DUBLIN--(BUSINESS WIRE)--The "Automotive Interior Market by Component (Seat, Interior Lighting), Material (Glass Composite, Carbon Composite, Metal, Vinyl, Fabric), Autonomous Driving (Semi-autonomous, Autonomous), Electric Vehicle, Vehicle Type and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global automotive interior market is estimated to grow at a CAGR of 4.5% during the forecast period, from USD 123.2 billion in 2020 to USD 153.8 billion by 2025.
The automotive industry is continuously evolving, with an increasing focus on semi-autonomous and autonomous vehicle technologies. Several vehicle manufacturers have showcased their new concept cars with autonomous and connected car technologies. These cars, with their advanced technologies and radical designs, are expected to hit the market soon. The interiors in these cars need to provide comfort and convenience and should have the latest technology incorporated. The increasing demand for advanced automotive interior solutions and systems can be attributed to advances in semi-autonomous and autonomous technologies.
BEV segment is projected to be the fastest growing electric vehicle during the forecast period.
The demand for BEVs is expected to increase in the coming years due to an increase in the adoption of strict emission norms by governments of various countries. Several governments now provide subsidies for the use of environment-friendly vehicles, thereby encouraging the use of electric vehicles. Stringent emission regulations in the US, particularly in states such as California and New York, have led to increased sales of electric vehicles. Electric vehicles tend to have a higher number of electronics/advanced systems.
Thus, the growing number of electric vehicles will result in an increased demand for advanced automotive interior systems. In Europe, the market for BEVs is estimated to grow due to emission regulation mandates and development of electric vehicle infrastructure. OEMs are also expanding their manufacturing facilities worldwide to increase the production of electric vehicles. For instance, in August 2017, Tesla announced its plan to raise USD 1.5 billion to fund the development of its cheapest electric car, which proves the aggressiveness of manufacturers in the market.
The passenger car segment is estimated to be the largest automotive interior market, by vehicle
The passenger car segment is projected to have the largest share of the automotive interior market during the forecast period. The increasing purchasing power of consumers, growing sales of semi-luxury & luxury vehicles, and high demand for convenience features are expected to boost the passenger car segment. The advent of semi-autonomous and autonomous vehicles is also attributed to the overall growth of the market. Passenger vehicles are the most focused segment for automotive interior manufacturers.
The technologies used in this type of vehicle are frequently changing due to the high demand from consumers for luxurious and convenience features. Also, government regulations for emissions and safety are frequently changing. The manufacturers must reduce the weight of passenger vehicles and offer comfort and safety to the consumers at a lower price. Due to the increasing demand for autonomous and electric vehicles, the electronic content is frequently increasing in passenger vehicle interiors, which, in turn, is driving the growth of the passenger vehicle interior market.
Europe automotive interior market is projected to grow at a significant rate during the forecast period.
The major growth drivers for the European automotive interior market include the growing demand for technology, the rising need for a safe and secure driving experience, and an increase in the development of connected cars.
Significant demand for high-end premium vehicles with advanced interior features and technologies such as HUD, powered & heated seats with massage function, center stack, rear-seat entertainment, and interior/ambient lighting are fuelling the growth in the region. Also, the region has the presence of renowned automotive interior component providers, such as Continental, Grupo Antolin, Faurecia, and Robert Bosch GmbH are the major players in this region. The presence of major automobile manufacturers, combined with technological prowess, would result in a significant rise in the demand for advanced interior systems and components in Europe.
Market Dynamics
Drivers
- Increasing Customer Preference Toward Convenience, Premium Features, and Advanced Safety
- Substantial Production and Sales Volumes of Vehicles Across the World
- Use of Variety of Lightweight & Advanced Materials and Innovative Finish
- Integration of Smartphone Connectivity
Restraints
- High Cost Involved; and Volatility in Raw Material Costs
- Significant Power Consumption in Automotive Interior Electronics
Opportunities
- Much Anticipated Growth of Electric Vehicles
- Rising Trend of Semi-Autonomous & Autonomous Vehicles
- Growing Trend of Interior Customization in Premium Vehicles and Interior Styling
- Advanced Lightweight Mechanism for Automotive Seats
Challenges
- Long Production Cycle Time
Companies Mentioned
- Adient
- Au Optronics Corp.
- Clarion
- Continental Ag
- Denso Corporation
- Desay Sv Automotive
- Draxlmaier Group
- Eissmann Group Automotive
- Faurecia
- Garmin Ltd.
- Gentex Corporation
- Grupo Antolin
- H.B. Fuller Company
- Hayashi Telempu Co. Ltd.
- Hyundai Mobis
- IAC Group
- Inteva Products
- Kyocera Corporation
- LG Display Co. Ltd.
- Lear Corporation
- Machino Plastics Limited
- Magna International
- Marelli
- Mondragon Assembly
- Nippon Seiki Co. Ltd.
- Novares
- Panasonic Corporation
- Pioneer Corporation
- Robert Bosch Gmbh
- S. Franzen Sohne Gmbh
- Sage Automotive Interiors, Inc.
- Samsung Electronics Co. Ltd.
- Spark Minda
- Stoneridge Inc.
- Tachi-S Co. Ltd.
- Toyota Boshoku Corporation
- Trinseo S.A.
- Valeo
- Visteon Corporation
- Yanfeng Automotive Interiors
- Yazaki Corporation
For more information about this report visit https://www.researchandmarkets.com/r/z6fh3f
