Automotive Interior Market to Grow at 4.3% CAGR by 2030
Consistent technological advancement, rise in demand for premium vehicles, and rapid integration of new features in the vehicles are expected to drive the growth of the automotive interior industry during the forecast period (2020-2030).
The Automotive Interior Market is expected to grow at a CAGR of 4.3% from 2020-2030, according to a new research report by Next Move Strategy Consulting
Automotive interiors are designed to provide additional comfort inside the vehicle cabin along with enhanced safety & security and protection from the harsh climatic conditions. The interiors of vehicle cabin consist of various components such as body panels, infotainment systems, door panels, cockpit module, automotive seats, & others, which provide additional comfort along with enhanced experience. The interior plays a crucial role as it enhances the overall performance and, thereby, changes the consumer perception about the quality of vehicle.
According to the report, there has been a remarkable growth in the automotive industry, owing to the large population base and rise in disposable income of the individuals. In addition, rise in technological advancement that offers advanced safety features as well as advancement in in-vehicle infotainment fuel the growth of the automotive interior market. Furthermore, surge in demand for premium & luxury vehicle with high fuel efficiency and advanced features such as in-built GPS, advanced gadgets followed by rise in demand of light-weight models are some of the other factors that have enabled to develop a strong consumer base. Likewise, there is rapid integration of new technologies such as IoT and AI, which further enhances the consumer experience & provides high-quality comfort. Moreover, fast developing infrastructures along with the rapid advancement in product technology is expected to bring change in the market trends.
However, factors such as high cost of raw materials, rise in automotive import tariffs, and lack of efficient recycling process are expected to create a barrier for the automotive interior market growth. On the contrary, untapped market opportunities from developing economies along with the high adoption rate of advanced technology by market players is anticipated to provide numerous opportunities to the market during the forecast period.
On the basis of component, the automotive interior market is categorized into flooring, cockpit module, door panel, interior lighting, automotive seat, and other. The cockpit module segment dominated the global automotive interior market in 2019, and is expected to remain dominant during the forecast period.
On the basis of vehicle type, the automotive interior market is bifurcated into passenger car and commercial vehicle. The passenger cars segment is expected to develop rapidly, owing to rise in demand for luxury cars, and is also likely to dominate the market.
North America is anticipated to account for the highest market size and share of the automotive interior market during the forecast period. The rise in demand for premium vehicles due to technological advancement and high dependence on automobiles for personal transport are the crucial factors that drive the market demand in the region. Europe accounts for the second leading position in the automotive interior market size. Asia-Pacific is projected to be the fastest developing region in automotive interior market as a result of constant expansion of the automotive industry and rise in disposable income. In addition, an increase in demand for passenger vehicles followed by the substantial growth in manufacturing units in the region is also expected to fuel the automotive interior market growth.
According to the report, the key players in the automotive interior market include Calsonic Kansei Corp., Adient, Faurecia Interior System, Hyundai Mobis Company, Grupo Antolin, IAC Group, Robert Bosch, Lear Corporation, Yanfeng Automotive Interiors, and Visteon Corporation.
Browse key industry insights from the report at https://www.nextmsc.com/report/automotive-interior-market in detail along with the table of contents:
Key Insights from the Automotive Interior Market Report:
- Asia-Pacific is the fastest growing region in the automotive interior market, owing to rise in demand for passenger vehicles and growth in disposable income.
- The cockpit module segment dominates the market growth and is expected to grow at a significant CAGR during the forecast period.
- Some of the major players in the market include Calsonic Kansei Corp., Adient, Faurecia Interior System, Hyundai Mobis Company, Grupo Antolin, IAC Group, Robert Bosch, Lear Corporation, Yanfeng Automotive Interiors, and Visteon Corporation.
The report Automotive Interior market – segmented by component, vehicle type, and region
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