PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457947
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457947
In 2023, the worldwide automotive interior market generated revenue amounting to USD 155.8 billion. It is anticipated to achieve a compound annual growth rate (CAGR) of 4.2% from 2024 to 2030, reaching a projected value of USD 205.8 billion by 2030. This can be credited to the addition of enhanced technologies like infotainment systems, augmented reality, touchscreens, and voice control, which propels innovation in automotive interiors.
Market Drivers
Automotive interior manufacturers and car manufacturers are continuously striving to combine the latest generation into vehicle interiors.
The increasing emphasis on high priced life and client demands presents a possibility for marketplace individuals.
Many vehicle manufacturers are introducing sophisticated interior systems like touchscreen infotainment structures, revolutionizing the cabin enjoy.
Governments play a consistent role within the automobile area, specializing in protection for vehicle customers and enacting policies to decorate product first-class and help environmental sustainability.
Carmakers are persistently improving their integrated infotainment systems to provide clients top rate capabilities and superior technologies.
Growing Preference Toward Luxury Features, Advance Safety, and Convenience
The interior of any automobile has become a crucial factor for choosing a vehicle, such as a passenger or commercial vehicle, by customers. Earlier, businesses offered feature-encumbered interiors only in the top segment vehicles; however, the situation is going to change gradually.
In today's world, OEMs have recognized the need for such advanced features and luxuries and they have started offering innovative features in all segments of vehicles to attract customers.
Seat Category Is Dominating the Market
In 2023, on the basis of component, the seat category generated the largest market share, of 40%, and the category is also projected to endure its dominance over the projection period as well.
A seat is a vital part of any commercial and passenger vehicle, so the utilization of seats in each vehicle is essential.
The entertainment category is projected to experience the fastest development during the projection period. This is mainly because of the fast innovation in the automobile market and the growing need for listening to music while traveling.
Leather Category Holds Strong Market Dominance
In 2023, the leather category led the industry share.
The category is also projected to endure a CAGR of 5% during the projection period.
Leather's popularity stems from its extensive applications in automotive interiors.
It is often utilized for seats and dashboards, advancing the richness and openness of vehicle interiors.
Light Commercial Vehicle Category Holds Substantial Share
During the projection period, the light commercial vehicle category is estimated to witness a CAGR of 4%. The growing demand for light commercial vehicles for different purposes can think of being the reason behind this. Further, fast urbanization has caused expansion of the retail and e-commerce sectors operated with logistic support which turned out to be a substantial requirement.
APAC Is Leading the Market
In 2023, the APAC region dominated the market with 40% revenue share, and the region is also projected to endure its leading position in future as well. This is because of the rising sales of small or economical vehicles, which accounts for a higher acceptance of interior components.
the North American industry is projected to advance at a substantial rate during the projection period. This is mainly because autonomous vehicles are gaining traction in the region, and such vehicles need enhanced and premium interior designs as compared to old-style vehicles.