Automotive Interiors Market Expected to Reach $236.2 Billion By Top Key Players: Grupo Antolin, Faurecia S.A., Johnson Controls Inc., Calsonic Kansei Corp., Visteon Corporation, Lear Corporation, Delphi Automotive Plc., Hyundai Mobis Company, Ltd, Magna I

Automotive Interiors Market is expected to garner $236.2 billion by 2022, registering a CAGR of 6.5% during the forecast period 2016-2022. Automotive interiors refer to the interior components and systems in a vehicle which are specifically designed to provide comfort, grip, and sound insulation in the vehicle cabin. These comprise headliners, cockpit modules, door panels, flooring, automotive seats, interior lighting and other components. Automotive interiors play a critical role in influencing the buying decision of the buyer as these are indicative of the vehicle comfort and quality. Major factors that drive the growth of the market are rising income levels, growing automotive industry, and the increasing consumer demand for innovative and technologically advanced systems, for an enhanced driving experience.

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In line with the increasing consumer demand of customized and technologically advanced vehicle interiors, companies in the market are constantly developing superior products with enhanced features. For instance, in April 2014, Grupo Antolin launched a new lighted headliner, aimed at making the vehicle interiors more attractive, pleasant and comfortable. Moreover, manufacturers focus more on usage of lightweight and highly durable materials in designing of components so as to reduce the weight of vehicles. For instance, in 2014, TRW Automotive Holding introduced a new version of the inflator with an aim to reduce weight. This new airbag was 5 mm smaller in diameter, 50 mm shorter in length, and weighed about 35% less than previous generation technology. The growth of the market is affected by stringent government regulations regarding safe disposable of effluents released by automotive interior manufacturers.

The market is segmented on the basis of vehicle type, component, and geography. On the basis of vehicle type, the market is categorized into passenger car and commercial vehicle (light commercial vehicle and heavy commercial vehicle). Component wise, the market is segregated into Cockpit Module, Flooring, Door Panel, Automotive Seat, Interior Lighting and others (sun visors, headliner, overhead and acoustic system). Geographically, the market is segmented across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the prominent market in the automotive interior market worldwide, followed by Europe and North America. The market in these regions has been further broken down into major countries within each region.

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Key players that operate in the automotive interior market are Grupo Antolin, Faurecia Interior System, Johnson Controls, Calsonic Kansei Corp., Visteon, Lear Corporation, Delphi Automotive LLP, Hyundai Mobis Company, Ltd, TACHI-S CO., LTD. and IAC Group. Prominent players operating in the automotive interior market adopt strategies such as acquisition, partnership, expansion, and product launch to increase their geographical presence and strengthen their market share.

Analyst Review:

Automotive interiors refer to interior components and systems of a vehicle, which include cockpit module, flooring, door panels, seat, interior lighting, acoustic systems and similar others. The increasing trend of customization of automotive interiors, specifically among the light passenger vehicles owners, is supplementing the growth of automotive interiors market. Further, factors such as rising income levels, increasing consumer demand for luxury & performance features and enhanced driving experience in vehicles are driving the growth of interior components market. However, government regulations related to materials used for manufacturing acts as a growth limiting factor.

Vehicle interior is one of the critical factors, which influence the buying decision of the buyers. Buyers, nowadays, look for innovative, comfortable and high appealing technologically advanced systems, which would help enhance the overall comfort and driving experience. To address the same, manufacturers are developing smart components and systems, which serve the dual purpose of utility and comfort. For instance, in 2015 Faurecia, a leading automotive parts manufacturers, introduced active wellness seat, which detects customers stress or drowsiness and then takes countermeasures to relieve those problems.

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From a regional perspective, Asia-Pacific is the largest market of automotive interiors owing to factors such as low production cost due to easy availability of raw materials, low labor wages & low transportation cost; and the high demand of automobiles. In terms of growth potential, LAMEA would exhibit a notable growth over the next 5 – 6 years, owing to growing adoption of passenger cars and commercial vehicles in the region.

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