Global Automotive Trim Market Share to Expand at a CAGR of 7.11% by 2030

Automotive trims are plastic components installed in automobiles to enhance their appearance and functionality. The trims used on a vehicle characterize its distinctive attributes. Numerous automotive parts, such as the front and rear bumpers, dashboards, and others, serve as descriptors for the most standard trims used in automobiles. Multiple automobile component manufacturers have created and produced polymer-based car components that are both lightweight and durable. This benefits the expansion of the global automotive trims market since these components are increasingly used in automobiles. Both the increased demand for luxury and comfort in vehicles and the increase in vehicle production contribute to the expansion of the global market for automotive trims.

Market Dynamics

The Demand for Comfort & Luxury in Cars and the Increased Car production to Drive the Global Market

The demand for increased comfort and luxury in automobiles and a smoother interior has propelled the global automotive trims' expansion. Gronbach, Grupo Antolin, International Automobile Components, and Kasai Kogyo Co., Ltd. are examples of companies that create efficient car trims and sell their products to the automotive industry. In addition, it is anticipated that the sale of luxury vehicles will quadruple by 2020 due to advancements in vehicle technology and the growth of developing nations' economies.

Moreover, for comfort and to reduce cabin vibrations, a vehicle's noise, vibration, and harshness (NVH) must meet specified standard levels. Thus, the combination of these variables contributes to the expansion of the global market for automotive trims. In addition, countries such as China, the United States, Japan, India, Germany, and the United Kingdom have all enjoyed considerable growth in the automotive industry during the previous decade. Initially, the global automotive industry was focused on Japan, the United States, and Germany.

Companies have moved their production facilities to China, Thailand, and India due to the rise in demand for automobiles and automotive parts in those countries. Low labor costs enable manufacturers to create more items at lower prices, enabling them to satisfy expanding markets, which is anticipated to enhance automobile sales throughout the forecast period and raise the need for automotive trim.

The Demand for Lightweight Components to Create Global Automotive Trim Market Opportunities

Trims are necessary to enhance the luxury and comfort of automobile interiors and dampen vibrations. Steel or steel alloys, such as carbon steel and stainless steel, were used to create traditional embellishments. These materials were not as durable as others but also relatively heavy. As a result of technological advancements in the automotive industry, lightweight materials such as carbon fiber and plastics have been developed to produce trim components.

Due to the increase in demand for fuel-efficient vehicles and the implementation of stricter vehicle emission regulations, it is anticipated that automotive lightweight materials will experience high adoption in the automotive industry and present lucrative growth opportunities for the expansion of the automotive trims market soon.

Regional Insights

The Asia Pacific will likely hold the predominant share while advancing at a CAGR of 7.6%. Market players in Asia-Pacific are expected to make significant profits throughout the projected period. This is primarily due to the increasing urban population, rising disposable incomes, and expanding manufacturing operations in numerous Asian nations. In addition, the increased desire of automobile manufacturers to improve quality by reducing unpredictability and eliminating flaws to enhance driving comfort and assistance is also driving the expansion of the Asia Pacific automotive trimmings market.

The advancement of the Asia-Pacific territory is being propelled by both an increase in the vehicle population and a rise in vehicle standards. In addition, various technological advances connected to trims are now occurring, followed by the introduction of more durable components, pushing the market's rise.

Europe will have the second-largest shareholding of USD 14,217 million, growing at a CAGR of 7.95%. Companies such as the Draxlmaier Group have operations in Europe to develop and introduce suitable automotive trimmings. This helps the growth of the global market in Europe. Businesses' increasing product offerings lead to the spread of foreign automotive trims in Europe.

Since 2010, both demands for and sales of passenger automobiles have increased due to an increase in the global population and the disposable money accessible in many emerging nations. Manufacturers are stressing the availability of consumer-centric components in various methods, including customizing the interior and exterior trim elements according to a customer's unique request. The big corporations in this region place a significant focus on collaborations and partnerships to increase their product lines and global visibility.

Key Highlights

• The global automotive trim market had a revenue holding of USD 29,090 million in 2021. It is expected to reach USD 53,978 million by 2030, growing at a CAGR of 7.11% during the forecast period (2022-2030).
• Based on the material type, the polypropylene (PP) section will presumably grow at a CAGR of 7.3% and hold the largest revenue share.
• Based on the interior application, the dashboard section will presumably expand at a CAGR of 7.5% and hold the largest share.
• Based on exterior application, the bumpers section is presumed to hold the largest share, growing at a CAGR of 7.25%.
• Based on the vehicle type, the ICE passenger vehicle section is presumed to have the highest shareholding and grow at a CAGR of 6.87%.
• Based on the end-use, the OEM section will presumably expand at a CAGR of 7.6% and have the most significant shareholding.
• Based on regional analysis, the Asia Pacific will likely hold the predominant share while advancing at a CAGR of 7.6%.

Market Segments

Global Automotive Trim Market: Segmentation

By Material Type

• Acrylonitrile Butadiene Styrene (ABS)
• Polypropylene (PP)
• Polyoxymethylene (POM)
• Thermoplastic Elastomer (TPE)
• Others

By Interior Application

• Dashboard
• Door panel
• Others

By Exterior Application

• Bumpers
• Door & window seals
• Others

By Vehicle Type

• ICE Passenger Vehicle
• ICE Commercial Vehicle
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Electric Vehicle (PHEV)

By End-Use

• Original Equipment Manufacturers (OEMs)
• Aftermarket

By Region

• North America
• Europe
• Asia Pacific
• LAMEA