Dublin, Nov. 10, 2022 (GLOBE NEWSWIRE) -- The "Global Premium Interior Trim Market: Analysis By Surface Material, By Vehicle Type, By End User, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.
The global premium interior trim market was valued at US$1.54 billion in 2021, and is predicted to grow to US$2.08 billion in 2027. Interior trims are components that are installed in a vehicle to improve its aesthetic appeal.
Almost every vehicle comes in several different versions. Each version, or trim, offers a variety of features and equipment. Automotive trim help buyers differentiate between models, making them easier to identify. The common denominator between all the types of trim is that they are aesthetically motivated.
Interior trims are extremely diverse and therefore are manufactured in many different ways. Professionals come up with new ideas for trim parts and test principles before manufacturing. This ensures that each part has a certain level of functionality as well as aesthetic appeal.
Several companies offers the premium range of interior trim that have more aesthetic appeal and are more practical and versatile. The global premium interior trim market is determined to grow at a CAGR of 5.13% over the forecasted period of 2022-2027.
Asia Pacific is predicted to grow at a significantly high rate during the forecasted period. Increased auto production and ongoing collaborations between automotive OEMs are driving the Asia Pacific premium interior trim market. The comfort and luxury a car offers now outweigh price and fuel efficiency as the most crucial aspects to take into account when purchasing one.
This could be explained by the fact that the demand for luxury and semi-luxury cars is high in the region, which is forcing automakers to add more aesthetic look and comfort, driving the Asia-Pacific premium interior trim market. Also, improved socioeconomic conditions in India, Indonesia, and Thailand are increasing demand for luxury class passenger automobiles. As a result, the Asia-Pacific automotive premium interior trim market is foreseen to grow significantly during the forecasted period.
Market Dynamics:
- Growth Drivers: One of the key drivers of the market's expansion is the rising demand for in-car entertainment. In-car entertainment is a complete suite of advanced features that is integrated in cars to provide entertainment, information, connectivity, and communication services. The complete system uses audio/video (A/V) interfaces, touchscreens, keypads, and other types of devices to provide entertainment and information delivery to the drivers and passengers. Advanced infotainment systems facilitate Bluetooth, Wi-Fi connectivity, interactive voice recognition services, live media streaming, and smart technology for mobile integration. As a result of this, people are installing in-car entrainment systems in their vehicles to experience all the aforementioned features, which is propelling the growth of the global premium interior trim market. Other significant growth factors of the market include, expanding luxury car industry, growing digital ad spending in automotive industry, upsurge in millennial population and rapid urbanization.
- Challenges: However, some challenges are impeding the growth of the market such as high cost involved and volatility in raw material costs, long production cycle time and failure to meet the required quality standard. The prices of advanced automotive interior components have decreased in the past few years, but advanced automotive interior electronics components are still at a higher price range. For instance, earlier, the share of the electronics system in a vehicle was just 1-2% of vehicle cost, but due to the rising trend for enhanced user experience and convenience features, the share of such systems has now increased to 8-12% of the total vehicle cost. Hence, there are few such high-tech solutions and features presently offered in only high-end luxury cars due to the high cost.
- Trends: The market is projected to grow at a fast pace during the forecast period, due to growing demand for electric vehicles, use of variety of lightweight & advanced materials and rising trend of semi-autonomous & autonomous vehicles. The introduction of government regulations for safety, carbon emission, and lightweight vehicles is forcing the OEMs to use materials that will help in an overall weight reduction of the vehicle. Lightweight materials are quite beneficial in making vehicles more efficient. According to industry experts, around 5-7% of fuel can be saved on a weight reduction of around 10%. Apart from that, there are a variety of plastic options available for OEMs to use in interiors. Thus, the use of lightweight materials would provide lucrative opportunities to the market.
