Automotive Interior Components Market is expected to reach $138,927 Million by 2030, register a CAGR of 5.11% during the forecast period 2022 to 2030
Automotive Interior Components Market overview
According to the latest research report, the automotive interior components market value was at $171,200.3 Million in the year 2017 and it is expected to reach $138,927 Million by the end of 2030, the global automotive interior components market size is predicted to register a CAGR of 5.11% during the forecast period. Automotive interior components are the interior parts of the vehicles that include headliners, door panels, automotive seats, cockpit modules, and others.
The interiors parts of the vehicles are designed to provide comfort, grip, and sound installation of the vehicle cabin whereas the interior trims adornments, and upholstery pays a significant role in the salability of a car. The interiors of the vehicles are the major factor that clarifies the perceptions of a buyer regarding the quality of the vehicles. The global automotive interior components market is predicted to witness tremendous growth over the forecast period due to the rise in the per capita income levels of individuals, flourishing automotive industries, and the cutthroat competition among the automotive industries
This report contains all the information on the global automotive interior components market research and the market strengths. The report also contains the culmination of dynamics, segmentation, key players, regional analysis, and other important factors. And a detailed analysis of the global automotive interior components market analysis and forecast to 2026 is also included in the report.
Covid 19 Analysis
The outbreak of the global pandemic covid 19 has hampered the growth of the automotive interiors component market. It has decreases the sales of the vehicle post-pandemic and created major concerns for OEMs automotive for the next few years. Based on the reports of the industry experts, there is a very low chance of the recovery of vehicle sales in 2020.
Furthermost, due to the developments and recovery of the pandemic, the automotive interior components market is predicted to witness a magnificent boost in 2022. The global market is expected to witness sluggish growth in the year 2021.
The initiatives of the governments for the development of lightweight vehicles, safety, and carbon emission is making OEMs use such materials which eventually helps in the reduction of the overall weight of the vehicles which is the major factor that is driving the growth of the automotive interior components market outlook. According to the reports of the industry experts, 5% to 7% of fuel can be saved in vehicles after the weight reduction.
Based on the cost-sensitive automotive markets, the manufacturing companies of general vehicles are preferring low-cost plastics and finishing components for the interiors and the manufacturer of premium car companies are preferring high-quality plastics and finishing components, such varieties of options for OEMs are driving the growth of the automotive interior components markets.
The rise in the demand for autonomous vehicles due to introduction of the advanced automotive interior technologies is basically creating opportunities for integrating advanced technologies which are more in demand than traditional vehicles. The role of the automotive interior components is increasing rapidly because of the radical designs and latest technologies, OEMs are focused on creating advanced safety systems for autonomous vehicles which are expected to boost the growth of the automotive interior components industry.
The high price range of the advanced automotive interior electronic components is the major restraint of the global automotive interior components markets. The share of the electronic system in the vehicles has increased from 1-2% of vehicle cost to 8-12% of the total vehicle cost which is eventually restraining the global market.
Moreover, the high price range of the advanced automotive interiors electronic components is related to the high developments costs of the luxury cars as well and the section of society who are buying such car do not hesitate to pay a higher price for more innovations and convenience which is again not beneficial for the low end of economic segment cars.
The long cycle of the product development, the requirement of the initial investments in the interrogation of the automotive interior electronic components in the vehicles is likely to increase the cost of the development. This is considered a major challenge for the OEMs in order to manage the narrow profit margins, especially in the passenger vehicle segment.
Cumulative Growth Analysis
Based on the reports of 2018, the global automotive interior components market trends were led by the Asia Pacific region and followed by Europe and North America. The rise in the levels of income of individuals and disposable income of the consumers is the major leading factor for the market growth.
North American regions are rapidly adopting the new technologies and since the year 2014, the sales if the electric cars doubled in this regions. Hence the demand for the electric car will drive the automotive interior components market growth
Value Chain Analysis
According to the reports, the global automotive interior component market is segmented on the basis of vehicle type, component, and region. On the basis of the vehicle type, the automotive interior component market is segmented into commercial vehicles and passenger vehicles. The passenger vehicle segment has accounted for the largest automotive interior component market share in the year 2018 and it is expected to witness magnificent growth during the forecast period. On the other hand, the commercial vehicle segments held about 35% of the global production of vehicles.
Based on the component, the global automotive interior component market is segmented into infotainment, instrument cluster, telematics, flooring, interior lighting, and automotive seat. The infotainment segment is predicted to witness the highest CAGR during the forecast period and it accounted for maximum share with 24% in the global market, in the year 2018.
The market is segmented on the basis of the vehicle type, component, and region. The global automotive interior component market is expected to witness decent growth during the forecast period.
Based on the application, the market is segmented into commercial vehicles and passenger vehicles.
Based on the propulsion types, the market is segmented into infotainment, instrument cluster, telematics, flooring, interior lighting, and automotive seat.
According to the reports, the global automotive interior component market is segmented on the basis of the region into North America, Europe, Asia Pacific, and the rest of the world. Europe is expected to witness a magnificent growth in the global automotive interior market due to the rising focus of the manufacturers and the governments on the European way of future mobility, which is likely to boost the growth of the automotive industry and in turn boost the growth of the automotive interior components market revenue in this region. The Middle East and Africa and South America are likely to witness significant growth due to the high demand for automotive interior components in the region.
Based on the extensive researches of the automotive interior component market has brought into limelight the expansions of the major key strategies of the major key players in the global automotive interior component market. Acquisition and mergers are other major strategies picked by the players with a share of 23.31% in order to acquire a greater share in the market and to also achieve operational efficiencies.
Major Key Players
The following report comprises of –
Automotive interior market, By Component
Automotive interior market, By Material
Automotive interior market, By Autonomous Driving
Automotive interior market, By Electric Vehicle
Automotive interior market, By Vehicle Type
|Market Size||USD 138,927 Million 2030|
|CAGR||5.11% CAGR (2022 to 2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Components and Vehicle Type|
|Segments Covered||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Johnson Controls, Toyota Boshoku Corporation, Lear Corporation, Toyoda Gosei Co., Ltd., Faurecia SA, Continental AG, Magna International, Delphi|
|Key Market Opportunities||
|Key Market Drivers||
The evolving growth rate of the global automotive interior component market is 5.11% CAGR over the review period of 2022 to 2030.
Global Automotive Interior Components Market is expected to reach $138,927 Million by the end of 2030
The Major Key Players in the Automotive Interior Components Market are Johnson Controls, Toyota Boshoku Corporation, Lear Corporation, Toyoda Gosei Co., Ltd., Faurecia SA, Continental AG, Magna International, Delphi