectively known as automotive interiors. They include headliners, door panels, cockpit modules, dashboards, and seats that are usually made from varying materials, such as fabrics, rubber, composites, plastics, and wood. Additional interior trims and upholstery adornments can be added to enhance the quality, prevent stains, extend the life of the vehicle, and provide a superior feel to the interiors. As a result, automotive interiors are extensively employed in passenger cars and commercial vehicles.
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The significant expansion in the automotive sector has led to an increasing demand for luxurious vehicles with premium features and advanced safety arrangements, driven by rising security concerns amongst consumers, inflating disposable incomes, rapid urbanization, and changing preferences, particularly in developing regions. Large-scale integration of various advanced technologies, such as artificial intelligence (AI)-enabled entertainment systems, hands-free connectivity, and global positioning systems (GPS) in automobiles to improve the driving experience, is acting as another growth-inducing factor. This further assists users in receiving telephone calls, streaming music through connecting mobile applications, and offering access to satellite radio on touchscreen dashboards.
Moreover, the widespread adoption of bio-based plastics, including bio-PET (polyethylene terephthalate) and bio-polyester, to design automobile interiors for reducing vehicular weight and ensuring flexibility, is contributing to the market growth. The escalating trend of customization and extensive strategic collaborations among key players to introduce innovative automotive interior solutions to meet evolving consumer needs are other factors creating a positive outlook for the market.
However, low vehicle sales due to COVID-19 is expected to negatively impact the market in 2023; but, growing demand for comfortable and luxurious interiors will drive the market through 2028.
Based on the component, the market has been segmented into central console, cockpit module, dome module, door panel, headliner & carpet, infotainment system, interior lighting and automotive seats. Due to the features, such as navigation and temperature display, among others, the market for infotainment systems is expected to grow at a robust pace until 2028.
In terms of regional analysis, Asia-Pacific is anticipated to acquire the leadership position during the forecast period due to the rising disposable income and increasing demand for vehicles across the major economies in the region.
Some of the major players operating in Global automotive interior Market are Faurecia S.A., Continental AG, Panasonic Corporation, Magna International, Inc., Delphi Automotive PLC, Hyundai Mobis Co. Ltd., Toyota Boshoku Corporation, Tachi-S Co. Ltd., Johnson Controls Inc., Lear Corporation, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
Objective of the Study:
To analyze and forecast the market size of global automotive interior market, in terms of value and volume.
To classify and forecast global automotive interior market based on vehicle type, component and regional distribution.
To identify drivers and challenges for global automotive interior market.
To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global automotive interior market.
To conduct the pricing analysis for global automotive interior market.
To identify and analyze the profile of leading players operating in the global automotive interior market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the manufacturers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major manufacturers across the globe.
TechSci Research calculated the market size of global automotive interior market using a bottom-up approach, where data for various application across various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
Automotive interior companies and other stakeholders
Automotive OEMs
Government bodies such as regulating authorities and policy makers
Organizations, forums and alliances related to automotive interiors market
Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturer and partners, besides allowing them in strategizing investments and capitalizing on market opportunities.
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About TechSci Research:
TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.
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