Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Automotive Interior Market by Component (HUD, Door Panel, Dome Module, Seat, Headliner, Center Console, Center Stack & Others), Material Type, Level of Autonomy, Electric Vehicle, Passenger Car Class, ICE Vehicle Type and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive interior market size is projected to grow from USD 157.4 Billion in 2023 to USD 194.8 Billion by 2028, at a CAGR of 4.4%. The automotive interior market is expected to experience growth driven by various factors. The automotive industry is currently under constant pressure to adapt to new changes due to technological advancements and end-user preferences. Vehicle interiors are key areas that have witnessed a rapid change due to various factors such as consumer demand for safety and comfort, preference for fuel efficiency, and increasing competition within the industry. OEMs strive to provide vehicles with good interior styling, advanced features, comfort, and safety.
They also focus on reducing the weight of the vehicle by using lightweight, cost-effective, and durable materials in designing components. There have been many innovations in the automotive interior segment recently, such as head-up displays, advanced gesture controls, voice commands, heated steering wheels, haptic feedback, smart seating systems, lighted headliners, ambient lighting, and vehicle air purifying systems. To cater to the increasing consumer demand for customized and technologically advanced vehicle interiors, companies in the market are constantly developing superior products with enhanced features.
Fabric Segment is projected to be the largest market in the forecast Period.
The fabric segment is expected to lead the automotive interior market during the forecast period. The fabric is soft and comfortable. It may be produced in a number of textures and colors, giving automakers the freedom to design their vehicles in a variety of ways. Fabric interiors are also equipped with a wider range of features, such as heated and ventilated seats, massage functions, and memory settings. For instance, the 2022 model Toyota Camry featured a fabric interior with a variety of colors and textures to choose from. Such development will drive the market in the forecast period.
Passenger Car segment is anticipated to witness significant growth during the forecast period.
The passenger car segment is projected to have the largest share of the automotive interior market during the forecast period due to the rising consumer purchasing power, sales of semi-luxury and luxury cars, and demand for convenience features. The launch of autonomous and semi-autonomous vehicles is another factor contributing to the market's expansion. Numerous OEMs are introducing level 2 and level 3 semi-autonomous vehicles, including Nissan, Honda, Audi, BMW, and Mercedes-Benz. In February 2023, Nissan and Renault plan to invest USD 600 million in India over the next 3-5 years to expand their market shares in passenger cars and electric vehicles. Such development will propel the market growth in the forecast period.
Asia Pacific holds the Largest Market Share in the Forecast Period.
Asia Pacific has emerged as a promising market for the global automobile industry. The principal driver of this trend is the Chinese market, which has grown to become the world's largest producer and buyer of automobiles. India, Japan, and South Korea are also important country-level markets in the region. While India is gradually becoming a genuine player in the automotive sector, Japan and South Korea are already well-established. According to OICA, China and India produce over 30 million vehicles each year. Despite the worldwide market slowdown, the Asia Pacific region has seen growth in automobile production in recent years.
Furthermore, the region is the largest market for small passenger cars, making it a viable market for automotive interior component suppliers. With the rise of autonomous vehicle trends, automotive interior components will become increasingly important in the selection of car models; as a result, manufacturers are delivering high-tech interiors such as advanced entertainment systems, connected applications, and premium interior materials.
Vehicle models such as Tesla Model X, Mercedes-Benz EQS, BMW iX, Audi e-tron GT are vehicles with advanced interior features that were launched in Asia Pacific in 2022. The Mercedes-Benz EQS is a luxury electric sedan that features a luxurious interior with a focus on sustainability. The interior is made of sustainable materials, such as bamboo and recycled plastics. The EQS also features a number of advanced technologies, such as a 56-inch OLED touchscreen infotainment system and a Burmester surround sound system.
The market growth in Asia Pacific can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China. The governments of these countries have recognized the growth potential of the automotive sector and have consequently undertaken various initiatives to encourage major OEMs to enter their domestic markets. Several global automobile manufacturers, such as Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US), have shifted their production plants to emerging economies in the region.
