TheAutomotive Interior Market is projected to grow from USD 235.59 billion in 2017 to USD 301.56 billion by 2022, at a CAGR of 5.06%.
Increased demand for premium segment vehicles with advanced interior styling is one of the major factors for the growth of this market. Other factors such as passenger cabin comfort and convenience shall also impact the growth of this market.
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There have been increasing efforts from automotive OEMs to improve the styling and make the automotive interior components more lightweight, compact, and styling. Lightweight and compact materials help in increasing the fuel efficiency of the vehicle. Corporate Average Fuel Economy (CAFÉ) is enacted by developed economies such as the U.S. to achieve better fuel economy of vehicles.
Asia-Pacific is estimated to be the fastest growing and largest market for automotive interiors at a global level during the forecast period. The primary reason for this growth is high vehicle production in countries such as China and Japan, thereby leading to the increasing usage of automotive interior components such as central console, cockpit module, door panel, headliners, automotive seats, and others. This region has also observed a rise in the consumer disposable income in developing economies such as India and China, thus resulting in a rise in spending for automotive styling and cabin comfort.
Few leading players such as Continental AG (Germany), Faurecia S.A. (France), and Lear Corporation (U.S.) have enhanced their technological capabilities to lead in this market.
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The automotive seat segment is projected to be the largest market for automotive interior components from 2017 to 2022. The increased demand for passenger comfort and convenience is the major reason for the growth in this market. For example, Faurecia S.A. (France) and Wuling Industry (China) entered into a joint venture and formed Faurecia Liuzhou Automotive Seating Co. Ltd. to cater the demand of SGMW (Stoever Glass Wealth Management)-affiliated OEM brands and other customers. The company will sell a complete range of frames, seats, and other seat components.
Magna International, Inc. (Canada) entered into a joint venture with Chinese seating supplier Hubei Aviation Precision Machinery Co., Ltd. (HAPM) to develop innovative seating systems for the automotive industry. These market players such as Faurecia S.A. (France), Lear Corporation (U.S.), and Magna International, Inc. (Canada) are trying to maintain their market share by implementing various strategies for the automotive seat market.
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