New York , Jan. 22, 2024 (GLOBE NEWSWIRE) -- The global automotive interior materials market size is estimated to attain at 3% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 80 billion by the end of 2033, up from a revenue of USD 50 billion in the year 2022. This growth is predicted to rise on account of rising demand for automobiles. The total amount of cars sold globally climbed from approximately 65 million in 2021 to nearly 66 million in 2022. As a result, the demand for automotive interior materials is also rising.
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In recent years, interior materials for automobiles have undergone a remarkable evolution. Automotive interior materials determine not just the looks of a vehicle but also the comfort, safety, and overall user experience. According to the World Health Organization, about 1.19 million people lose their lives in automobile accidents each year. There are an additional 20 to 50 million non-fatal injury cases, many of which result in disability. As a result, the automotive interior is playing a crucial role.
Automotive Interior Materials Industry: Key Takeaways
- Market in Asia Pacific region to gather the highest market share
- Passenger cars segment to garner the highest growth
- Market in North America region to grow at a notable share
Growing Urban Population to Boost the Rise of Automotive Interior Materials Market
Around the world, there are going to be five billion people living in cities and four billion people living in rural areas by 2021. More than 750 million individuals thought of cities as their permanent home in 1950. By 2021, the population had nearly doubled to over 5 billion, and by 2050, it is predicted to reach over 7 billion, adding an extra 3 billion people to the population living in metropolitan areas. Furthermore, urban regions have a high demand for luxury vehicles which is why the market revenue for automotive interior materials is growing to give automotive a rich look.
Automotive Interior Materials Industry: Regional Overview
The global automotive interior materials market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Demand for Electric Vehicles to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for automotive interior materials market is poised to generate the largest revenue by the end of 2033. This growth is set to be encouraged by rising demand for electric vehicles. In the Asia-Pacific area, China sold around 5 million electric automobiles in 2022, the most of any country.
Rising Disposable Income to Drive the Market Growth in North America
The North America market for automotive interior materials is predicted to have significant growth in the market over the forecast period. This growth is set to be influenced by rising disposable income which further increase purchasing power of people. In 2021, the average personal income of Americans might be about USD 14 trillion. The personal disposable income per capita in that year was roughly USD 45,342.
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Automotive Interior Materials Segmentation by Vehicle Type
- Passenger Cars
- LCVs
- HCVs
- Others
The passenger cars segment is predicted to gather the largest revenue in the market over the forecast period. This could be owing to rising demand for passenger vehicles. For instance, it was projected that more than 55 million passenger cars would be sold worldwide in 2022—a rise of around 3% from the year before.
Automotive Interior Materials Segmentation by Type
- Composites
- Plastics
- Metals
- Fabric
- Leather
- Others
The leather segment is projected to have notable growth in the market over the coming years. The growth of the segment is set to be dominated by rising production of leather. For instance, China accounted for approximately 30 percent of the world's total value of leather goods exported in 2021, making it the top exporter of leather goods worldwide.
A few of the well-known market leaders in the global automotive interior materials market that are profiled by Research Nester are Lear Corporation, Asahi Kasei Corporation, Toyota Boshoku Corporation, Faurecia, Toyoda Gosei Co., Ltd., GRUPO ANTOLIN IRAUSA, S.A., Seiren Co., Ltd., Fritz Draxlmaier GmbH & Co. KG, DuPont de Nemours, Inc., Sage Automotive Interiors, and others.
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Recent Development in the Market
- A formal agreement has been signed by Lear Corporation to acquire the Interior Comfort Systems (ICS) business unit of Kongsberg Automotive in its entirety.
- Toyoda Gosei Co., Ltd. has made the decision to use its recently created cellulose nanofiber (CNF)-reinforced plastic for automobile exterior and interior components in order to create lightweight containers.
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