Global Automotive Interior Material Market will develop at a 7.11% CAGR between 2019- 2025, reveals the current Market Research Future (MRFR) report. The strong global automotive interior material market size is due to the growing demand for better car aesthetics by car owners.
The COVID-19 pandemic is an on-going global situation. Apart from the human tragedy, this crisis has also severely impacted industries and economies across the globe, which also includes the auto industry. This on-going outbreak has resulted in a disruption in the supply chain across the auto sector. There has been a temporary suspension in international trade in different countries, thus having a negative effect on the automotive interior material market value. Besides, governments in a good number of countries have imposed restrictions on the mobility of citizens and a temporary halt of production facilities in key industries as preventive measures. With a good number of industries like logistics and steel depending largely on the auto sector, the dip in the sales of cars owing to the crisis is making a rippling effect. Even after the reopening of businesses, social and physical distancing will continue, thus the automotive industry will have to adapt to novel ways of working. Parts suppliers and OEMs have yet to return to complete production capacity. Constant delays in delivery may impact the market at several levels, from dampened vehicle sales, financially drained SMEs, shattered supply chains, and new car model launches. All these are likely to affect the automotive interior material market growth.
Demand for Premium Automotive Interiors to Bolster Market Growth
The worldwide demand for premium automotive interiors is likely to bolster the automotive interior material market revenue over the forecast period. The need for premium grade interiors having tactile experience and superior aesthetic appeal for non-premium cars from consumers is also increasing.
Additional factors adding to the automotive interior material market share include the growing automotive industry in various emerging regions, the rapid growth of passenger cars, changes in consumer lifestyle, and the need for lightweight vehicles.
Developing Electric Vehicles Market to Offer Robust Opportunities
The rapidly developing electric vehicles market is likely to offer robust opportunities to market players in the upcoming days. The demand for e-vehicles is on the rise owing to the fast depleting fossil resources and rising environmental concerns. These cars are mostly made of plastic and other forms of light-weight materials to reduce recharge timings and offer better fuel efficiency. This is likely to have a positive impact on the automotive interior components market growth.
Volatility in Raw Material Prices to Act as a Market Restraint
The high volatility in the raw material prices may act as a market restraint over the forecast period.
High Maintenance Cost to Act as a Market Challenge
The high cost that is involved in maintaining automotive interiors may act as a major market challenge for key players in the upcoming days.
Global Automotive Interior Material Market has been segmented based on Vehicle Type and Type.
Synthetic Leather Segment to Lead Automotive Interior Material Market
By type, the global automotive interior material market is segmented into leather, thermoplastic polymer, fabrics, and synthetic leather. Of these, the synthetic leather segment will lead the market over the forecast period and at the highest CAGR. Synthetic leather is a cost-effective alternative to leather; thus its demand is growing.
Passenger Vehicle Segment to Dominate Automotive Interior Material Market
By application, the global automotive interior material market is segmented into commercial vehicles and passenger cars. Of these, the passenger vehicle segment will dominate the market over the forecast period for the rise in individual income levels as well as the growing use of fabric material in these cars like cars and SUVs.
APAC to Remain Forerunner in Automotive Interior Material Market
Geographically, the global automotive interior material market is segmented into North America, the Asia Pacific (APAC), Europe, and Rest of the World (RoW). Of these, the APAC region will be the forerunner in the market over the forecast period. Growing demand for cars due to mounting population in India and China, favorable government initiatives, regulations related in improving countermeasures and crash performance for keeping passengers safe, launch of high-end interiors in entry-level cars, robust economic development, increasing spending power of the middle-class populace, rising urbanization and robust economic development are adding to the global automotive interior material market growth in the region. Besides, the presence of a strong automotive industry in Thailand, Japan, South Korea, India, and China, and the increasing adoption and sales of e-vehicles are adding to the global automotive interior material market growth in the region.
North America to Have Moderate Growth in Automotive Interior Material Market
The global automotive interior material market in North America is predicted to have moderate growth over the forecast period. The steadily improving automotive industry, the growing adoption of electric cars, growing need for passenger cars, the economic feasibility of premium options, frequent technological advancements, and widespread dependence on cars for personal transportation are adding to the global automotive interior material industry growth in the region. Besides, strict standards related to fuel economy, constant technological development, and economic feasibility are also adding market growth.
Europe to Have Healthy Growth in Automotive Interior Material Market
The global automotive interior material market in Europe is predicted to have healthy growth over the forecast period. The increasing focus of manufacturers and government on the “European Way of Future Mobility”, the growing popularity of electric vehicles, and the importance of automotive interiors for European consumers that has empowered manufacturers in innovating and marketing an array of applications are adding to the global automotive interior material market growth in the region.
Global Automotive Interior Material Market is highly competitive and fragmented in nature with the presence of an array of market players. Industry players have encompassed several strategies to widen their portfolio and also strengthen their position in the market, such as partnerships, extensive research & development activities, mergers and acquisitions, strategic alliances, and others.
Prominent players profiled in the global automotive interior material market report include NTF Private Limited (India), Sage Automotive Interior Materials Inc. (US), BASF SE (Germany), Faurecia S.A. (France), Toyoda Gosei Co., Ltd (Japan), Lear Corporation (US), Toyota Boshoku Corporation (Japan), and Johnson Controls (US), among others.
Global Automotive Interior Material Market report by Market Research Future throws light on the current trends and niches in the industry. The report also lays emphasis on the various market drivers, opportunities, market restraints, and challenges, as well as offers insights for the forecast period. It also throws light on the different market segments for a comprehensive understanding of the reader.
|Market Size||2027: USD 149.6 Billion|
|CAGR||7.11% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||NTF Private Limited (India), Sage Automotive Interior Materials Inc. (US), BASF SE (Germany), Faurecia S.A. (France), Toyoda Gosei Co., Ltd (Japan), Lear Corporation (US), Toyota Boshoku Corporation (Japan), and Johnson Controls (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The rate at which the market can expand in the coming years is 7.11%.
The market valuation by 2027 is estimated to be USD 149.6 bn.
The notable market players are Toyota Boshoku Corporation (Japan), Sage Automotive Interior Materials Inc. (US), Toyoda Gosei Co., Ltd (Japan), Faurecia S.A. (France), Lear Corporation (US), BASF SE (Germany), Johnson Controls (US), NTF Private Limited (India), and others.
Fabric, Synthetic Leather, Leather, Thermoplastic Polymer are the types of automotive interior material analyzed in the report.
The vehicle types covered in the report include passenger and commercial.
APAC emerged as the leading market in the year 2018.
Expanding number of renowned automobile manufacturers can boost the demand for automotive interior material in the ROW market, ensuring its steady growth during the review timeline.