Global Statistics Representing Automotive Interior Material Market Scenario
The automotive interior material market is expected to remain resilient amid vagaries in market conditions. With escalating demand from certain segments, the market is expected to register a CAGR of 5.10% during the forecast period (2019 – 2026) and attain a value of USD 352.03 million by 2026.
Automotive interior materials are used in the manufacturing of automotive interior components such as roofing & flooring, plastics, leather, steering wheels, seatbelts & airbags steering wheels. Every application in the interior material of automobiles serves a vital function that enhances the overall performance of the vehicle. These materials increase the interior appearance of the vehicle and strongly influence the buying behavior of the consumers.
The global market for automotive interior material is expected to witness significant growth during the forecast period. This is attributed to the interior materials being imperative to the manufacturing of the vehicles, thereby being closely dependent on the production and demand of vehicles. Additionally, the increasing safety issues have led to rising demand for airbags and seat belts. According to a report on road safety by World Health Organization (WHO), the number of road traffic deaths annually was 1.35 million in 2018. Cyclists, pedestrians, and motorists constitute to approx. half of the victims killed in road accidents. This thereby, highlights the need for road safety resulting in the increasing demand for seatbelts and airbags safety in passenger and commercial vehicles, thus fueling market growth.
The global market for automotive interior materials is segmented by product, application, and vehicle type.
Leather, composite, metals, fabrics, and plastic are the product of the automotive interior materials. Plastics segment is expected to witness a major share in the market owing to increasing demand for lightweight and durable interior components. Plastics products are used widely in automotive sector similarly leather is most expensive materials and its stitching and trimming take much longer than fabric.
On the basis of application, the market is segmented into dashboard, seats, airbags & seatbelts, carpets & headliners, and others.
Based on vehicle type the market is segmented into passenger vehicles and commercial vehicles. The commercial vehicle segmented is expected to witness a considerable growth owing to the increase in demand for commercial transportation services is likely to propel demand for light commercial vehicles.
Geographically, automotive interior market is segmented into Asia Pacific, North America, Europe, Latin America, and The Middle East & Africa.
Asia Pacific market for automotive interior materials is projected to witness a significant growth. This is attributed to the potentially growing automobile industry in developing regions such as China and India. The increasing need for transiting raw materials, people, consumer goods have led to increasing sales of passenger as well as commercial vehicles in these regions, thereby increasing the demand for interior materials. According to China Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM), the car sales in China for the year 2016 were 28.03 million units and 3.00 million units in India. The CAAM also anticipated the automobile sales to rise by 5% to reach approx. 29.4 million units for the year 2017. Additionally, the demanding need for comfort and class has led to an increase in demand for interior carpets thus fostering the market growth.
The market for automotive interior material in North America is expected to witness a robust growth during the forecast period. This is credited to the rising preference of luxurious interior preferences along with safety among consumers. The safety mandates and regulations in the country have incentivized the OEMs to manufacture passenger cars that feature seatbelts, airbags, and others which drive the demand for automotive interior material market.
Europe is expected to witness a considerable growth in the automotive interior material market owing to the considerable growth in automotive and manufacturing sector. These sectors have encouraged the need for the automation and digitization of European industrial ecosystem thus anticipating growth for the automotive interior material market in this region.
However, LAMEA constituting to influential factors such as presence of developing economies such as Africa and the surging need for industrial development have led to a substantial growth for the market of automotive interior materials.
Some of the key companies in the automotive interior material market are, Toyota Boshoku Corporation, Toyoda Gosei Co., Ltd, Lear Corporation (U.S.), Adientplc (Ireland), Faurecia S.A. (France), Sage Automotive Interiors Inc., Grupo Antolin, Delphi Automotive Plc Grammer AG, Bayerische Motoren Werke AG
Automotive Interior Material Market Segmentation