Automotive Interior Components Market

Posted by Abhijeet Bendre on October 1st, 2019

Automotive Interior Components Market Research Report: Information by Components (Infotainment, Instrument Cluster, Telematics, Flooring, Door Panel, Automotive Seat and Interior Lighting), Vehicle Type (Passenger and Commercial Vehicle) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2025

Overview

The Global Automotive Interior Components Market is estimated to register a CAGR of 5.11% during the forecast period. The global automotive interior components market is very dynamic and is expected to witness high growth over the forecast period. The growth of the market is influenced by the rising income level of individuals, cutthroat competition in the automotive industry, and the booming automotive industry, whereas it is hindered by the capital-intensive market

In 2018, the global automotive interior components market was led by Asia-Pacific followed by Europe and North America. The Asia-Pacific region is dominating the global market, owing to the growing income levels of individuals and rapidly increasing disposable income among the consumers. Furthermore, increasing incidence of customization in automobiles such as interior lighting systems, instrument cluster telematics, and audio systems, among others from countries like China and India, is likely to drive the market growth.

North America is known for quickly adopting new technologies, owing to the rapidly increasing GDP and high employment rate. This region has witnessed significant growth in the demand for electric vehicles in the past few years. In North America, since 2014, the sale of electric cars has doubled, which implies that the demand for electric cars has risen at a rapid pace. This demand for electric cars will drive the growth of automotive interior components market across the US, Canada, and Mexico.

Segmentation

The global automotive interior components market has been segmented based on vehicle type, component, and region.

On the basis of vehicle type, the market is divided into passenger and commercial vehicle. The passenger vehicle segment held the largest market share in 2018 and projected to witness significant growth during the forecast period due to rise in individual income levels and growing adoption of the infotainment system in passenger vehicles such as SUV’s and cars. The commercial vehicle segment accounts for almost 35% of global vehicle production. With the rise in commercial activities, the commercial vehicle segment is expected to witness rapid growth during the forecast period, which in turn drives the growth of automotive interior components market during the forecast period.

On the basis of component, the market is segmented into infotainment, instrument cluster, telematics, flooring, interior lighting, and automotive seat. In 2018, the infotainment segment dominated the market and was expected to grow at the highest CAGR during the forecast period. The infotainment system in automobiles accounts for a major market share with 24%. The increasing incidence of customization in automotive has resulted in the infotainment segment registering high growth during the forecast period.

Key Competitors

The major players operating in this market, to have adopted these strategies are Johnson Controls, Toyota Boshoku Corporation, Lear Corporation, Toyoda Gosei Co., Ltd., Faurecia SA, Continental AG, Magna International, and Delphi.

Regional Analysis

On the basis of region, the global automotive interior components market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).

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