Automotive Trim Market Size, Share & Trends Analysis Report 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global automotive trim market size was valued at 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).

Automotive trims are plastic parts fitted in cars to improve their looks and functionality. The unique features of a vehicle are described by the trims used on it. Many parts in a car, including the front and rear bumpers, the dashboards, and similar ones, describe various trims used more often in vehicles. Numerous automotive component manufacturers have developed and introduced lightweight and robust car components comprised of multiple polymers. These parts are used more frequently in automobiles, which positively impacts the expansion of the worldwide automotive trims market.

The desire for luxury and comfort in vehicles is rising, and there is a rise in vehicle production, both of which contribute to the growth of the worldwide automotive trims market. Additionally, it is anticipated that the expansion of the automotive trims market will be constrained during the projected period by high replacement costs, an intensifying trade conflict, and rising import duties. Nevertheless, it is estimated that increased demand for lightweight components and unexplored growing markets will support market expansion, offering better opportunities for participants soon.

Market Dynamics

Global Automotive Trim Market Drivers

The Demand for Comfort & Luxury in Cars and the Increased Car production

The demand for more comfort and luxury in automobiles and a quieter interior has dramatically fueled the expansion of the worldwide automotive trims market. Manufacturers that produce efficient automotive trims and provide their goods to the automotive sector include Gronbach, Grupo Antolin, International Automotive Components, and Kasai Kogyo Co., Ltd. In addition, it is predicted that the sale of luxury vehicles will double by 2020 due to improvements in vehicle technology and the expansion of the economies of developing nations.

Furthermore, a vehicle's noise, vibration, and harshness (NVH) performance must fulfill traditional values to comfort and lessen vibrations inside the cabin. Thus, combining these variables helps the global market for automotive trims flourish. Additionally, countries like China, the US, Japan, India, Germany, and the UK have experienced significant automotive industry expansion over the past ten years. Japan, the United States, and Germany were initially the industrialized nations on which the global automotive industry concentrated.

However, businesses have moved their manufacturing operations there because of the rise in demand for cars and automotive parts in these nations, such as China, Thailand, and India. Low labor costs allow manufacturers to produce more products at lower prices, which helps them meet rising demand, which is expected to increase car sales over the projected period. Which will successively grow the market for automotive trim.

Global Automotive Trim Market Restraints

Expensive Replacement Cost

Since many of the parts that make a car are more expensive, their constant replacement is impractical. As a result, vehicle makers fit more robust, durable, and reasonably priced components into cars and trucks that can operate in any climate. Additionally, the high cost of component replacement contributes to an increase in car prices, which is predicted to restrain market expansion.

Consumers would have to pay more for hardware, software, and other components if cars offered premium features, which would eventually restrain the market's expansion. Furthermore, their numerous components and sensors make such vehicles challenging to service and call for specialized personnel. Systems with complex architectures have shorter service lives. Therefore, it is anticipated that high replacement costs will hinder the expansion of the worldwide automotive trims market.

Global Automotive Trim Market Opportunities

The Demand for Lightweight Components

Trims are essential for increasing luxury and comfort and lowering vibrations inside cars' interiors. Traditional trimmings were made from steel or steel alloys, such as stainless steel and carbon steel. These materials weren't as strong as other materials and were also quite heavy. Because of this, the development of lightweight automotive materials like carbon fiber and various polymers for manufacturing trim components is a result of technological breakthroughs in the automotive sector.

Due to the rise in demand for fuel-efficient cars and the implementation of stricter vehicle emission regulations, automotive lightweight materials are also anticipated to experience high adoption in the automotive industry and present lucrative growth opportunities for the market expansion of automotive trims soon.

Regional Analysis

The regional segmentation of the global automotive trim market includes North America, Europe, Asia-Pacific, and LAMEA.

The Asia Pacific and Europe will prevail in the regional market

The Asia Pacific will likely hold the predominant share while advancing at a CAGR of 7.6%. It is anticipated that market participants in the Asia Pacific will generate considerable returns throughout the forecast period. This is primarily due to the growing urban population, rising disposable incomes, and growing manufacturing operations in various Asian countries. Additionally, the ever-increasing desire for automobile manufacturers to improve quality by reducing unpredictability and removing faults to enhance comfort while driving any vehicle and assistance is also supporting the growth of the Asia Pacific automotive trimmings business.

The expansion of the Asia-Pacific region is being fueled by both an increase in the population of vehicles and an increase in the criteria for cars. In addition, several technological breakthroughs about trims are currently taking place, followed by the launch of more robust components, which drives the expansion of the market.

Europe will have the second-largest shareholding of USD 14,217 million, growing at a CAGR of 7.95%. Companies like the Draxlmaier Group have operations throughout Europe to produce and introduce appropriate automotive trims. This aids in the expansion of the global market in Europe. The expanded product range that businesses offer contributes to developing international automotive trims in Europe.

Since 2010, both demands for and sales of passenger automobiles have been on the rise thanks to an increase in the worldwide population and the amount of disposable income available in many emerging countries. Customizing interior and exterior trim pieces according to a customer's specific request is one way that manufacturers emphasize the provision of consumer-centric components. The major companies in this region are putting a strong emphasis on collaborations and partnerships as a means of expanding both their product ranges and their visibility on a worldwide scale.

