Aesthetic features introduction in mid-size and compact cars, increasing demand for hybrid and electric vehicles, increasing investments in private equity and technological advancements are some factors driving the global automotive interior materials market.
New York City, NY -- (SBWIRE) -- 02/27/2017 -- Automotive interiors add to vehicle ambience, riding pleasure and offer great comfort to end-user of vehicle. While some of the automotive interiors act as cabin insulators, these interiors also help in minimizing engine vibrations and fatigue in interior space of a vehicle. Vehicle interiors play an important role by extending desired comfort to the person driving the vehicle. These interiors also add to aesthetics of vehicle thereby attracting consumer interests. In order to keep up with the competition, mid-sized and economical cars (apart from luxury and premium ones) too are inclining towards comfortable interiors. In addition, OEMs are concentrating on cost-efficient technologies for catering to the rising demand for mid-sized cars.
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Aesthetic features introduction in mid-size and compact cars, increasing demand for hybrid and electric vehicles, increasing investments in private equity and technological advancements are some factors driving the global automotive interior materials market. In addition, Customization for differentiating product offerings, automakers' inclination towards "smart" textiles and increasing focus on lightweight vehicles are fuelling the demand for automotive interior materials market globally.
Passenger Cars Estimated to Witness Fastest Growth During 2016 to 2024
Based on vehicle type, the global automotive interior materials market is categorized into heavy commercial vehicles, light commercial vehicles and passenger vehicles. Among the aforementioned vehicle types, passenger vehicles accounted for more than 77% of the overall market share in 2015 in terms of value and this segment is estimated to witness fastest growth at 5.5% CAGR over the forecast period, 2016 to 2024, according to the report by Persistence Market Research (PMR). The passenger vehicles is further categorized into sedan, vans, luxury cars, mid-size cars, compact cars and sub-compact cars.
Thermoplastic Polymers Segment Remains Lucrative Over the Forecast Period
Based on material type, the market is categorized into thermoplastic polymers, fabrics, synthetic leather and genuine leather. Thermoplastic polymers segment is estimated to witness fastest growth over the forecast period. Following this segment is synthetic leather. The synthetic leather is further bifurcated into PVC leather and PU leather. PU leather segment is estimated to reflect a robust 6.1% CAGR due to its higher acceptance, lower maintenance cost and decreased environmental impact. Each of the mentioned material type is further divided based on application into dashboard, airbags, headliners, upholstery, seat-belts, floor & trunk carpets and others.
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Asia Pacific to Remain the Largest Market for Automotive Interior Materials During 2016 to 2024
Region-wise, the global market for automotive interior materials is categorized into North America, Europe, Middle East & Africa (MEA), Latin America and Asia Pacific (APAC). In 2016, Asia Pacific's automotive interior material market was valued at US $35.8 billion in terms of revenues and this region held its position as the largest market. Providing impetus to interior materials demand, China's Announcement on vehicle purchase tax reduction on small cars is estimated to foster passenger car sales. Asia Pacific is estimated to reflect the fastest growth and retain its position as the largest market for automotive interior materials during the forecast period. Manufacturers of automotive interior materials in Europe are estimated to face growth opportunities owing to Western Europe's steady automotive sales.
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Leading Manufacturers Focus on Investments in M&A activities
Concentrating on cost reduction of automotive interior materials, global market players are focusing on installing manufacturing plants near developing regions. In order to reinforce their technical know-how and global expansion these market players are focusing on huge investment in M&A activities. Key market players contributing to the growth of global automotive interior materials market include Faurecia S.A., Groupo Antolin-Irausa S.A., Seiren Co. Ltd., Toyota Boshoku Corporation, Benecke-Kaliko AG, D.K Leather Corporation, Lear Corporation, Johnson Controls Inc., Yanfeng Automotive Trim Systems Co. Ltd., Sage Automotive Interiors Inc., and GST AutoLeather Inc.
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