Global Automotive Interior Market is projected to grow from USD 235.59 billion in 2017 to USD 301.56 billion in 2022, at a CAGR of 5.06% during the forecast period. This growth is attributed to the increasing need for comfort and convenience features and advanced styling for automotive interior components.
Asia-Pacific with countries such as China, India, Japan, South-Korea, and others hold the largest share in the automotive interior market in terms of value, by region. This growth can be attributed due to high vehicle production in countries such as China and Japan. Developing economies such as India and China have witnessed an increase in the consumer disposable income and spending over the past few years, creating a positive impact toward the market growth of automotive interiors.
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Market Dynamics
Drivers
- Increased in demand for premium segment vehicles to drive the demand for advanced interior styling
- Rising demand for interior styling, cabin comfort, perceived quality, and convenience features
- Government regulation for light weight and safety
Restraints
- High cost of advanced interior components
- High power consumption in automotive interior electronics
Opportunities
- Increase in demand for autonomous vehicle
- Advent of concept cars and electric vehicles in the automotive industry
- Rise in demand for technologically advanced materials
- Rise in the demand for interior styling
Challenges
- Long production cycle of automotive vehicles
- Avoiding the distractions of driver
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). These automotive interior components, such as automotive seats, central console, cockpit module, door panels, headliners, and others, are supplied to automotive OEMs.
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The automotive seat segment is estimated to hold the largest share in terms of value in the automotive interior market. The average distance traveled by a consumer has increased over the years thus the need for comfortable seating and convenience increased substantially. Consumers are ready to spend more in order to achieve quality products in the automotive interior market.
The passenger vehicle segment is estimated to have a substantial growth compared to High Commercial Vehicles (HCVs) and Light Commercial Vehicles (LCVs). The major factor driving this growth is increased consumer disposable income and significant difference in the average amount of money spent on automotive interiors for personal use versus commercial use.
