Press Release   -

Automotive Interior Materials Market to Reach Valuation of USD 54.7 Billion by 2028 – Increasing Demand for High-End Automobile Interiors Drives the Market

In terms of revenue, the Global Automotive Interior Materials Market is expected to reach USD 54.7 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 2.4% from 2022 to 2028.

Demand for high-end automobile interiors and rising consumer health awareness are anticipated to augment the growth of the market during the forecast period.

Key Highlights from Report:

• The passenger car segment is expected to register a high growth rate between 2022-2028. These hold a large sales share with the reduction of renewal cycles and their use is planned to remain high. However, few government efforts to curb pollution and material pollution have resulted in increased demand for composite materials. The use of thermoplastics is also increasing due to reuse.

• The aftermarket end-user segment is expected to grow at a high Compound Annual Growth Rate (CAGR) by 2028 led by a large presence of small and large suppliers. Parts, such as floor carpets, adjustable seat covers, and directional covers, will contribute significantly to the growth of the unit. E-commerce platforms are also expected to play a major role and small producers will be able to expand their reach and base.

• is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This can be attributed to the development of the regional automotive industry. Strong economic development, urban sprawl, increased spending on middle-class people, government-backed programs, etc., are some of the factors contributing to the growth of the regional automotive industry. The growing demand for passenger cars is accompanied by an increase in which rear market activities are expected to increase the demand for regional markets.

Market Dynamics:

The materials used in the interior of a car are known as Automotive Interior Materials Markets. The principal materials used in automotive interiors include fabric, plastics, genuine leather, and synthetic leather. The essential factor which is likely to drive the market growth is the demand for high-end automotive interiors. Consumers are increasingly looking for high-quality interiors that are attractive with high quality and touchable experience, even in non-premium cars, forcing market players to invest in innovation. Volvo Research and Development Center in Shanghai, China, is developing new projects that give the company a technological edge over its competitors. The increase in revenue has led to an increase in the demand for cars in developing countries such as Brazil, China and India, which supports the growing demand for automotive interiors.

The global pandemic has impacted almost every sector in the world. The global supply chain disruptions are likely to have a minimal impact on the Automotive Interior Materials Market. The refinery and petrochemical, chemical, metal, and power generation industries are all extremely important to the market. China is a big export and industrial production market. Strict lockdowns in the country's major areas have hampered the overall economy. The emergence of COVID-19 caused a dramatic drop in demand for industrial equipment. The growing emphasis on vehicle weight reduction to improve fuel efficiency will be a major factor driving up demand for car interior materials.

is expected to register the highest revenue share in the Global Automotive Interior Materials Market during the forecast period. The small/economical vehicle component, calculated for the high intake of internal components, drives the interior of the region’s vehicles. Leading car manufacturers in the region, including Honda, Toyota, and Hyundai, embrace the benefits of advanced seating systems, electrical appliances, lights, and various safety systems, making them common features in all car models. Increasing demand for electric vehicles in major economies such as Japan, China, and India adds to the growth of financial markets. The need for cozy, comfortable, and innovative interiors, such as advanced indicators and navigation systems, as well as a growing focus on adequate safety standards, are expected to drive the demand for automotive interiors in the region.

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