PUBLISHER: The Business Research Company | PRODUCT CODE: 1392479
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392479
“Automotive Interior Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive interior market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive interior? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive interior market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive interiors encompass the assembly of all components within a vehicle, maintaining a balance between aesthetics and comfort. This aspect is integral to a vehicle's overall performance, visual appeal, and adaptability, including elements such as the infotainment system, body panels, and instrument panels. The automotive interior is crucial for providing a comfortable and aesthetically pleasing seating experience for vehicle passengers.
Two primary categories of vehicles within the realm of automotive interiors are passenger cars and commercial vehicles. Passenger cars, designed for the transportation of passengers from one location to another, prioritize comfort and safety in their interior design. Key components within automotive interiors include the infotainment system, instrument panels, interior lighting, body panels, and other features. Various applications of automotive interiors include the design and assembly of dashboards, seats, airbags and seat belts, door panels and trims, carpets, and headliners.
The automotive interior market research report is one of a series of new reports from The Business Research Company that provides automotive interior market statistics, including automotive interior industry global market size, regional shares, competitors with an automotive interior market share, detailed automotive interior market segments, market trends and opportunities, and any further data you may need to thrive in the automotive interior industry. This automotive interior market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive interior market size has grown strongly in recent years. It will grow from $144. 63 billion in 2023 to $154. 36 billion in 2024 at a compound annual growth rate (CAGR) of 6. 7%. The growth observed during the historical period can be attributed to several factors, including increased consumer demand for advanced infotainment systems, expansion in the automotive industry with a specific emphasis on in-car connectivity, widespread adoption of advanced driver assistance systems (ADAS), stringent safety regulations prompting the integration of smart displays, and a growing market demand for enhanced safety, comfort, and convenience features in automobiles.
The automotive interior market size is expected to see strong growth in the next few years. It will grow to $202. 78 billion in 2028 at a compound annual growth rate (CAGR) of 7. 1%. The anticipated growth in the forecast period can be attributed to the rapid adoption of OLED panels, an increase in the production of both passenger cars and commercial vehicles, the growth of high-end and luxury car segments, the expansion of the connected car ecosystem, and a surge in demand for electric and autonomous vehicles. Major trends expected during this period include the prevalence of digital cockpits, the adoption of minimalist interior designs, the integration of smart lighting systems, advancements in seating comfort and ergonomics, and the incorporation of in-car biometric systems.
The projected growth of the automotive interior market is expected to be significantly influenced by two key drivers in the coming years. Firstly, the rising demand for luxury vehicles stands as a pivotal factor propelling this market's expansion. Luxury vehicles, characterized by their elevated features surpassing basic necessities, boast opulent interiors, superior performance capabilities, and cutting-edge safety and technological enhancements. For instance, data from the Federation of Automobile Dealers Associations in India indicated that 24,009 luxury cars were sold in the country in 2021, while companies like Lamborghini reported a substantial 142% year-over-year growth. This escalating consumer preference for luxury vehicles drives the growth trajectory of the automotive interior market.
The increasing adoption and demand for electric vehicles (EVs) are poised to significantly impact the automotive interior market. Electric vehicles, powered by electric motors drawing energy from rechargeable batteries, are driving innovation in automotive interiors. The surge in EV sales has led to a focus on futuristic, sleek designs, enhanced connectivity, lightweight materials, advanced interior systems, adaptable seating arrangements, and sustainable material innovations. Notably, the International Energy Agency reported a global sale of over 10 million electric cars in 2022, signifying the remarkable uptrend in EV adoption and its consequential influence on the automotive interior market's growth.
Strategic investments have emerged as a notable trend within the automotive interiors market. Key companies operating in this sector are making strategic investments to maintain their market position and drive innovation. An example includes MycoWorks, a US-based biotechnology company securing strategic investment from GM Ventures in October 2022. This collaboration aims to develop premium, sustainable mycelium-based materials for automotive interiors, aligning with GM's vision for a future characterized by zero crashes, zero emissions, and zero congestion. Such strategic investments fuel innovation and sustainability within the automotive interior landscape, further bolstering market growth and development.
Prominent entities within the automotive interiors market are spearheading the development of innovative solutions, such as ReNewKnit, marking a significant stride towards sustainability and innovation in both the automotive and textile industries. ReNewKnit, a sueded material, stands as a testament to these companies' commitment to environmental responsibility and pioneering advancements. Its integration into automotive interiors provides a sustainable and chic alternative to conventional materials, boasting a soft, luxurious feel, a foam-free and recycled backing, and an innovative production process. This environmentally conscious material has garnered attention from automotive manufacturers seeking to diminish their environmental footprint. Lear Corporation, a leading US-based automotive technology leader specializing in Seating and E-Systems, unveiled plans in October 2022 to launch their premium, fully recyclable ReNewKnit sueded material in seating and door panel applications in collaboration with a global automaker by 2024. Distinguished as a Lear exclusive, ReNewKnit stands out as a pioneering automotive textile that can be fully recycled at its end-of-life stage. Its production solely employs recycled materials within Lear facilities, utilizing 100% renewable electricity, thereby augmenting the company's sustainable solutions technology portfolio while aligning with carbon reduction goals.
In a strategic move dated March 2021, Lear Corporation fortified its industry position by acquiring M & N Plastics Company, a US-based manufacturer specializing in custom plastic injection molded products and engineered plastic components for automotive electrical distribution applications. This undisclosed acquisition underscores Lear Corporation's commitment to exceeding customer expectations by expanding its capabilities to produce complex parts for electrical distribution, encompassing high-voltage wire harnesses and power electronics. This strategic integration is poised to bolster Lear's offerings in automotive electrical systems, enabling them to cater to intricate needs while strengthening their position in the automotive interiors market.
Major companies operating in the in the automotive interior market report are Adient plc, Calsonic Kansei Corporation, Faurecia SE, Hyundai Mobis Co. Ltd., Lear Corporation, Robert Bosch GmbH, Visteon Corporation, Yanfeng Automotive Interior Systems Co Ltd., Toyoda Gosei Co Ltd., Denso Corporation, ContiTech AG, Takata Corporation, Sage Automotive Interiors, SMS Auto Fabrics Inc., Tachi-S Co Ltd., Grammer AG, Grupo Antolin-Irausa SA, Panasonic Corp., Magna International Inc., Toyota Boshoku Corporation, Pioneer Corporation, JVCKenwood Corporation, Delphi Automotive PLC, Guelph Manufacturing Group, International Automotive Components Group, Johnson Controls International plc, Keiper Recaro Group, Magneti Marelli SpA, NHK Spring Co Ltd., Nifco Inc.
Asia-Pacific was the largest region in the automotive interior market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive interior market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive interior market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive interiors market consists of sales of interiors made of vinyl, wood and faux leather. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.