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Automotive Interior Market Demand, Evolving Trends, Future Perspectives, Size, Share And ForecastTo2033
Automotive Interior Market Demand
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According to The Business Research Company's, The automotive interior market size has grown strongly in recent years. It will grow from $144.63 billion in 2023 to $154.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increased consumer demand for advanced infotainment systems, growth in the automotive industry with a focus on in-car connectivity, adoption of advanced driver assistance systems (adas), stringent safety regulations driving the integration of smart displays, growing demand for enhanced safety, comfort, and convenience in automobiles.
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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Automotive Interior Market 2024 Key Insights:
• 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%.
• Surging Demand For Luxury Vehicles Fueling Growth In The Automotive Interior Market
• Mycoworks' Strategic Investment Revolutionizes Automotive Interiors With Gm Ventures
• Asia-Pacific was the largest region in the automotive interior market in 2023
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