Automotive Interior Materials Market to Extent an Assessed Value of US$ 83.6 Billion in 2016

Automotive interior materials enhance the ambience of a vehicle and are designed to offer maximum comfort and riding pleasure to the end-user of a vehicle. These materials also aid in minimizing fatigue and engine vibrations in the interior space, and some of them are also good cabin insulators.

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The interior of a vehicle plays an important role in extending the desired comfort to the customer who directly interacts with the interior components of the vehicle such as seats, dashboard, door panels, and cockpit module etc. The interior of a vehicle is also a major factor that influences the aesthetic appeal of a vehicle and thus, buying decision of the customer. Apart from premium and luxury vehicles, economical and mid-sized cars are also featuring comfortable interiors in their vehicle models to remain competitive. Furthermore, OEMs are making use of cost-efficient technologies and interior materials to cater to these rising demands in the mid-sized budget cars segment.

Drivers and Trends

The growth of the global automotive interior materials market is mainly driven by the introduction of aesthetic features in compact and mid-size cars, technological advancements, rising demand for hybrid & electric vehicles, and increasing private equity investments.

Other trends driving the growth of the global automotive interior materials market include rising trend for customization to differentiate product offerings, rising focus on lightweight vehicles, and shifting the focus of automakers towards “smart” textiles.

Market Segmentation

The global automotive interior materials market can be segmented, based on vehicle type, into passenger vehicles, light commercial vehicles, and heavy commercial vehicles; out of these segments, passenger vehicles segment accounted for over 77.1% of the global automotive interior materials market value share in 2015 and is also expected to remain the fastest growing segment during the forecast period with a value CAGR of 5.5%. The passenger vehicles segment is further segmented into compact cars, sub-compact cars, mid-size cars, sedan, luxury cars, and vans.

On the basis of material type, the global automotive interior materials market is segmented into fabrics, genuine leather, synthetic leather, and thermoplastic polymers. Thermoplastic polymers segment is expected to grow at the fastest CAGR over the forecast period, followed by synthetic leather segment. The synthetic leather segment is further segmented into PU leather and PVC leather. PU leather segment is expected to grow at a high-value CAGR of 6.1% over the forecast period owing to its decreased environmental impact and higher acceptance in mature markets along with a lower maintenance cost. Each material type has been further segmented on the basis of application into various interior components such as upholstery, dashboard, seat-belts, airbags, floor & trunk carpets, headliners, and others.

Key Regions

The global automotive interior materials market has been segmented into five major regions which include North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa. Of all the regions, Asia Pacific dominated the market with over 42.7% of the overall automotive interior materials market volume share of in 2015. Europe ranked second with about 25.3% market share in 2015, followed by North America. In addition, Asia-Pacific is anticipated to become the fastest growing region in the global automotive interior materials market.

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Key Players

Some of the key players identified in the global automotive interior materials market are Faurecia S.A., Lear Corporation, Grupo Antolin-Irausa, S.A., Johnson Controls, Inc., Seiren Co., Ltd., Yanfeng Automotive Trim Systems Co., Ltd., Toyota Boshoku Corporation, Sage Automotive Interiors Inc., Benecke-Kaliko AG, GST AutoLeather Inc., and D.K Leather Corporation.

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These key players in the global automotive interior materials market continue to expand their global presence by expanding into emerging markets either by reducing the cost of the products or placing manufacturing plants near these developing regions so as to reduce costs of the automotive interior materials. But primarily these key players are spending heavily on M&A activities to expand their global presence and strengthen their technical know-how.

Summing it up, the global automotive interior materials market indicates a significant need for consolidation and the utmost need for action, and also opportunities can be witnessed amongst medium-sized automotive interior material suppliers.

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