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Automotive Interior Materials Market Predicted to Rake in US$ 145.3 Bn by 2025
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Global Automotive Interior Materials Market: Dynamics
Automotive interior material market growth is influenced by various aspects. Few factors push the growth and few others pose challenges to it. Technological advancements in automotive material, increasing demand for hybrid and electric vehicles, increasing investments offered by a number of private equity firms across the globe, increasing demand for lightweight leather, introduction of aesthetic features in mid-size and compact cars and growing demand for luxury and high performance cars are driving the global automotive interior material market. Also, stringent safety regulations accelerate the market growth as these regulations compel automotive manufacturers to continuously focus on product innovation in order to supply advanced and lightweight products in the market. Trends such as increasing focus on lightweight material, use of smart textiles, high demand for synthetic leather, customization to differentiate product offerings, rising demand for automotive interior leather in passenger cars, rising presence of automotive interior refurbished products, incorporation of green technology and wide range of seat cover design solutions are also supporting the growth of the global automotive interior material market. Challenging aspects such as adverse effect of Brexit and GST (in India), adoption of low cost and inferior substitutes, high tax on chemical products and high import duties pose restraints to the growth of the global automotive interior material market.
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Global Automotive Interior Materials Market: Forecast Highlights
The global automotive interior material market is anticipated to show robust growth during the assessment period. The global market was valued at around US$ 94 Bn in 2017 and is estimated to be valued at US$ 145.3 Bn by 2025. This increase in revenue can be attributed towards its high growth rate, as the market is poised to register a CAGR of 5.6% throughout the period of forecast.
Global Automotive Interior Materials Market: Segmental Snapshot
The global automotive interior material market is segmented by vehicle type (passenger cars, HCV, LCV), material type (fabric, genuine leather, synthetic leather, thermoplastic) and region (North America, Latin America, Europe, Asia Pacific and Middle East and Africa).
Thermoplastics segment by material type to grow at the highest growth rate during the forecast period to register a CAGR of 6.5% during 2017-2025. This segment can be inferred to as a high potential segment with a significant market share after fabrics segment
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Fabrics segment by material type is estimated to be the largest segment in terms of market value as it reflects an estimation of about US$ 76.8 Bn by 2025, growing at a steady 5.4% CAGR throughout the period of forecast
Asia Pacific region is the most lucrative region for automotive interior material. This regions is expected to grow at the highest rate to reflect a CAGR of 6.1% during 2017-2025 period, to reach a high market evaluation by end of 2025. The growth of automotive material market in APAC region can be attributed to the growing automotive production and adoption of thermoplastics and synthetic leather in this region
Passenger cars segment by vehicle type is expected to dominate the global market and also reflect a high growth rate during the period of assessment 2017-2025
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Global Automotive Interior Materials Market: Competitive Scenario
The global automotive interior material market research study includes analysis on key market players such as Faurecia S.A., Lear Corporation, Johnson Controls International PLC, Seiren Co., Ltd., Yanfeng Automotive Trim Systems Co., Ltd., Toyota Boshoku Corporation, Sage Automotive Interiors, Inc., Benecke-Kaliko AG, GST AutoLeather, Inc., DK Leather Corporation, Grupo-Antolin Irausa, S.A., Mayur Uniquoters Ltd., WOLLSDORF LEDER SCHMIDT & Co. Ges.m.b.H., Adient PLC, TS Tech Co., Ltd., Magna International Inc., Tachi-S Co., Ltd., Aisin Seiki Co., Ltd., Guelph Manufacturing Group and NHK Spring Co., Ltd.
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