Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Trim Market Size, Share & Industry Trends Analysis Report By Material, By Application (Exterior and Interior), By End Use (OEM and Aftermarket), By Vehicle Type, By Regional Outlook and Forecast, 2023-2029" report has been added to ResearchAndMarkets.com's offering.
The global automotive trim market is poised for remarkable growth, with projections indicating that it will reach $41.6 billion by 2029, boasting a robust Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period.
Automotive trims, which encompass plastic components integrated into vehicles to enhance their aesthetics and functionality, play a pivotal role in defining a car's distinctive features. Key components like dashboards, front and rear bumpers, and various interior elements contribute to the diverse trims frequently used in automobiles. The market for automotive trim is experiencing substantial growth as numerous automotive component manufacturers develop and produce durable, lightweight components using a variety of polymers. These components are increasingly prevalent in vehicles, driving the expansion of the automotive trim market.
Growing Automotive Industries Worldwide
Over the past decade, several countries, including Germany, China, India, the United States, Japan, and the United Kingdom, have witnessed significant expansion in their automotive industries. Initially, the automotive industry was concentrated in industrialized nations such as the United States, Japan, and Germany. However, the demand for automobiles and automotive parts in these countries has prompted companies to relocate their manufacturing operations.
Lower labor costs in these regions enable manufacturers to produce more products at reduced expenses, aiding them in meeting rising demand, which is expected to boost car sales in the foreseeable future. The decline in prices of electric vehicle components, such as batteries, transmissions, and alternators, is also anticipated to stimulate the global automotive sector.
COVID-19 Impact Analysis
The global automotive sector faced a standstill during the pandemic due to lockdowns, which also affected the production of automotive trim. Furthermore, declining customer demand for vehicle trim had an impact on the revenue of the automotive trim market. Suppliers of automotive parts around the world heavily relied on migrant labor, but worker delays are anticipated to lead to a slow recovery post-lockdown. Original Equipment Manufacturers (OEMs) in the automotive sector also encountered several challenges due to disruptions in the product supply chain.
Market Growth Factors
Growing Demands for Lightweight Components
Automotive trims are essential for enhancing comfort and luxury within a vehicle while reducing vibrations. Traditionally, materials like steel and steel alloys were used for trims, which were heavier and less durable compared to other materials. The automotive industry's technological advancements have led to the development of lightweight materials such as carbon fiber and various polymers for manufacturing trim components.
Increased Sale of Passenger Vehicles
Rising sales of luxury vehicles like sedans and convertibles globally have driven the demand for advanced automotive trims, fueling market growth. Additionally, the growing demand for passenger vehicles due to rapid population growth and increased disposable incomes in developing regions has led to a surge in the need for exterior and interior trim components. Consequently, the deployment of interior trim solutions has surged as consumers opt for vehicles with improved comfort and safety.
Market Restraining Factors
High Cost of Replacement
Many vehicle components are costly, making regular replacements impractical. Manufacturers are increasingly equipping vehicles with robust, long-lasting, and cost-effective components capable of withstanding various environmental conditions. The high cost associated with component replacements also leads to higher vehicle prices, which may hinder market growth.
Scope of the Study
By Material
- Polypropylene (PP)
- Polyoxymethylene (POM)
- Acrylonitrile Butadiene Styrene (ABS)
- Thermoplastic Elastomer (TPE)
- Others
By Application
- Exterior
- Bumpers
- Door & Window Seals
- Others
- Interior
- Dashboard
- Door Panel
- Others
By End-use
- OEM
- Aftermarket
By Vehicle Type
- ICE Passenger Vehicle
- ICE Commercial Vehicle
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Key Market Players
The global automotive trim market features the following key market players:
- International Automotive Components (IAC) Group
- Continental AG
- Fritz Draxlmaier GmbH & Co. KG
- Gemini Group, Inc.
- TS TECH Co.,Ltd.
- Gronbach Inventive Sales & Marketing GmbH & Co KG
- Grupo Antolin Irausa, S.A.
- Kasai Kogyo Co., Ltd.
- Toyota Boshoku Corporation
- Trinseo PLC
For a comprehensive understanding of the automotive trim market, including detailed market dynamics, drivers, restraints, opportunities, challenges, and impactful use cases, please refer to the full report.
For more information about this report visit https://www.researchandmarkets.com/r/ns6rfa
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