Automotive Interior Materials Market Size to Grow by $ 26.43 Billion During 2021-2025
Technavio has been monitoring the automotive interior materials market and it is expected to grow by $ 26.43 bn, accelerating at a CAGR of almost 4% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking
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Automotive Interior Materials Market: APAC to lead market growth during the forecast period
- 52% of the market growth will originate from APAC during the forecast period. China, Japan, and South Korea (Republic of Korea) are the key markets for the automotive interior materials market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
- Leather is increasingly being used in interior components such as the instrument panel, dashboard, and steering wheel in vehicles as buyers are driven toward a more aesthetic look. Leather is a sturdy material and associated with luxury, the demand from automobile manufacturers for leather coated interiors is rising at an exponential rate.
- Vehicle comfort takes the highest position among the other factors while purchasing automobiles. Cost, style, features, and engine capacity are the other vital factors that influence the purchasing decision of consumers. Customer satisfaction is inherently linked to comfort and safety.
Automotive Interior Materials Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Adient Plc, Borealis AG, Covestro AG, Faurecia SE, GRAMMER AG, Grupo Antolin-Irausa SA, Lear Corp., Sage Automotive Interiors Inc., SEIREN Co. Ltd., and Toyota Boshoku Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Automotive Interior Materials Market: Key Highlights of the Report for 2021-2025
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive automotive interior materials market growth during the next five years
- Precise estimation of the automotive interior materials market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the automotive interior materials market industry across APAC, North America, Europe, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of automotive interior materials market vendors