The global automotive interior market is expanding rapidly due to factors such as an increase in incorporation of plastics in automotive production and surge in focus on total weight reduction of automobiles to raise fuel efficiency.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research recently published a report, titled, "Automotive Interior Materials Market By Type (Plastics, Metals, Fabric, Leather, Composites, Others), By Vehicle Type (PV, LCV, HCV), By Application (Dashboard, Door Panel, Seats, Floor Carpets, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". The report indicates that the global market for automotive interior materials is anticipated to generate $80.2 billion by 2030. The market was valued at $55.0 billion in 2020 and is expected to display a notable CAGR of 3.9% from 2021 to 2030.
Factors influencing the growth of the market:
The global automotive interior market is expanding rapidly due to factors such as an increase in incorporation of plastics in automotive production and surge in focus on total weight reduction of automobiles to raise fuel efficiency. However, fluctuations in the cost of raw materials restrain market growth to some extent. Nevertheless, an increase in adoption of green technology to manufacture automotive leather will offer remunerative growth opportunities in the upcoming future.
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The composites segment grabbed the largest market share in 2020
By type, the composites segment grabbed the highest market share in 2020, contributing to more than one-third of the global market revenue and is projected to rule the roost from 2021 to 2030. Also, the same segment would display the fastest CAGR of 4.8% during the forecast period. Composites are utilized to design fuel-efficient, safer, and lighter vehicles. The report also discusses plastics, metals, fabric, leather, and others segment.
The door panel segment to witness the fastest growth by 2030
On the basis of application, the door panel segment is anticipated to manifest the fastest CAGR of 4.3% throughout the forecast timeframe. Additionally, the same segment grabbed the largest market share of nearly two-fifths of the global market revenue. This is due to the fact that it serves as a bridge between the inner workings of the door and the interior of the car. The report also discusses floor carpets, seats, dashboard, and others segments.
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