Global Automotive Interior Components Market
In its newly released research report, Market Research Future (MRFR), insists that the global automotive interior components market is booming. The Global Automotive Interior Components Market is estimated to register a CAGR of 5.11% over the forecast period.
The top market players operational in the global automotive interior components market as identified by MRFR are Toyota Boshoku Corporation, Johnson Controls, Lear Corporation, Faurecia SA, Toyoda Gosei Co., Ltd., Magna International, Continental AG, and Delphi.
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Automotive Interior Components Market Drivers and Restraints
The growth of the market is driven by the growing income level of individuals, dynamic competition in the automotive sector, as well as the seamless growth of the automotive industry, whereas it is hampered by the capital-intensive market. there has been a rising interest in the comfort and convenience features offered by vehicles. This has led to the development and incorporation of innovative technologies that decrease human effort and amplifies comfort as well as aesthetics. The OEMs are incorporating these technologies in vehicle interiors to enhance the overall consumer satisfaction levels and to remain competitive in the global automotive interior market.
Automotive Interior Components Market Segmental Analysis
The global market for automotive interior components has been segmented based on component, vehicle type, and region.
On the basis of vehicle type, the automotive interior components market is bifurcated into passenger and commercial vehicles. The passenger vehicle segment accounted for the largest market share in 2018 and predicted to exhibit significant growth over the review period due to a rise in individual income levels and the rising adoption of the infotainment system in passenger vehicles such as SUV and cars. The commercial vehicle segment accounts for nearly 35% of global vehicle manufacturing. With the increase in commercial activities, the commercial vehicle segment is poised to witness a rapid rise through the forecast period, which in turn drives the growth of the automotive interior components market during the forecast period.
Based on the component, the automotive interior components market is segmented into infotainment, instrument cluster, telematics, flooring, interior lighting, and automotive seat. In 2018, the infotainment segment led the market and was slated to grow at the highest CAGR during the forecast period. The infotainment system in automobiles held a significant market share with 24%. The rising incidence of customization in automotive has resulted in the infotainment segment registering high growth during the forecast period.
Automotive Interior Components Market Regional Analysis
The geographic analysis of the global automotive interior components market has been carried out in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (including Latin America, the Middle East, and Africa). The Asia-Pacific region is leading the global market, owing to the increasing income levels of individuals and rapidly rising disposable income among the consumers. Additionally, increasing incidence of customization in automobiles such as interior lighting systems, instrument cluster telematics, and audio systems, among others from developing countries like China and India, is likely to drive the market growth.
North America is known for rapidly adopting the latest technologies, owing to the rapidly increasing GDP and high employment rate. This region has witnessed seamless growth in the demand for electric vehicles in the past few years. In North America, the sale of electric cars has doubled since 2014, which implies that the need for electric cars has risen at a rapid pace. This demand for electric vehicles will drive the growth of the automotive interior components market across the US, Canada, and Mexico.
Europe is slated to witness significant growth in the global automotive interior components market. The augmented focus of government authorities and manufacturers on the “European Way Of Future Mobility” is slated to fuel the growth of the automotive industry, which consequently will boost the growth of the automotive interior components market in the region.
The rest of the world (RoW) comprises of the Middle East & Africa and Latin America. The growing presence of major automobile makers will raise the demand for automotive interior components in the region.
List of tables:
TABLE 1 GLOBAL AUTOMOTIVE INTERIOR COMPONENT MARKET, BY VEHICLE TYPE, 2018–2025 (USD BILLION) 25
TABLE 2 GLOBAL AUTOMOTIVE INTERIOR COMPONENT MARKET, BY COMPONENT, 2018–2025 (USD BILLION) 28
TABLE 3 GLOBAL AUTOMOTIVE INTERIOR COMPONENT MARKET, BY REGION, 2018–2025 (USD BILLION) 30
TABLE 4 NORTH AMERICA: AUTOMOTIVE INTERIOR COMPONENT MARKET, BY COUNTRY, 2018–2025 (USD BILLION) 31
TABLE 5 NORTH AMERICA: AUTOMOTIVE INTERIOR COMPONENT MARKET, BY VEHICLE TYPE, 2018–2025 (USD BILLION) 32
TABLE 6 NORTH AMERICA: AUTOMOTIVE INTERIOR COMPONENT MARKET, BY COMPONENT, 2018–2025 (USD BILLION) 33
TABLE 7 US: AUTOMOTIVE INTERIOR COMPONENT MARKET, BY VEHICLE TYPE, 2018–2025 (USSD BILLION) 34
TABLE 8 US: AUTOMOTIVE INTERIOR COMPONENT MARKET, BY COMPONENT, 2018–2025 (USD BILLION) 34
TABLE 9 CANADA: AUTOMOTIVE INTERIOR COMPONENT MARKET, BY VEHCILE TYPE, 2018–2025 (USD BILLION) 35
TABLE 10 CANADA: AUTOMOTIVE INTERIOR COMPONENT MARKET, BY COMPONENT, 2018–2025 (USD BILLION) 35
Continued…
List Of Figures
FIGURE 1 RESEARCH PROCESS OF MRFR 12
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH 14
FIGURE 3 DRIVERS & RESTRAINTS IMPACT ANALYSIS OF GLOBAL AUTOMOTIVE INTERIOR COMPONENT MARKET 16
FIGURE 4 GLOBAL VEHICLE PRODUCTION, UNITS (2013–2016) 17
FIGURE 5 PORTER’S FIVE FORCES ANALYSIS OF GLOBAL AUTOMOTIVE INTERIOR COMPONENT MARKET 20
FIGURE 6 GLOBAL AUTOMOTIVE INTERIOR COMPONENT MARKET, BY VEHICLE TYPE, 2018 (% SHARE) 24
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