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Overview
The Global Automotive Interior Material market is likely to touch USD 149.6 billion at an 8.72% CAGR over the forecast period (2020-2025), states the new Market Research Future (MRFR) report. Automotive interiors are a vital part of an automobile as this help to improve its ambiance and offer driving pleasure by maximizing the level of comfort both for the passengers and the driver. Global Automotive Interior Materials are used for manufacturing a wide array of automotive interior components including airbags, mattings, plastics, leather, roofing and flooring, and steering wheels. Following the increasing demand for a car’s visual appearance among consumers, automotive interiors are gaining popularity across the globe.
Various factors are propelling the Global Automotive Interior Material Market growth. These factors, as specified by the Market Research Future (MRFR) report, include multiple innovations taking place in the Global Automotive Interior Materials industry, and inclination towards e-mobility and autonomous driving. Additional factors pushing market growth include favorable government initiatives, demand for good quality materials, which are efficient, attractive, and long-lasting, growing incidences of personalization in cars, and availability of innovative automotive designs.
On the contrary, the increasing cost of genuine leather due to the gap in the demand and supply and the regulations about synthetic leather are factors that may hinder the Global Automotive Interior Material market growth over the forecast period.
Segmentation
The Market Research Future report provides a wide segmental analysis of the Global Automotive Interior Material market based on vehicle type and type.
Based on type, the Global Automotive Interior Material market is segmented into leather, synthetic leather, thermoplastic polymer, and fabric. Of these, the polymer segment will have the largest share in the market over the forecast period. The demand for this material is increasing for durable and lightweight interior components. Polymer is used for manufacturing various interior parts including door panels, center consoles, dashboards, among others. Owing to stringent environmental regulations, vehicle companies are laying emphasis on the vehicle’s overall weight reduction to reduce carbon emissions. This is boosting the demand for polymers.
Based on vehicle type, the Global Automotive Interior Material market is segmented into commercial vehicles and passenger vehicles. Of these, the passenger vehicles segment will dominate the market over the forecast period. The growing need for comfortable and safe travel and rising demand for individual vehicles, especially in emerging countries, is pushing the demand for passenger vehicles. The increasing demand for passenger cars worldwide is predicted to boost the Global Automotive Interior Material market growth.
Regional Analysis
Based on the region, the Global Automotive Interior Material market report covers growth opportunities and the latest trends across Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW). Of these, the APAC region will have the lion’s share in the market over the forecast period. This is owing to the burgeoning demand for cars in India as well as China. Moreover, favorable initiatives undertaken by the government to encourage growth have been mirrored in the growing demand for vehicles here.
The Global Automotive Interior Material market in Europe will have significant growth over the forecast period. The regulations associated with improvement in countermeasures along with crash performance for the safety of the passengers is boosting the market growth in this region. Moreover, car manufacturers are introducing high-end interiors in entry-level cars, which again is boosting the market growth.
The Global Automotive Interior Material market in North America will have a notable growth over the forecast period. This is on account of increasing research and development activities in this region and high standards of living in the US.
Key Players
Leading players profiled in the Global Automotive Interior Material market report include Faurecia S.A (France), BASF Automotive Solutions (Germany), NTF India Pvt Ltd (India), Toyoda Gosei Co. Ltd (Japan), Lear Corporation (US), Toyota Boshoku Corporation (Japan), and Sage Automotive Interiors. Inc (US), among others.
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