Segmental Analysis

The global automotive trim market is classified based on the material type, interior application, exterior application, vehicle type, end-use, and region.

Per the material type, the fragments are acrylonitrile butadiene styrene (ABS), polypropylene (PP), polyoxymethylene (POM), thermoplastic elastomer (TPE), and others.

The polypropylene (PP) section will presumably grow at a CAGR of 7.3% and hold the largest revenue share. Polypropylene (PP) may be changed for various applications and is considered a more robust plastic material. Its ability to be widely employed in the production of various automotive components, its outstanding resistance to corrosion, and its ability to operate as an insulator, among many other characteristics, have contributed to the segment's expansion.

The polyoxymethylene (POM) section will hold the second-largest share. Due to its good stiffness, rigidity, and yield strength, polyoxymethylene (POM) is a material that can be used in the automotive sector. Its excellent chemical and fuel resistance and other properties make it a favored polymer for usage in the automotive industry to build various components, including multiple trims.

Per the interior application, the categories include the dashboard, door panels, and others.

The dashboard section will presumably expand at a CAGR of 7.5% and hold the largest share. Vehicle dashboards are fitted to carry out various functions, including showing the vehicle's meters. They are also used to equip dash cameras and other components, supporting the segment's global market growth.

The door panel section will hold the second-largest share. One of the most essential parts of a car is the door panels since they offer dependable side protection, ergonomic comfort, and convenience, as well as beautiful and soft-touch surfaces.

Per the exterior application, the fragments are bumpers, window & door seals, and others.

The bumpers section is presumed to hold the largest share, growing at a CAGR of 7.25%. The hood, trunk, grill, fuel, exhaust, and cooling systems of the car are all protected by bumpers. They serve as shock absorbers because they are made of steel, aluminum, rubber, or plastic, protecting the vehicle from harm. These characteristics allow the producers to create robust bumpers, supporting the market's expansion.

The window & door seals section will hold the second-largest share. Window and door seals in automobiles guard against weather-related threats, including snow, rain, dust, and grime. The window and door seals come in various lengths and sizes, which contributes to their adaptability. These elements support the development of window and door seals.

Per the vehicle type, the fragments are ICE passenger vehicle, ICE commercial vehicle, battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV).

The ICE passenger vehicle section is presumed to have the highest shareholding and grow at a CAGR of 6.87%. The ICE passenger car segment consists of cars with internal combustion engines that are used for people's transportation, including compact cars, hatchbacks, sedans, luxury sedans, and others. The development of electric vehicles by various automakers contributes to the expansion of the passenger automobile market. Ford, General Motors, and other companies have made several investments and improvements to support the segment's growth.

The ICE commercial vehicle will hold the second-largest share. Commercial electric vehicles move various goods from one location to another. Due to the demand for cargo transportation, ICE commercial vehicles have become more prevalent in the automotive market. Additionally, the industry is expanding due to global government policies that have increased the demand for better and practical electric commercial vehicles.

The fragments are original equipment manufacturers (OEMs) and aftermarket per the end-use.

The OEM section will presumably expand at a CAGR of 7.6% and have the most significant shareholding. Due to the rising adoption of functional components in vehicles, OEMs are becoming more prominent in the automotive trims industry. Additionally, the development of technology has made it possible for consumers to select efficient auto parts, which has fueled the global market expansion.

The aftermarket section will have the second-largest share. The aftermarket provider is used to upgrade the existing automobiles with new parts or to repair a damaged item in a vehicle. As a result, the aftermarket is growing in popularity for the automotive trim service because customers want to add cutting-edge parts to their cars to increase driving safety.

Impact of covid-19

The automotive industry is critical to the economy's growth. However, during the second and third quarters of 2020, the COVID-19 outbreak impacted the whole automotive supply chain, affecting new car sales in FY 2020.

South America is most affected by COVID-19, with Brazil leading the way, followed by Ecuador, Chile, Peru, and Argentina. South America's government (SAM) has taken a number of steps to protect its citizens and stem the spread of COVID-19. South America is expected to have fewer export revenues as commodity prices fall and export volumes fall, particularly to China, Europe, and the United States, which are all significant trading partners. The manufacturing industry, especially automotive manufacturing, has been damaged by containment measures in various South American countries. Due to the pandemic, major automotive manufacturers have also temporarily halted manufacturing in the region as a cost-cutting move. Furthermore, the automobile disc brake industry has been significantly affected in 2020 due to a lack of raw materials and supply chain disruption.

The Automotive Brake System control module of a vehicle is meant to alert the driver with a warning light if the system fails. The module itself is rarely defective; instead, the sensors or the wiring to the sensors are frequently defective. The most typical cause of dysfunction is when the Automotive Brake System is contaminated with particles or metal shavings. There is no signal continuity when sensor wiring is destroyed. Brake fluid becomes contaminated in corrosive situations, and the hydraulic unit fails to function.

Recent Developments

• In 2022, Dura Automotive Systems Inc. formally opened a brand-new, cutting-edge manufacturing facility in Muscle Shoals, Alabama. The latest part of an expanding family of international locations is the location of Dura's first North American investment in lightweight constructions. The top site is built to accommodate the accelerated manufacturing of high-end electric automobiles anticipated during the following ten years.