Market Research Future published a Cooked research report on "Automotive Interior Market – Global Forecast to 2027" - Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
— Global Automotive Interior Market Information Report by Type (Synthetic Leather, Fabric, Thermoplastic Polymer, Leather), by Vehicle Type (passenger vehicle and commercial vehicle) and Regions - Forecast to 2027
The Automotive Interiors typically refer to the interior components that are present in the cabin of a vehicle. This includes components such as cockpit, dashboards, door panels and seats. Visual appearance of a car has become a dominant influencer on buyer’s perception of vehicle quality, in recent times. Due to this, the automotive interiors are increasingly gaining importance. There is a common OEM goal, of providing vehicles with good interior quality, feel and finish across the sector. The automotive interiors are typically focused on ergonomics and comfort of passengers.
The automotive industry is one of the most competitive industries, across the globe. Major manufacturers across various continents often compete against each other to expand their customer base resulting in intense competition. This results in a high quality product being delivered to the customers, which drives the automotive interior market. The market is further expected to be driven by the rising level of income of individuals and the booming global automotive industry.
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According to a recent study report published by the Market Research Future, Globally, the market for Automotive Interior has increased its value in recent years. The market is expected to grow at a rapid pace during the forecast period (2017 – 2027). The global market of Automotive Interior is forecasted to witness a thriving growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2027).
The interior of a vehicle plays a vital role in enhancing customer experience with the interior components of the vehicle such as seats, dashboard, door panels, and cockpit module etc. The interior of a vehicle is also a major factor that influences the aesthetic appeal of a vehicle and thus, buying decision of the customer. Apart from premium and luxury vehicles, economical and mid-sized cars are also featuring comfortable interiors in their vehicle models to remain competitive. Furthermore, OEMs are making use of cost-efficient technologies and interior materials to cater to these rising demands in the mid-sized budget cars segment.
The rising demand of luxurious seating systems is fueling the market growth for automotive seats. Cockpit module, which encompasses audio systems, infotainment, instrument cluster, telematics and others, would be the second highest revenue-generator throughout the analysis period. Interior lighting is anticipated to be the most lucrative segment in terms of growth during 2016-2027. The growth is attributable to the technological advancements in LED lights and increasing trend of interior lighting customization among the buyers.
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Automotive Interior Global Market – Key Players
The Automotive Interior segment shows a significant need for merging due to fierce competition and increasing requirements for suppliers set by OEMs. The market demonstrates the scope for action and opportunities for medium-sized interior suppliers. MRFR predicts that there will be an increase in automotive interior M&A transactions in the forthcoming years, especially in the area of mid-sized targets.
The key players of global automotive interior markets are
• Toyoda Gosei Co. Ltd (Japan)
• Toyota Boshoku Corporation (Japan)
• Lear Corporation (U.S)
• NTF India Pvt Ltd (India)
• Sage Automotive Interiors. Inc (U.S)
• BASF Automotive Solutions (Germany)
• Faurecia S.A (France)
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Automotive Interior Global Market – Segmentation
The Automotive Interior Market can be segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation By Type : Comprises Synthetic Leather, Fabric, Thermoplastic Polymer, Leather, and others.
Segmentation By Vehicle Type : Comprises passenger vehicle and commercial vehicle, and others.
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Automotive Interior Global Market – Synopsis
The need to increase market share in high margin interior components which increase the content per vehicle is also driving acquisitions. Acquirers from across all regions are achieving this by targeting businesses with complementary technologies, high growth components and access to strategically important markets. Emerging markets-based suppliers need to access technology Acquisitions are the fastest way for emerging markets manufacturers to strengthen their technical expertise. As such, they are often prepared to pay premium valuations for the most attractive assets. In addition to joint ventures in their domestic market, Chinese manufacturers and suppliers are now highly acquisitive overseas.
Automotive Interior Global Market – Regional Analysis
The Asia-Pacific region had been holding the largest share of the automotive interiors market in 2015. The demand for automobiles in these regions are driven by the growing population in countries such as China and India, as the demand for automobiles in these countries is high at all times. Government initiatives for promoting growth have been reflected upon the increasing demand for automobiles, in this region. In the European regions, the regulations are made mandatory to improve counter measures and crash performance to keep the passengers safe. This factor is estimated to drive the market for interiors in the region. Also, recently automotive interiors market has gained significance, with manufacturers pushing high end interiors even in entry level automobiles.
Name: Akash Anand
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