The global automotive interior material market is majorly driven by technological advancements coupled with high demand for compact, rise in mid-sized cars. Moreover, increasing penetration of electric vehicles and rising trend of customization to differentiate their offerings could also boost the growth of the market. However, high cost of raw materials such as leather and strict government regulations on the usage of leathers may hamper the growth of the market.
Global Automotive Interior Materials Market Report, published by Variant Market Research, forecast that the global market was valued at $124 billion in 2016 and expected to reach $155 billion by 2024; growing at a CAGR of 2.8% from 2016 to 2024. In geographical segments, Asia Pacific and North America are expected to grow at a CAGR of 3.5% and 2.7%, respectively, over the forecast period 2016 - 2024.
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The global automotive interior material market is majorly driven by growing penetration of electric vehicles, technological advancements coupled with high demand for compact, rising demand of natural fiber compounds in vehicle interior, increasing mid-sized cars, growing private equity investments. However, high cost of raw materials such as leather and government restrictions on the usage of leathers may restraints the growth of the market.
The global automotive interior materials market has been bifurcated into material, application and geography. Material type segment comprises leather, fabric, thermoplastic polymers, vinyl and wood.
Application segment includes light commercial vehicle, heavy commercial vehicle, and passenger vehicle. Thermoplastic polymers accounted for the largest market share in 2016, driven by its ability to mold into components of complex geometrics, offer integral fitments leading to easier assembly, and replacing several parts.
Passenger vehicles held the highest share with in the automotive interior materials market in the year 2016.
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North America, Europe, Asia-Pacific and Rest of the World (RoW) are the major regions covered in this report. Asia Pacific is the fastest growing region in the global automotive interior materials market, and is anticipated to continue this trend driven by speedy economic growth, growing population, improving lifestyle, increasing disposable income, and rising demand for small & medium-sized luxury cars.
Europe held the largest share of the market followed by North America in the year 2016.
The major key players of automotive interior materials market are Toyota Boshoku Corporation, The Haartz Corporation, Johnson Controls Inc., Faurecia S.A., Sage Automotive Interiors Inc., GST AutoLeather Inc., D.K Leather Corporation, International Textile Group Inc., Auto Trim Inc., Dow Chemical Company, BASF S.E., and Lear Corporation.
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Scope of Automotive Interior Materials Market
- Thermoplastic Polymers
- Heavy Commercial Vehicle
- Light Commercial Vehicle
- Passenger Vehicle
- North America
- South America
- Middle East
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