Global Automotive Interior Material Market Report, published by Variant Market Research, forecast that the global market is expected to reach $155 billion by 2024 from $124 billion in 2016; growing at a CAGR of 2.8% from 2016 to 2024.
Automotive Interior Materials Market (By Material Type: Leather, Thermoplastic Polymers, Fabric, Vinyl, and Wood; By Application: Heavy Commercial Vehicle, Light Commercial Vehicle, and Passenger Vehicle; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024
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High demand for compact and mid-sized cars to drive the Automotive Interior Material market
The global automotive interior material market is mainly driven by technological advancements with high demand for compact, rise in mid-sized cars. Also, increasing penetration of electric vehicles and growing trend of customization to distinguish or differentiate their offerings could also lift the growth of the market. However, high cost of raw materials such as leather and stringent government regulations on the usage of leathers may hinder the growth of the market. Furthermore, safe or harmless, lightweight & modified interiors along with flexibility on price would offer growth opportunities. Introduction of green and nano technology in the materials used would provide break in the upcoming years
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Material, application and geography are the major segments of global automotive interior material market. Material segment is further segmented into thermoplastic polymers, leather, fabric, vinyl and wood. Furthermore, application segment is further characterized into heavy commercial vehicle, light commercial vehicle and passenger vehicle. Based on geography, the global automotive interior material market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Thermoplastic segment accounted for the largest market share in the material segment
Thermoplastic polymers accounted for the largest market share in 2016, and are expected to continue its dominance during the forecast period 2016-2024, mainly due to its ability to mold into components or parts of complex geometrics, replacing several parts and offer integral fitments which leads to easier assembly.
Asia Pacific is anticipated to grow at a fastest CAGR over the forecast period
Asia Pacific is expected to attain the fastest CAGR during the forecast period 2016-2024, due to rapid economic growth, increasing population, growing disposable income, improving living standards and demand for small & medium-sized luxury carspresence of high number of diabetic population, growing awareness and improving healthcare infrastructure. North America also held the largest market share of 41.1% in 2016, owning to well-developed economy and increasing demand at highest pace in the country.
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The automotive interior materials market has a limited number of global players competing for market share. The companies are vigorously investing in several strategies such as expansions, mergers & acquisitions, new product developments, and joint ventures worldwide to increase their market share
The major players in the market includes The Haartz Corporation, Toyota Boshoku Corporation, Johnson Controls Inc., D.K Leather Corporation, Sage Automotive Interiors Inc., Faurecia S.A., GST AutoLeather Inc., International Textile Group Inc., Dow Chemical Company, BASF S.E., Auto Trim Inc., and Lear Corporation.
Scope of Automotive Interior Materials Market
- Thermoplastic Polymers
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
- North America
- South America
- Middle East
About Variant Market Research
Variant Market Research offers syndicated and customized reports to fulfill clients’ objectives. We also provide customized data pack proposing market sizing in an Excel/PDF/PowerPoint or Word format as per the requirement of clients. We cover several industry domains, namely Semiconductor & Electronics, Consumer Electronics, Information and Communication Technology, Automotive, Consumer Goods, Food & Beverages, Pharmaceuticals, Medical Devices, Chemicals, Industrial, Mining Equipment, Automation, Manufacturing, Construction, Energy & Power, Defense & Aerospace and Banking, Financial services and Insurance (BFSI). Our expertise are data triangulation, competitor benchmarking, parent market benchmarking, estimating market size and forecast of the market from 2016 to 2024.
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