The Automotive Interior Market is estimated to be USD 235.59 billion in 2017 and is projected to reach USD 301.56 billion by 2022, at a CAGR of 5.06% as per a report by MarketsandMarkets.
How the rise in the demand for interior styling is an opportunity for the Automotive Interior Market?
There is an increase in demand for comfort and convenience by the end-users and visual appearance is one of the major factors relating to vehicle quality. Earlier, quality finish and feel of interiors were limited to luxurious and expensive high-end cars. Automotive interiors offer OEMs an important opportunity to differentiate product offerings from their competitors. OEMs are focusing on features such as enhanced ambient lighting and scratch-resistant material to ensure the high aesthetic appearance of interiors in the long run. For safety and entertainment purpose OEMs are bringing innovations in infotainment and telematics systems continuously.
This growing demand for interior styling offers an opportunity for OEMs to innovate and come up with new features in their offerings that would attract more end-users. The OEMs are investing in equipping a car interior with digital cockpit modules, separate customizable climate controls, mazing surround sound quality, LED lighting, plush seating, storage compartments inconvenient spaces, panoramic roofs, and fully functional doors, all available in beautiful color-coordinated themes. This trend has showcased that even entry-level automobile buyers want a machine that is a cut above the rest. The concept of visual aesthetics is not only restricted to luxury class vehicles but also extends to budget automobiles as well. It’s important that great interiors be available in every class of vehicle, not just luxury models that most consumers will never be able to afford.
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Why long production cycle of automotive vehicles is a major challenge?
In the automotive industry, the conceptualization of an average vehicle begins five years prior to its production on the assembly line. The automotive interior components need to be integrated during the conceptualization phase or 1–2 years later to ensure that the vehicle is equipped with the required features. Additionally, the product development cycle of automotive interior components is close to 2 years or more. The advanced automotive interior components are equipped with many safety and security features, which makes the product development a time-consuming process.
Whereas, these advanced electronic components are very similar to consumer electronics where the product development cycle is less than 1 year. Also, customers expect similar features in a car too, which is very difficult to provide by an automotive OEM.
Furthermore, given the long product development cycles, the integration of automotive interior electronic components in a vehicle may require an initial investment, which would increase the development costs. This could pose a challenge for OEMs, especially in the passenger vehicle market, which operates on narrow profit margins.
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The automotive interior ecosystem consists of component manufacturers such as Lear Corporation (U.S.), Magna International, Inc. (Canada), Faurecia S.A. (France), Continental AG (Germany), Calsonic Kansei Corporation (Japan), Delphi Automotive PLC (U.K.), Panasonic Corporation (Japan), Hyundai Mobis Co. Ltd. (South Korea), Toyota Boshoku Corporation (Japan), and Tachi-S Co. Ltd. (Japan).
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