Automotive Interior Materials Market

Market Synopsis:

The Global Automotive Interior Materials Market is valued at USD 47.5 Billion in the year 2021 and is expected to reach a value of USD 54.7 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 2.4% over the forecast period.

The Automotive Interior Materials Market is anticipated to witness high growth over the forecast period owing to increasing vehicle sales across the globe. Increasing urbanization and globalization have led to a substantial increase in demand for Automotive Interior Materialss. Increasing deployment of novel technologies in vehicles and rising popularity of customizations are other factors that favor the Global Automotive Interior Materials Market growth through 2028. Increasing disposable income is also expected to have a positive impact on the Global Automotive Interior Materials Market growth.

Affordability of vehicles has increased over the past few years and this has notably increased the sales of vehicles which has led to a prominent increase in demand for Automotive Interior Materialss. Increasing import of leather in multiple countries across the world is also expected to favor Automotive Interior Materials Market potential through 2028. Increasing adoption of sustainability and green technology in various automotive manufacturing sectors is projected to drive demand for Automotive Interior Materials across the world.

On the other hand, improper disposal of tanning and leather industry waste that is used in the upholstery of vehicles is expected to have a restraining effect on the Global Automotive Interior Materials Market.

Market Segmentation

The Automotive Interior Materials Market is segmented on the basis of Application, Material Type, and Vehicle Type. Based on Application, the market is segmented as Dashboard, Door Panel, Seats, Floor Carpets, and Other Applications (Headliners, Sun Visor, Interior Lighting, Rear Seat Entertainment). Based on Vehicle Type the market is segmented as Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Buses & Coaches. Based on Material Type the market is segmented as Polymer, Genuine Leather, Fabric, Synthetic Leather, and Other Material Types.

Based on Application:

On the basis of Application, the market is further sub segmented into Dashboard, Door Panel, Seats, Floor Carpets, and Other Applications (Headliners, Sun Visor, Interior Lighting, Rear Seat Entertainment). The Door Panels sub segment is projected to witness a rise in demand at the fastest pace as it is a critical component in the overall safety of the vehicle. A rising focus on vehicle safety is anticipated to bolster demand for Automotive Interior Materials over the coming years. The increasing use of Door Panels to enhance the ergonomic and aerodynamic capabilities of the vehicle is also projected to drive the growth of this sub-segment over the forecast period.

Based on Vehicle Type:

On the basis of Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Buses & Coaches. The Passenger Cars sub-segment is anticipated to exhibit a bright growth outlook over the forecast period. Increasing disposable income of the general population has propelled sales of Automotive Interior Materials and increasing investments in customization is expected to drive Automotive Interior Materials Market growth over the coming years. Rising automotive manufacturing across the world is also expected to favor Automotive Interior Materials Market growth via this segment.

Asia Pacific Region Dominates the Automotive Interior Materials Market with the Largest Share

The Asia Pacific region is expected to account for a dominant market share over the forecast period owing to rising investments in automotive manufacturing and increasing disposable income. The Asia Pacific region is home to major automotive manufacturers and this is predicted to provide highly lucrative opportunities for the Automotive Interior Materials Market. Increasing investments in the Research and Development (R&D) sector and rising demand for luxury vehicles in this region are expected to further bolster the Automotive Interior Materials Market potential. India, China, and Japan are anticipated to be the prime markets in this region owing to increasing demand for vehicles as the standard of living rises. The Automotive Interior Materials Market in the APAC region accounted for a market share of 39.5% in 2021 and held a revenue total of USD 18.7 Billion.

Competitive Landscape:

The key players in the Automotive Interior Materials Market include- Lear Corporation (US), Asahi Kasei Corporation (Japan), Toyota Boshoku Corporation (Japan), Faurecia (France), Toyoda Gosei Co. Ltd. (Japan), Grupo Antolin (Spain), Yanfeng Automotive Interiors (YFAI) (China), Seiren Co. Ltd. (Japan), DK Leather Corporation Berhad (Malaysia), DRAXLMAIER Group (Germany) and others.

Segmentation of Automotive Interior Materials Market: