PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462949
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462949
Automotive Interior Component Market size was valued at USD 158,410 Million in 2023, expanding at a CAGR of 4.5% from 2024 to 2032.
Automotive interior components encompass a range of elements within a vehicle's cabin, encompassing seats, dashboard, door panels, and infotainment systems. These components play pivotal roles in augmenting comfort, aesthetics, and functionality, collectively shaping the overall user experience and standing as integral facets of automotive design and advancement.
Automotive Interior Component Market- Market Dynamics
Proliferation of smartphones and the Internet of Things (IoT), seamless connectivity between devices and the vehicle to propel market demand
The incorporation of cutting-edge technologies like infotainment systems, touchscreens, voice command functionality, augmented reality, and autonomous driving capabilities serves as a catalyst for innovation in automotive interiors. Manufacturers are continually striving to integrate the latest technological trends into vehicle cabins. Furthermore, in light of the proliferation of smartphones and the Internet of Things (IoT), seamless connectivity between devices and the vehicle is imperative. Consumers anticipate their vehicles to seamlessly integrate with their digital lifestyles, resulting in heightened demand for connectivity features. Additionally, the growing environmental consciousness has spurred a surge in demand for eco-friendly and sustainable interior materials. Manufacturers are exploring alternatives to traditional materials, including recycled plastics, natural fibers, and bio-based materials. The automotive interior has emerged as a pivotal determinant of customer preference across both passenger and commercial vehicle segments. Previously, only premium vehicles boasted feature-rich interiors; however, original equipment manufacturers (OEMs) have acknowledged the necessity and are incorporating innovative features across all vehicle segments to attract consumers. With the improvement in global economic conditions, a shift in consumer lifestyles is evident, particularly in developing countries such as China, India, and Brazil. For example, in the fiscal year 2022, Mercedes-Benz Group AG reported retail deliveries of 751,700 units of Mercedes-Benz Passenger Cars to customers. Moreover, as more families ascend to higher economic strata, their preferences evolve to align with their changing lifestyles. Premium car sales have consequently surged worldwide.
Features once exclusive to the premium car segment, such as memory seats, panoramic sunroofs, heated and ventilated seats, and heated steering wheels, are now being incorporated into mid-segment automobiles by manufacturers to maintain their market positions, fueling healthy competition among automakers. The demand for advanced automotive interior components is projected to escalate in tandem with the rising demand for luxury vehicles. Luxury vehicles, characterized by their high-end features, encompass amenities such as smart seating systems, heads-up displays (HUDs), lighted headliners, heated steering wheels, and ambient lighting. Moreover, the adoption of HUDs and smart seating systems is prevalent among high-end premium vehicle brands like BMW, Mercedes-Benz, and Audi. In the fiscal year 2022, China emerged as the largest sales market for BMW, accounting for approximately 33.1 percent of Rolls-Royce, BMW, and MINI sales. Consequently, due to the escalating demand for luxury vehicles, the demand for automotive interior components is anticipated to remain robust during the forecast period.
Automotive Interior Component Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.5% over the forecast period (2024-2032)
Based on Component segmentation, Seat was predicted to show maximum market share in the year 2023
Based on Passenger Car segmentation, Economic Car was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Automotive Interior Component Market is segmented on the basis of Component, Material, Autonomy, Passenger Car, ICE Vehicle Type, and Region.
The market is divided into twelve categories based on Component: Center Stack, Head-Up Display, Instrument Cluster, Rear Sear Entertainment, Dome Module, Headliner, Seat, Interior Lighting, Door Panel, Center Console, Adhesives & tapes and Upholstery. The Seat segment is anticipated to hold the largest market share throughout the forecast period due to the crucial role seats play in both passenger and commercial vehicles. With rising vehicle production and increasing consumer demand for comfort and luxury, the automotive interior market, particularly the seat segment, is witnessing expansion. Asia Pacific, which serves as the world's largest market for vehicle production, also dominates the seat market. The dominance of the small/economy car segment in Asia Pacific contributes to the region's higher adoption of traditional car seats. Conversely, in North America and Europe, the mid- and luxury-car segments drive market growth, with consumers showing keen interest in advanced seating technologies and comfort solutions. Consequently, there is a noticeable uptick in the prevalence of powered, heated, ventilated, memory, and massage seats in these regions.
The market is divided into three categories based on Passenger Car: Economic cars, Mid Segment Cars and Luxury Segment cars. Within the Passenger Car Class, the Economic Car segment is poised to command the largest market size during the forecast period. Economic cars are expected to maintain their dominance in 2023, driven by the increasing accessibility and affordability of technology. These cars are integrating basic infotainment systems, Bluetooth connectivity, and other convenient tech features as technology becomes more accessible. OEMs are leveraging material advancements and technological innovations in electrical components to provide aesthetically pleasing elements at a lower cost. Following Tata's successful acquisition of Jaguar Land Rover, significant enhancements have been made to the interior and exterior of the company's new lineup of passenger cars compared to earlier Tata models. These new models feature more luxurious interiors at more affordable prices, with standout features including a floating infotainment display system, a semi-digital instrument cluster, and an overall upscale appearance and feel. For instance, the Nexon 2023 model boasts a 7-inch touchscreen infotainment system with Android Auto and Apple CarPlay, while the top-spec XZ+ Lux variant offers an upgraded 10.25-inch touchscreen infotainment system with a Harman Kardon sound system. Such developments are expected to drive growth in the segment during the forecast period.
Automotive Interior Component Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Within the fiercely competitive landscape of automotive interior components, companies deploy diverse strategies to uphold their competitiveness and address evolving consumer needs. One prominent strategy involves forging strategic partnerships and alliances across the automotive value chain. These alliances empower companies to collaboratively devise tailored interior solutions with automakers, procure sustainable materials by partnering with suppliers, and integrate cutting-edge features such as infotainment systems and autonomous driving functionalities through collaborations with technology enterprises. By harnessing synergies via strategic alliances, companies can amplify product innovation, market reach, and adaptability to consumer preferences, ensuring sustained competitiveness in this ever-evolving industry.
In June 2023, Samvardhana Motherson International Limited, a leading entity within the Motherson Group, disclosed the successful acquisition of an additional 30% stake in Youngshin Motherson Auto Tech Limited from Youngshin Components Co. Ltd.
GLOBAL AUTOMOTIVE INTERIOR COMPONENT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHT
Faurecia.
Adient plc.
TOYOTA BOSHOKU CORPORATION.
DuPont de Nemours, Inc.
Sage Automotive Interiors.
Grupo Antolin.
Yanfeng Automotive Interiors.
Stahl Holdings B.V.
Others