Automotive Interior Materials Market Estimated to Reach $54.8 Billion by 2026 Globally, at a CAGR of 2.6%, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
5 min read
MarketsandMarkets Research Pvt. Ltd.
Chicago, June 20, 2023 (GLOBE NEWSWIRE) -- The Automotive Interior Materials Market size is projected to reach USD 54.8 billion by 2026, at a CAGR of 2.6% from USD 48.1 billion in 2021, as per the recent study by MarketsandMarkets™. Optimizing fuel efficiency by reducing the overall vehicle weight, increased globalization, and the high demand for new technologies and customization are driving the automotive interior materials market.
The automotive industry is currently under constant pressure to adapt to new changes due to technological advancements and end-user preferences. Vehicle interiors are key areas that have witnessed a rapid change due to various factors such as the consumer demand for safety and comfort, preference for fuel efficiency, and increasing competition within the industry. OEMs strive to provide vehicles with good interior styling, comfort, and safety. They also focus on reducing the weight of the vehicle by using lightweight, cost-effective, and highly durable materials in the designing of components.
Based on type, the automotive interior materials market is segmented into polymer, genuine leather, fabric, synthetic leather and others which include rubber, wood and metals. Automotive interior materials are used in seats, headliners, floor mats, interior carpets, convertible tops, vinyl roof covers, dashboards, and door panels and trims of an automobile. They are processed and supplied to OEMs for the manufacture of automotive components. Polymers used in the automotive interior is generally thermoplastics which are multiphase compositions in which one phase consists of a material that is hard at room temperature and fluid when heated, and the other phase consists of an elastomeric material that is soft and rubberlike at room temperature.
Based on vehicle type, the automotive interior materials market is segmented as passenger vehicles, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and buses & coaches. The consumption of interior materials by these vehicle types depends on the overall production of these vehicles, globally.
Automotive interior materials are used to improve the aesthetics and comfort of the automotive seating area. Effective use of these materials directly influences the vehicle's sales, costs, and customer’s driving comfort. The demand for automotive interior materials for different vehicle types is estimated based on the current understanding of the market dynamics and regulatory environment of the global automotive industry. Passenger vehicles require high-quality interiors as compared to LCVs and HCVs due to end-user demand. The amount of money spent on quality, comfort, and styling of automotive interiors is higher in the case of personal use than commercial use of vehicles. Also, the increased disposable income in developing countries is driving the growth of the automotive interior market for passenger vehicles.
Based on application, the automotive interior materials market has been segmented into dashboard, door panel, seats, floor carpets, and others which include headliners, sun visor, interior lighting, rear seat entertainment. Introduction of lightweight yet durable interior materials and growing trend of luxurious features, such as powered and ventilated seats having massage function and ambient lighting in interiors, have created growth opportunities for various automotive interior materials manufacturers in the automotive industry.
On the basis of region, Asia Pacific was the largest market for automotive interior materials, followed by Europe and North America in 2020. Asia Pacific is the largest market owing to rapid economic growth in the region. Large population, increasing demand in China, India, Japan, and other Southeast Asian countries, and the growing automotive industry fuels the growth of the automotive interior materials market in the region. The market in North America is projected to grow at a moderate rate during the forecast period because of the shift of manufacturing bases to the developing countries. However, the rising demand for luxury vehicles in the region will drive the need for automotive interior materials.
CONTACT: About MarketsandMarkets™ MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com
