The global automotive interiors market was estimated at $171.20 billion in 2017 and is expected to hit $249.78 billion by 2025, growing at a CAGR of 4.7% from 2018-2025, according to the exclusive study by Allied Market Research. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
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Growing need to increase fuel efficiency, technological advancement, mounting demand for luxurious vehicles, and rising focus on the well-being of drivers have fueled the growth of the global automotive interiors market. On the other hand, growth in trade war, increase in automotive import tariffs and rise in raw material prices hamper the growth to certain extent. However, untapped developing in Africa and Asia and advancements in in-vehicle infotainment have created multiple opportunities in the segment.
The automotive seat segment to maintain its dominance throughout the estimate period-
Based on component, the automotive seat segment registered more than two-fifth of the total market and is expected to dominate during the forecast period. Increase in sales of vehicles and high need for low weight seats for higher fuel efficiency have driven the growth. On the other hand, the interior lighting segment is anticipated to register the fastest CAGR of 7.5% during the study period. This is attributed to variations in trends related to lighting and vehicles signal indication using LED.
Growing need to increase fuel efficiency, technological advancement, mounting demand for luxurious vehicles, and rising focus on the well-being of drivers have fueled the growth of the global automotive interiors market.
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The passenger cars segment to lead through 2018-2025-
Based on vehicle type, the passenger cars segment garnered the highest revenue in 2017, contributing to more than two-third of the total revenue. Rise in demand for passenger vehicles in both emerging and developed countries has driven the growth. The commercial vehicle segment, on the other hand, is projected to register the fastest CAGR of 4.9% through 2018-2025.
Asia-Pacific to maintain its lion’s share during the study period-
The Asia-Pacific region garnered the highest share in 2017, accounting for more than one-third share of the global market. High-end technological developments, increase in the number of passenger and heavy commercial vehicles have spurred the growth. The LAMEA region, on the other hand, is expected to grow at the fastest CAGR of 6.5% throughout the forecast period. This is due to huge untapped markets in the region and expected growth opportunities in Africa.
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Key market players-
The key market players analyzed in the research include Calsonic Kansei Corp., Faurecia Interior System, IAC Group, Robert Bosch, Grupo Antolin, Adient, Yanfeng Automotive Interiors, Hyundai Mobis Company, Lear Corporation, and Visteon Corporation. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong stand in the global industry.
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