Automotive Interior Materials Market Worth $55.41 Billion by 2023
PUNE, India, August 24, 2018 /PRNewswire/ --
According to a new market research report "Automotive Interior Materials Market by Type (Synthetic Leather (PU & PVC), Genuine Leather, Polymers, Fabric), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market is estimated to be USD 46.63 in 2018 and is projected to reach USD 55.41 billion by 2023, registering a CAGR of 3.5% between 2018 and 2023. This growth can be attributed to the increasing automotive manufacturing activities in the APAC region and increasing demand for high-end luxury vehicles in North America and Western European regions.
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Browse 80 market data Tables and 38 Figures spread through 128 Pages and in-depth TOC on "Automotive Interior Materials Market"
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Polymers: The most widely used type of automotive interior material
Polymers are the largest type of automotive interior material used in different vehicle types. The market for automotive interior polymers is large as these polymers are used in the manufacture of lightweight and durable interior components. Components manufactured using these lightweight polymers help reduce the overall weight of the vehicle and make it fuel efficient.
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Passenger vehicles: The largest vehicle type using automotive interior materials
Passenger vehicles are the largest vehicle type using automotive interior materials, as the number of passenger vehicles is the largest. The growth of the passenger vehicles segment is attributed to high living standards, rising economic conditions, and higher incomes. Also, need for comfortable and safe commute is growing and hence the market for passenger vehicles is expected to grow during the forecast period. This is further expected to lead to the growth of the automotive interior materials market during the forecast period.
APAC: The largest automotive interior materials market
APAC is the global forerunner in the Automotive Interior Materials Market, in terms of value and volume, in 2017. Countries in this region, such as China, India, and Southeast Asian countries are witnessing significant increase in the use of automotive interior materials for different vehicle types. This is due to growing choices in automotive materials, increasing need to own cars and improving living standards. India is estimated to be the fastest-growing market in this region until 2023. This growth is mainly due to the rapid economic growth and increasing population that is driving the demand for automotive interior materials in India.
The automotive interior materials industry has a number of global players competing for market shares. These companies are actively investing in various strategies, such as expansions, new product developments, mergers & acquisitions, and joint ventures projects globally to increase their market shares. Major players, such as Adient plc (Ireland), Toyota Boshoku Corporation (Japan), Lear Corporation (US), Toyoda Gosei Co., Ltd. (Japan), Faurecia S.A. (France), and others have adopted various organic and inorganic developmental strategies.
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