Press release
Assessing Market Dynamics in the Automotive Interior Market: Global Report 2024
Automotive Interior Market
The automotive interior market size is expected to see strong growth in the next few years. It will grow to $202.78 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to rapid adoption of oled panels, rising production of passenger cars and commercial vehicles, growth of the high-end and luxury car segments, expansion of the connected car ecosystem, surge in demand for electric and autonomous vehicles . Major trends in the forecast period include digital cockpits, minimalist interior designs, integration of smart lighting systems, enhanced seating comfort and ergonomics, in-car biometric systems.
Market Overview -
Automotive interiors refer to fitting together all the components of the car while maintaining its aesthetics and comfort. It plays a vital role in vehicles' performance, aesthetic appeal, and scalability, which consists of the infotainment system, body panels, instrument panels, and others. The automotive interior is used for providing a comfortable seating experience for passengers in vehicles.
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Surging Demand For Luxury Vehicles Fueling Growth In The Automotive Interior Market
Growing demand for luxury vehicles is expected to propel the growth of the automotive interior market going forward. Luxury vehicles refer to a vehicle that has high-end features that go above and beyond the usual necessities. These vehicles have more luxurious interiors, superior performance capabilities, and the latest safety and technological features due to the use of automotive interiors. For instance, according to the Federation of Automobile Dealers Associations, an India-based automobile association, for the year 2021, 24,009 luxury cars were sold in India within a period of 12 months. In addition, Italian automobile maker Lamborghini also recorded 142% year-over-year growth in India. Therefore, an increase in demand for luxury vehicles is driving the growth of the automotive interior market.
Competitive Landscape -
Major companies operating in the automotive interior market report are Adient plc, Calsonic Kansei Corporation, Faurecia SE, Hyundai Mobis Co. Ltd., Lear Corporation, Robert Bosch GmbH, Visteon Corporation, Yanfeng Automotive Interior Systems Co Ltd., Toyoda Gosei Co Ltd., Denso Corporation, ContiTech AG, Takata Corporation, Sage Automotive Interiors, SMS Auto Fabrics Inc., Tachi-S Co Ltd., Grammer AG, Grupo Antolín-Irausa SA, Panasonic Corp., Magna International Inc., Toyota Boshoku Corporation, Pioneer Corporation, JVCKenwood Corporation, Delphi Automotive PLC, Guelph Manufacturing Group, International Automotive Components Group, Johnson Controls International plc, Keiper Recaro Group, Magneti Marelli SpA, NHK Spring Co Ltd., Nifco Inc.
Mycoworks' Strategic Investment Revolutionizes Automotive Interiors With Gm Ventures
Strategic investments have emerged as the key trend gaining popularity in the automotive interiors market. Major companies operating in the automotive interiors market are investing to sustain their position in the market. For instance, in October 2022, MycoWorks, a US-based biotechnology company secures strategic investment from GM Ventures, a US-based company financing growth-stage tech to develop fine mycelium materials for sustainable automotive interiors . The platform has enabled a new class of premium, non-animal materials which could have the opportunity to support GM's continued progress toward its vision of a world with zero crashes, zero emissions and zero congestion .
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Key Segments -
The automotive interior market covered in this report is segmented -
1) By Vehicle Type: Passenger Car, Commercial Vehicle
2) By Component: Infotainment System, Instrument Panels, Interior Lighting, Body Panels, Other Components
3) By Application: Dashboard, Seats, Airbags and Seat Belts, Door Panel and Trims, Carpet and Headliners
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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