Growing preference of consumers towards attractive and comfortable interiors and the rising disposable income drives the automotive interiors market
Portland, OR -- (SBWIRE) -- 10/02/2017 -- A report on Automotive Interiors Market published by Allied Market Research states that the global market is anticipated to reach an impressive value of $236.2 billion by 2022, registering a CAGR of 6.5% from 2016 - 2022. Asia-Pacific is currently at the forefront of the automotive interiors market, followed by Europe. Factors driving the growth of the market include growing preference of consumers towards attractive and comfortable interiors and the rising disposable income. They have resulted in the increase in demand for vehicles equipped with superior quality interiors.
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The main components of a vehicle's interior include cockpit module, flooring, door panel, automotive seat, interior lighting, acoustic, and sun visors among others. Among them, the automotive seat segment occupies the largest market share, accounting for over 40% of the total market revenue, throughout the forecast period. The factor driving the growth of this segment is the growing demand for luxurious seating systems. The second largest revenue generation segment is the cockpit module, which encompasses audio systems, infotainment, instrument cluster, telematics and others. The interior lighting segment is going to be the most fruitful in terms of growth, as it is likely to grow by 10.4% from 2016 - 2022. The growth is credited to the technological advancements in LED lights and growing trend of interior lighting customization among the buyers.
On the basis of geography, the Asian-Pacific region dominated the automotive interiors market, occupying more than 37% market share in 2015, in terms of revenue. This is on account of lower transportation and labor costs and easy availability of raw materials.
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The players that provide solutions in the automotive interiors have adopted marketing strategies such as collaborations, product launches, agreements & acquisitions with the aim to expand their business and capture market share. The emerging companies profiled in the report include Grupo Antolin, Faurecia S.A., Johnson Controls Inc., Calsonic Kansei Corp., Visteon Corporation, Lear Corporation, Delphi Automotive PLC., Hyundai Mobis Company, Ltd, Magna International Inc. and International Automotive Components Group S.A. (IAC).
Key Findings of Automotive Interiors Market:
- LAMEA is expected to be one of the fastest growing markets, in terms of revenue. It is anticipated to grow at a rate of around 7.1%, from 2016 to 2022.
- The automotive seat segment is likely to maintain a strong foothold in the market throughout the forecast period. However, the interior lighting segment is estimated to witness the fastest growth.
- The passenger car segment accounted for over two-thirds of the market share in 2015, and is likely to maintain its share throughout the analysis period.