The demand for premium grade interiors with a superior appeal for comfort traveling experiences is increasing the demand for automotive interior materials. This demand is not only limited to premium cars but also to the non-premium cars as consumers to meet the demand of consumers with different income levels. Thus, low-quality products, plastic, and counterfeit products are being used to meet the increasing demand giving the local automotive manufacturers an array of opportunity to grow their product portfolios.
Geographically, the automotive interior material market is segmented into Asia Pacific, North America, Europe, Latin America, and The Middle East & Africa.
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The Asia Pacific is expected to dominate the market for automotive interior market globally. This is attributed to the presence of developing economies such as India, China, South Korea, and others. The rapid industrialization and rising consumerism in the automotive and transportation sector have propelled the need for technological advancements and associated with it the increasing demand for comfort.
The North American market for automotive interior material is expected to witness significant growth. This is attributed to the rising demand for the interior material in various industries such as manufacturing industries, automobile industries, and others. Globalization, digitalization, and increasing competition are anticipating growth for the market. The increasing safety requirements and changing consumer demands in the automobile industry has resulted in innovation in the automotive interior material market, thereby creating demand.
The automotive interior material market in Europe is propelling owing to the presence of leading manufacturers. Germany is a prominent market for car manufacturing, resulting in significant exports globally. According to European Automobile Manufacturers Association (ACEA), European Union exported 5.4 million passenger cars in the year 2017. Thereby resulting to provide varied opportunities for the automotive interior material in the region and fostering the market growth. Additionally, regions such as The U.K, France, Belgium, Spain, Italy, and the Netherlands are potential markets for automotive interior material owing to consequent technological advancements. Furthermore, stringent policies and reforms such as Intelligent Transport Systems (ITS) and eSafety initiative, the safety of road infrastructure, transport of dangerous goods, and others with an aim to road safety has augmented the market growth.
The Middle East & Africa and Latin America are expected to have potential growth during the forecast period. Turkey, Iran, South Africa, Brazil and Argentina are major countries in the market because of the rapid industrialization majorly in the automotive sector.
The global market for automotive interior materials is segmented by product, application, and vehicle type.
Based on product the market is segmented into leather, composite, metals, fabrics, and plastic. The plastic segment is expected to witness significant growth during the forecast period 2019-2026. This is attributed to the scratch resistant and availability of long-term plastics in the market. Plastics are majorly used in the manufacturing of instrument panel center stacks, bezels & retainers for instrument panels, speaker grills, and overhead console trim blankets.
On the basis of application, the market is segmented into dashboard, seats, airbags & seatbelts, carpets & headliners, and others. The carpets and headliners segment is expected to grow owing to the availability of several technical textiles that are cost-efficient, climate-friendly, and comfortable. Additionally, with the demanding environmental issues, some textiles used for manufacturing of the carpets and headliners also helps save fuel and reduce CO2 emissions by keeping the interior climate pleasant.
Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. The commercial vehicle segmented is expected to witness considerable growth owing to the developments in the field of electric vehicles as well as semi-autonomous commercial cars and trucks. The adoption of EVs in the commercial transport segment, as a result of numerous benefits offered in comparison to conventional vehicles, is a major driver for the segment. Furthermore, government institutions across the globe have implemented numerous regulations and policies to effectively manage the size of goods being carried in commercial vehicles. For instance, in the U.S., the Federal Motor Carrier Safety Administration (FMCSA) is responsible for preventing injuries and fatalities related to these vehicles. Thus, the implementation of such regulations will consequently increase the demand for additional commercial vehicles for transportation of goods resulting in the market growth for automotive interior material in the segment.
Automotive Interior Material Market Segmentation:
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