The emergence of industry-wide standards such as the 3D displays, HUDs, smart seating system, OLED interior lights, LED-lighted headliner would trigger growth in the automotive interior market. The growing demand for convenience and safety also presents an opportunity for OEMs to develop new and innovative automotive interior components that would attract customers.
Northrook, IL -- (SBWIRE) -- 02/12/2020 -- The Automotive Interior Market is projected to grow at a CAGR of 5.06% from USD 235.59 billion in 2017 to USD 301.56 billion by 2022. An increase in demand for premium segment vehicles with advanced styling and rising demand for cabin comfort and convenience led to the growth of the automotive interior market.
The automotive interior ecosystem consists of component manufacturers such as Lear Corporation (U.S.), Magna International, Inc. (Canada), Faurecia S.A. (France), Continental AG (Germany), Calsonic Kansei Corporation (Japan), Delphi Automotive PLC (U.K.), Panasonic Corporation (Japan), Hyundai Mobis Co. Ltd. (South Korea), Toyota Boshoku Corporation (Japan), and Tachi-S Co. Ltd. (Japan).
Opportunities
- Increase in Demand for Autonomous Vehicle
- Advent of Concept Cars and Electric Vehicles in the Automotive Industry
- Rise in Demand for Technologically Advanced Materials
- Rise in the Demand for Interior Styling
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The automotive seat segment is estimated to register the largest share in the automotive interior market by component, in terms of value. The average distance traveled by passengers has increased over the years and thus the need for comfort and convenience has increased substantially. Consumers now have higher disposable income and are willing to spend more on the travel and comfort. These factors have positively impacted the growth of the market. Infotainment systems are estimated to be the fastest-growing market in terms of value. Some of the infotainment systems provide time and temperature display, features such as navigation and more. The type of displays being used for the infotainment system may vary depending upon the cost of the vehicle, for example, a basic infotainment system can be used in economy cars while advanced display for premium cars.
The Passenger Vehicle (PV) segment is estimated to be the largest market, by vehicle type, in terms of value. The quality of automotive interior components being perceived by a consumer is much higher in the case of PVs in comparison with commercial vehicles. In general, consumers are willing to spend more on vehicles for personal usage than commercial use. The large number of PVs compared to commercial vehicles also adds to the growth of the automotive interior market.
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Asia-Pacific is estimated to lead the automotive interior market by region. The Asia-Pacific region comprises countries such as China, India, Japan, South Korea, and others. The tremendous vehicle production in countries such as China and Japan have led to the growth of the global automotive interior market in this region. The consumer disposable income for developing economies such as India and China has increased over the years, due to which the spending capability of consumers on automotive interior styling and components has witnessed a significant rise. These factors contribute to the growth of the market in the Asian region.
Target Audience:
- Automobile OEMs
- Automotive Parts Manufacturers' Association (APMA)
- Manufacturers of automotive interior components
- Automotive interior component material suppliers
- Traders and distributors of automotive interior components