The global automotive interior material market is estimated to witness increased growth rate over the forecast period. The growth is due to the surging levels of disposable income amongst the global population and the cutthroat competition prevailing in the automotive industry. However, the market growth is estimated to be restricted by the constant need of capital investment. Market Research Future has conducted an exhaustive study on the global interior material market. Their reports state that the global automotive interior material market is expected to register a growth rate of CAGR 7.11% over the forecast period.
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Market Segmentation
Market Research Future, in their reports, has segmented the global automotive interior material market based on vehicle type, region, and type. Based on vehicle type, the market has been segmented into commercial and passenger vehicle. The passenger vehicle segment, in 2018, represented the largest market share. The segment is likely to witness substantial growth over the forecast period owing to the increasing levels of per capita income and increased usage of fabric material in passenger vehicles such as cars and SUVs. Based on type, the global market is segmented into fabrics, synthetic leather, leather, and thermoplastic polymer. During 2018, the synthetic leather segment led the market. It is estimated to develop at the highest CAGR over the forecast period. Synthetic leather is a cheaper alternative to leather and, therefore, has been a preferred automotive interior material during the forecast period. The demand for synthetic leather in the global market is expected to remain consistent over the forecast period.
Regional Analysis
During 2018, Asia-Pacific market largely dominated the demand for automotive interior materials. This trend was followed by North America and Europe. Asia-Pacific is anticipated to retain the growth trends in the global market throughout the forecast period. The growth can be attributed to the rapidly expanding per capita disposable income observed in India and China. North America has been identified as a market to quickly adopt to novel technologies, owing to its rapidly growing GDP and increased rate of employment. This region is likely to experience remarkable growth over the forecast period owing to the surging demand for electric vehicles in the last few decades. Since 2014, North America has witnessed high sales of electric cars and at present, the figures have doubled. This specific trend indicates that the demand for electric cars has augmented at a rapid pace. The increasing demand for electric cars is estimated to propel the development of the automotive interior material market throughout Canada and the US. Europe is likely to experience substantial growth in the global automotive interior material market. The increasing focus of government and the manufacturers on the “European Way Of Future Mobility” accelerates the growth of the automotive industry. This in turn stimulates the growth of the automotive interior material market in the region. The rest of the world (RoW) comprise South America and the Middle East & Africa. The soaring prevalence of major automobile manufacturers in these markets is projected to surge the demand for automotive interior materials.
Key Players
The wide range of research conducted on this market revealed that market expansion has been adopted as a key strategy by most of the players in the global automotive interior material market. Furthermore, merger & acquisition is also considered as an effective approach to achieve operational efficiencies and acquire an increased market share. The global automotive interior material market has been largely dominated by key players such as Toyota Boshoku Corporation (Japan), Johnson Controls (US), Toyoda Gosei Co., Ltd (Japan), Lear Corporation (US), BASF SE (Germany), Faurecia S.A. (France), NTF Private Limited (India), and Sage Automotive Interior Materials Inc. (US).
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