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Evolving Market Trends In The Automotive Interior Industry: Mycoworks' Strategic Investment Revolutionizes Automotive Interiors With Gm Ventures
Automotive Interior
What Is the Expected Automotive Interior Market Size During the Forecast Period?
Over the past few years, the valuation of the automotive interior market has seen a significant increase. It is predicted to rise from $152.18 billion in 2024 to $161.47 billion in 2025, at a compound annual growth rate (CAGR) of 6.1%. The historical growth in this market is largely due to greater consumer interest in state-of-the-art infotainment systems, expansion in the automotive industry with a particular emphasis on in-vehicle connectivity, implementation of advanced driver assistance systems (ADAS), strict safety rules leading to the incorporation of smart displays, and a rising demand for improved safety, comfort, and convenience in automobiles.
In the coming years, the size of the automotive interior market is projected to experience robust growth. Anticipated to escalate to a value of $217.05 billion by 2029, the market will observe a compound annual growth rate (CAGR) of 7.7%. Factors such as the fast adoption of OLED panels, an increase in the production of both passenger cars and commercial vehicles, and the development of luxury and high-end car segments are contributing to the growth within this projection period. Furthermore, the broadening of the connected car ecosystem and a surge in the demand for autonomous and electric vehicles is positively influencing the market. Notable trends during this forecast period are digital cockpits, designs that lean towards minimalism, the integration of intelligent lighting systems, improved comfort and ergonomics of seating, and biometric systems within the car.
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What Are the High-Growth Segments in the Automotive Interior Market?
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
Subsegments:
1) By Passenger Car: Compact Cars, Sedans, SUVs, Hatchbacks, Luxury Cars
2) By Commercial Vehicle: Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Buses And Coaches, Trucks
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What Key Drivers Are Expected to Influence Future Automotive Interior Market Growth?
The automotive interior market is anticipated to thrive due to the rising demand for luxury automobiles. Luxury cars are distinguished by high-end features that exceed basic requirements, providing lavish interiors, excellent performance, and the most recent safety and tech features courtesy of automotive interiors. Take for instance, a report from CarExpert Pty Ltd in April 2023, an automobile publication based in Australia, stated that Jaguar F-Pace SUV is the leading seller in the country with 48 units sold in 2023. Similarly, Maserati has sold 31 Grecale SUVs in the same year, and Volvo's XC40 luxury SUV sales have grown by 18.7% in 2023, amounting to 1505 units. Hence, the surge in luxury car demand is significantly contributing to the expansion of the automotive interior market.
Which Companies Hold the Largest Share Across Different Automotive Interior Market Segments?
Major companies operating in the automotive interior market include 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.
What Trends Are Driving Growth in The Automotive Interior Market?
The automotive interiors market is witnessing a surge in strategic investments, marking a significant trend. Major firms in this sector are bolstering their market standing through investments. For example, MycoWorks, an American biotech firm, received a strategic investment from GM Ventures in October 2022. GM Ventures, also based in the US, funds growth-stage technology to create fine mycelium materials for sustainable automotive interiors. This platform has crafted a new category of premium, non-animal materials that could potentially aid GM's ongoing progress towards its goal of achieving zero crashes, zero emissions, and zero congestion.
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What Are the Emerging Geographies for The Automotive Interior Market Growth?
Asia-Pacific was the largest region in the automotive interior market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive interior market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Interior Market?
2. What is the CAGR expected in the Automotive Interior Market?
3. What Are the Key Innovations Transforming the Automotive Interior Industry?
4. Which Region Is Leading the Automotive Interior Market?
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