Market Research Report
Automotive Interiors Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence Pvt Ltd||Product code||356591|
|Published||Content info||70 Pages
Delivery time: 2-3 business days
|Automotive Interiors Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: June 1, 2019||Content info: 70 Pages||
The global automotive interiors market is anticipated to register a CAGR of about 6.38% during the forecast period (2019 - 2024).
The global automotive interiors market has been segmented by component type, vehicle type, and geography.
The automotive infotainment system is the largest segment among the automotive interiors market.
A basic infotainment system in a modern vehicle comes equipped with a CD player, a Bluetooth, USB port, lighter port, aux port, video panel, radio, GPS, multiple speakers and control panels.
The role of Infotainment systems in advanced automobiles such as connected cars and autonomous vehicles has been continually increasing with usage in navigation, connectivity, safety, and comfort. The market for infotainment systems will be further strengthened by investment being made by automakers and tech companies. For example, Samsung Electronics Co, Ltd. has announced a strategic partnership with TTTech and has promised to invest around USD 90 million for the development of autonomous and ADAS technologies in which the primary components will be infotainment systems.
Additionally, automakers are competing to deploy advanced infotainment system for their upcoming vehicle models during the forecast period. For instance, Mitsubishi Motors Corporation, Nissan Motor Co. Ltd and Groupe Renault decided to adopt Google Inc.'s Android operating system (OS) for their next-generation infotainment systems from 2021. Additionally, in Japan, Toyota Motor Corporation added software applications, like Line to its T-Connect infotainment system, starting from the new Crown model in 2018.
The European region is expected to be the largest market for automotive infotainment systems due to the presence of manufacturing facilities of the premium automakers, and the fastest growing market for these systems is anticipated to be the Asia-Pacific region as the demand for premium vehicles are continually increasing in China and India, being supported by high economic growth rates in these countries, which are also among the largest automotive markets in the world.
The global automotive interior market is led by the Asia-Pacific region, followed by Europe and North America. The automotive industry is growing rapidly as the middle-class population is buying more number of vehicles, which in turn is creating lucrative opportunities for players in the automotive interior materials industry.
In Asia-Pacific, government initiatives such as subsidies and tax concessions across various countries are attracting the automotive OEMs to build their manufacturing plants in the region. China is one of the largest consumers for vehicles. The demand for premium interiors, comfort, new and innovative features like head-up displays and navigation system along with the growing focus towards sufficing the safety standards is driving the market in the region.
Europe is the hub for the luxury car market in the global scenario, customer's focus on the latest features offered in car interiors and safety systems is a deciding factor that drives the market. Improving automotive sales in countries like Spain, Italy and anticipated recovery of the automotive sector in Russia through government aid, are expected to open up opportunities for the automotive interior market in these countries as well, during the forecast period.
The global automotive interior market is a fragmented and competitive market, consisting of various small as well as medium-sized companies and a couple of big players.
Some of the players are focusing on expanding their geographical presence by acquiring or merging with the regional and country level players. Major investments are being made by companies in foreign markets to cater to increasing demand and expand their business. Expansion and investments are the most preferred growth strategy followed by mergers and acquisitions. Major players are backed by their distribution channels, which have helped them achieve the major shares.