Global automotive interior materials market share to surpass USD 132 BN by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
The report cites the demand for lower weight and aesthetic feature in the vehicles to be one of the major driving factors fueling automotive interior materials market growth. Moreover, a strict regulatory landscape is also stated to influence the global landscape, primarily to monitor the authenticity of the materials deployed in the interiors.
As per the study, the rising disposable incomes, especially in the emerging economies such as China, India, and Brazil will also foster automotive interior materials industry size. The rising economic status of the consumers will encourage further spending on automotive interiors, driven by demand to improve the aesthetic appeal of the vehicles. Reportedly, owing to this trend, passenger car segment will register a substantial demand for automotive interior materials over the period of 2018-2026.
The industry is expected to be underlined by internal substitution of materials; usage of synthetic PU, PVC leather, fabrics etc. are projected to be used as a leather substitute. With both OEMs as well as customers inclining towards improving interior compartments of a vehicle, the market is expected to register substantial growth in the projected timeframe.
The report segments the automotive interior materials market in terms of the major geographies providing details regarding the growth trends in these regions. The major regional segments include North America, Europe, Asia Pacific, and Middle East & Africa. As per the report, Asia Pacific is expected to hold the major share in the global landscape. The growth is mainly accredited to a large automotive manufacturing base in the region. The rising disposable income of the APAC population will further drive the demand for premium materials in the region including alloys, composites, and genuine leather.
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Speaking further of the regional landscape, Europe, especially Western Europe, is expected to follow APAC in terms of regional hierarchy. North America is expected to witness a moderate CAGR over 2018-2026 on account of its slow vehicle production rate.
The study provides an in-depth overview of the competitive landscape of automotive interior materials market. A detailed analysis of the company financials, recent developments, and product benchmarking of the players has been outlined in the report. Some of the key players profiled in the study are Fauracia SA, Toyota Boshoku Corporatio, Lear Corporation, Borgers SE & Co, Johnson Controls, DK Leather Corporation Berhad, Takata Corporation, Grupo Antolin, Magna International, Yanfeng Automotive Interiors, Hyundai Mobis Co and Calsonic Kensei Corporation.