Global automotive interior materials market report published by Accurize Market Research forecast that the global market is expected to reach $155 billion by 2024; growing at a CAGR of 2.7% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Technological advancements coupled with high demand for compact, mid-sized cars across the globe to drive the growth of the market
Technological advancements coupled with high demand for compact, mid-sized cars fuel the demand for the global automotive interior materials market. Moreover, increasing penetration of electric vehicles and the growing trend of customization to differentiate their offerings also boost the growth of the market.
The global automotive interior materials market has been bifurcated on the basis of material, application, and geography. By material type, it is further segmented into leather, thermoplastic polymers, fabric, vinyl, and wood. Furthermore, the application segment is bifurcated into heavy commercial vehicles, light commercial vehicle and passenger vehicles.
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers the U.K., Italy, France, Germany, and others. Asia-Pacific covers China, India, Japan, and others. Rest of the World (RoW) covers South America, the Middle East, and Africa.
“Thermoplastic polymers accounted for the largest market share in the material type segment”, says Accurize
By material type, thermoplastic polymers held the major share in 2017, owing to its ability to mold into components of complex geometrics, replacing several parts and offer integral fitments leading to easier assembly. Furthermore, the application segment is further categorized into heavy commercial vehicles, light commercial vehicle and passenger vehicles. Passenger vehicles accounted for the highest share within the automotive interior materials market in the year 2017.
“Europe dominated the global market with the highest market share over the forecast period”, says Accurize
In 2017, Europe accounts for the largest share of the market followed by North America. The Asia Pacific is the fastest-growing region in the global automotive interior materials market and is expected to continue this trend due to rapid economic growth, increasing population, growing disposable income, improving living standards and demand for small & medium-sized luxury cars.
Top players in the market
The key market players include Johnson Controls Inc., Sage Automotive Interiors Inc., Faurecia S.A., GST AutoLeather Inc., The Haartz Corporation, International Textile Group Inc., Dow Chemical Company, Toyota Boshoku Corporation, BASF S.E., D.K Leather Corporation, Auto Trim Inc., and Lear Corporation among others.