Styled for Growth: Automotive Trim Market Set to Reach $43.35 Billion by 2027, Fueled by Design & Comfort Trends

According to the report, the global automotive trim industry generated $25.68 billion in 2019, and is estimated to reach $43.35 billion by 2027, growing at a CAGR of 6.9% from 2020 to 2027.

Automotive Trim Market Size, Share, Competitive Landscape and Trend Analysis Report, by Material Type, Internal Application, External Application, Vehicle Type and End Use : Global Opportunity Analysis and Industry Forecast, 2020-2027

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Trims used in an automobile are the components made of plastic or polymer and are designed to perform various operations such as preventing the vehicle from damage caused by collision of vehicle. Trims used in a vehicle describes the special features of the vehicle and are described as trim level for a vehicle. These include front and rear bumpers, door interior trims, and similar components which are designed to provide a better look to the vehicle. Numerous automotive component manufacturers have developed and introduced lightweight and strong automotive components made of different polymers. These components have a wider application in an automobile, which effectively leads to the growth of the global automotive trims market.

Drivers, restraints, and opportunities-

Rise in demand for luxury and comfort measures in vehicles and surge in production of automobiles drive the growth of the global automotive trim market. However, high replacement cost, risein trade war, and rise in automotive import tariffs hinder the market growth. On the other hand, increase in demand for lightweight components and untapped developing markets create new opportunities in the coming years.

Leading market players

Intenational Automotive Components
Kasai Kogyo Co., Ltd.
STS Group
Toyata Boshoku Corp.
Trinseo
TS Tech Co. Ltd
Draexlmaier Group
Dura Automotive Systems Inc.
Gemini Group Inc.
GRONBACH
Grupo Antolin

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The bumpers segment to maintain its dominant share throughout the forecast period-

Based on exterior applications, the bumpers segment accounted for the highest market share in 2019, contributing to more than two-fifths of the global automotive trim market, and is expected to maintain its dominant share throughout the forecast period. Furthermore, the segment is estimated to portray the highest CAGR of 7.1% from 2020 to 2027. As it offers less damage to the vehicle during accidents which drives the growth of the segment.

The original equipment manufacturers segment to continue its leadership position during the forecast period-

Based on end-use, the original equipment manufacturers segment contributed to nearly two-thirds of the global automotive trim market in 2019, and is estimated to continue its leadership position during the forecast period. In addition, the segment is anticipated to portray the fastest CAGR of 7.4% from 2020 to 2027. This is due to the factor that majority of trims are equipped in vehicles during the time of manufacturing.

Asia-Pacific to dominate the market throughout the forecast period, North America to grow significantly-

Based on region, Asia-Pacific held nearly one-third of the global automotive trim market in 2019, and is expected to maintain its lion's share throughout the forecast period. This is due to an increased level of vehicle fleet across the Asia-Pacific countries. Nevertheless, Europe region is anticipated to manifest the fastest CAGR of 7.8% from 2020 to 2027. This is due to the wider adoption of different vehicles which leads the growth of the market in this region. Moreover, North America region is expected to grow at a CAGR of 7.2% during the forecast period.

Factors such as increase in demand for luxury & comfort in vehicles and rise in production of vehicles lead to the growth of the global automotive trims market. Moreover, high replacement cost, growth in trade war, and increase in automotive import tariffs are the factors expected to restrain the growth of the automotive trims market during the forecast period. However, rise in demand for lightweight components and untapped developing markets are the factors expected to supplement the global automotive trims market growth thus providing a better opportunity for the growth of the market in the near future.

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Key Findings Of The Study

By interior application, the dashboard segment generated the highest revenue in 2019.

By exterior component, the bumpers segment generated the highest revenue in 2019, and is expected to lead the market during the forecast period.

By vehicle type, the battery electric vehicle segment is expected to experience a lucrative growth rate during the forecast period.

By end use, the original equipment manufacturer segment is projected to register a lucrative growth in 2027.

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