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Premium Interior Trim Market: An Analysis
3.1.1 Global Premium Interior Trim Market: An Overview
3.1.2 Global Premium Interior Trim Market by Value
3.1.3 Global Premium Interior Trim Market by Surface Material (Wood, Aluminum, Premium Synthetics and Carbon)
3.1.4 Global Premium Interior Trim Market by Vehicle Type (ICE Passenger Vehicles, ICE Commercial Vehicles, Battery Electric Vehicles, Hybrid Electric Vehicles and Plug-in Hybrid Electric Vehicles)
3.1.5 Global Premium Interior Trim Market by End User (Original Equipment Manufacturers (OEMs) and Aftermarket)
3.1.6 Global Premium Interior Trim Market by Region (Europe, North America, Asia Pacific, and Rest of the World (ROW))
3.2 Global Premium Interior Trim Market: Surface Material Analysis
3.2.1 Global Premium Interior Trim Market by Surface Material: An Overview
3.2.2 Global Premium Wood Interior Trim Market by Value
3.2.7 Global Premium Aluminum Interior Trim Market by Value
3.2.8 Global Premium Synthetics Interior Trim Market by Value
3.2.7 Global Premium Carbon Interior Trim Market by Value
3.3 Global Premium Interior Trim Market: Vehicle Type Analysis
3.3.1 Global Premium Interior Trim Market by Vehicle Type: An Overview
3.3.2 Global ICE Passenger Vehicles Premium Interior Trim Market by Value
3.3.3 Global ICE Commercial Vehicles Premium Interior Trim Market by Value
3.3.4 Global Plug-in Hybrid Electric Vehicles Premium Interior Trim Market by Value
3.3.5 Global Hybrid Electric Vehicles Premium Interior Trim Market by Value
3.3.6 Global Battery Electric Vehicles Premium Interior Trim Market by Value
3.4 Global Premium Interior Trim Market: End User Analysis
3.4.1 Global Premium Interior Trim Market by End User: An Overview
3.4.2 Global Original Equipment Manufacturers (OEMs) Premium Interior Trim Market by Value
3.4.3 Global Aftermarket Premium Interior Trim Market by Value
4. Regional Market Analysis
4.1 Europe Premium Interior Trim Market: An Analysis
4.1.1 Europe Premium Interior Trim Market: An Overview
4.1.2 Europe Premium Interior Trim Market by Value
4.1.3 Europe Premium Interior Trim Market by Region (Germany, The UK, France, Spain and Rest of the Europe)
4.1.4 Germany Premium Interior Trim Market by Value
4.1.5 The UK Premium Interior Trim Market by Value
4.1.6 France Premium Interior Trim Market by Value
4.1.7 Spain Premium Interior Trim Market by Value
4.1.8 Rest of Europe Premium Interior Trim Market by Value
4.2 North America Premium Interior Trim Market: An Analysis
4.2.1 North America Premium Interior Trim Market: An Overview
4.2.2 North America Premium Interior Trim Market by Value
4.2.3 North America Premium Interior Trim Market by Region (The US, Canada and Mexico)
4.2.4 The US Premium Interior Trim Market by Value
4.2.5 Canada Premium Interior Trim Market by Value
4.2.6 Mexico Premium Interior Trim Market by Value
4.3 Asia Pacific Premium Interior Trim Market: An Analysis
4.3.1 Asia Pacific Premium Interior Trim Market: An Overview
4.3.2 Asia Pacific Premium Interior Trim Market by Value
4.3.3 Asia Pacific Premium Interior Trim Market by Region (China, Japan, India, South Korea, and Rest of Asia Pacific)
4.3.4 China Premium Interior Trim Market by Value
4.3.5 Japan Premium Interior Trim Market by Value
4.3.6 India Premium Interior Trim Market by Value
4.3.7 South Korea Premium Interior Trim Market by Value
4.3.8 Rest of Asia Pacific Premium Interior Trim Market by Value
4.4 Rest of World Premium Interior Trim Market: An Analysis
4.4.1 Rest of World Premium Interior Trim Market: An Overview
4.4.2 Rest of World Premium Interior Trim Market by Value
5. Impact of Covid-19
5.1 Impact of COVID-19
5.1.1 Impact of COVID-19 on Premium Interior Trim Market
5.1.2 Impact on Economic Growth
5.1.3 Decline in Automobile Sales
5.1.4 Downfall in Auto Parts Export
5.1.5 Post COVID-19 Scenario
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Expanding Luxury Car Industry
6.1.2 Growing Digital Ad Spending in Automotive Industry
6.1.3 Rising Demand for In-car Entertainment
6.1.4 Upsurge in Millennial Population
6.1.5 Rapid Urbanization
6.2 Challenges
6.2.1 High Cost Involved and Volatility in Raw Material Costs
6.2.2 Long Production Cycle Time
6.2.3 Failure to Meet the Required Quality Standard
6.3 Market Trends
6.3.1 Growing Demand for Electric Vehicles
6.3.2 Use of Variety of Lightweight & Advanced Materials
6.3.3 Rising Trend of Semi-autonomous & Autonomous Vehicles
7. Competitive Landscape
7.1 Global Premium Interior Trim Players by Market Share
7.2 Europe Premium Interior Trim Players by Market Share
7.3 North America Premium Interior Trim Players by Market Share
7.4 Asia Pacific Premium Interior Trim Players by Market Share
8. Company Profiles
8.1 Ningbo Joyson Electronic (Quin)
8.1.1 Business Overview
8.1.2 Revenue by Products
8.1.3 Business Strategy
8.2 Continental AG
8.2.1 Business Overview
8.2.2 Operating Segments
8.2.3 Business Strategy
8.3 Magna International Inc.
8.3.1 Business Overview
8.3.2 Operating Segments
8.3.3 Business Strategy
8.4 Forvia (Faurecia)
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategy
8.5 Yamaha Motor Company
8.5.1 Business Overview
8.5.2 Operating Segments
8.5.3 Business Strategy
8.6 Grupo Antolin
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategy
8.7 Visteon Corporation
8.7.1 Business Overview
8.7.2 Sales by Products
8.7.3 Business Strategy
8.8 Novem
8.8.1 Business Overview
8.8.2 Operating Segments
8.8.3 Business Strategy
8.9 Tata Motors Limited
8.9.1 Business Overview
8.9.2 Operating Segments
8.9.3 Business Strategy
8.10 Toyota Motor Corporation
8.10.1 Business Overview
8.10.2 Operating Segments
8.10.3 Business Strategy
8.11 DURA Automotive Systems
8.11.1 Business Overview
8.11.2 Business Strategy
8.12 NBHX Trim Group
8.12.1 Business Overview
8.12.2 Business Strategy
8.13 DRXLMAIER Group (Draexlmaier)
8.13.1 Business Overview
8.13.2 Business Strategy
For more information about this report visit https://www.researchandmarkets.com/r/od68s6
