Press release
Automotive Interior Material Market Tremendous Growth in future! Lear Corporation, Faurecia, Johnson Controls, Grupo Antolin, Toyota Boshoku America, Sage Automotive Interiors, GST AutoLeather
Europe automotive interior material market led by Germany, Italy, UK, France is expected to witness strong growth during forecast time. Recovering vehicle industry is expected to further support the automotive interior material business demand. Moreover, stringent regulations regarding reducing overall vehicle weight of the vehicle owing to usage of light weight product is expected to boost the product demand.
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The U.S., is expected to witness the stable growth during forecast timeframe owing to increasing technological advancement in product and number of vehicle production in the country. Increasing disposable income with customers focusing on mid segment and luxury cars is expected to positively influence the automotive interior material product penetration
Automotive interior material market can be segmented based on vehicles as passenger cars, LCV, HCV and buses and trucks. Passenger cars is expected to dominate the overall segment owing substantial number of production contributing over 75% of overall market share in 2016. Passenger cars production was over 72 million units in 2016 with growth of over 5% from 2015.
Automotive interior material market can be segmented based on application such as dashboard, airbags, upholstery, seat belts, headliners and floor carpets. Innovations in upholstery with increasing customization according to consumer demand will augment the business growth.
Automotive interior material market can be segmented based on product as leather, fabrics, thermoplastics and synthetic leather. Thermoplastics is expected to witness strong growth owing to light weight, durability, ease in production and inexpensive cost. Synthetic leather can be further segmented in PVC and PU leather. Low maintenance cost along with increasing demand from passenger cars will boost the overall industry demand.
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Latin America, is expected to witness robust growth during the forecast period. Mexico is among the major contributor for vehicle production and vehicle components in the region. Free trade agreement supplying to the assembly plants located in the U.S. is expected to boost the industry growth. In addition to this, availability of the resources such as competitive labor cost and growing investment in the vehicle and auto parts will further fuel the automotive interior materials market demand.
Asia Pacific led by China, India, Japan and South Korea is expected to boost the overall market growth. Asia pacific is anticipated to witness highest growth during the forecast time frame owing to growth in vehicle production especially from China. Increasing disposable income, favorable FDI policies along with availability of resources are among the major factors contributing the automotive interior material market growth. China leads the overall industry with vehicle production over 28 million units bolstering the product demand.
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Some of the major players contributing the automotive interior materials market share are Lear Corporation, Faurecia S.A., Johnson Controls, Grupo Antolin-Irausa, Seiren Co., Yanfeng Automotive Trim Systems Co., Toyota Boshoku Corporation, Benecke-Kaliko AG, Sage Automotive Interiors Inc., D.K Leather Corporation and GST AutoLeather Inc.
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