Europe to be the fastest-growing region during the forecast period.
The increasing demand for technology and safe and secure driving experience and the development of connected automobiles are the key growth factors for the European automotive interior market. The key market players in Europe include Continental (Germany), Grupo Antolin (Spain), Faurecia (France), and Robert Bosch GmbH (Germany) that produce automotive interior components and solutions. Continental will present its Curved Ultrawide Display at CES in September 2023. Ultrawide refers to a width of 1.29 meters, curving from one A-pillar to the other. The 47.5-inch TFT display is illuminated by more than 3,000 LEDs on a 7,680 by 660-pixel active area. Germany is projected to be the largest European automotive interior market due to the high demand for high-end premium cars equipped with cutting-edge interior features and technologies such as HUDs, high-definition displays, heated and powered seats with massage functions, center stacks, rear-seat entertainment, connected mobility applications in infotainment systems, and interior/ambient lighting. OEMs in the region are developing new products that will also help the market grow. For instance, in February 2023, TrinamiX and Continental presented the Driver Identification Display with an integrated camera solution for biometric driver identification. Germany is also home to well-known automotive OEMs, including Volkswagen Group, Daimler, and BMW.
Competitive landscape
The market study covers the Automotive Interior Market by Component (Center Stack, Head-Up Display, Instrument Cluster, Rear Seat Entertainment, Dome Module, Headliner, Seat, Interior Lighting, Door Panel, Center Console, adhesives & tapes, upholstery and others, Material Type (Leather, Fabric, Vinyl, Wood, Glass Fiber Composite, Carbon Fiber Composite, Metal), Level of Autonomy (Semi-Autonomous, Autonomous, Non-autonomous), Electric Vehicle (BEV, FCEV, HEV, PHEV), Passenger Car Class (Economic cars, Mid Segment Cars, Luxury Segment cars), ICE Vehicle Type (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle) and Region (Asia Pacific, Europe, North America, RoW). It also covers the competitive landscape and company profiles of the major players in the automotive interior market ecosystem.
Premium Insights
- Rising Demand for Improved Interior Components and Safety and Convenience Features in Vehicles to Drive Market
- Asia-Pacific to Hold Largest Market Share in Automotive Interior Market in 2023
- Head-Up Display to Grow at Highest CAGR During Forecast Period
- Fabric Segment to Hold Largest Market Share During Forecast Period
- Semi-Autonomous Car Segment to Hold Largest Market Share During Forecast Period
- Mid-Segment Car Segment to Grow at Highest CAGR During Forecast Period
- Battery Electric Vehicle Segment to Hold Largest Market Share During Forecast Period
- Passenger Car Segment to Hold Largest Market Share During Forecast Period
Market Dynamics
Drivers
- Increasing Customer Preference for Convenience, Premium Features, and Advanced Safety
- Use of Lightweight and Advanced Materials and Innovative Finish
- Integration of Smartphone Connectivity
- Enhanced Functionalities in Lighting
- Rise in Demand for SUVs to Fuel Demand for Modular Seats
- Growing Demand for Advanced Infotainment Systems
- Growing Penetration of Adas Systems
Restraints
- High Development Costs and Volatility in Raw Material Prices
- Significant Power Consumption in Automotive Interior Electronics
- Increasing Competition from Local Companies Offering Counterfeit/Retrofit Solutions
Opportunities
- Growing Demand for Electric Vehicles
- Rising Trend of Semi-Autonomous and Autonomous Vehicles
- Growing Trend of Interior Customization in Premium Vehicles
- New Entertainment and Smart Mirror Applications
- Focus on 5G and Wireless Technologies
Challenges
- Long Production Cycle Time
- High Cost of Advanced Automotive Display Systems
- Presence of Unorganized Aftermarket
Case Study Analysis
- Automotive Interior Trim Components
- Automotive Interior Cost and Weight Reduction Research
- Acoustic Performance Enhancement of Hyundai Electric Vehicle Interior
- Interior Booming Noise Control in HEV
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 367 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $157.4 Billion |
| Forecasted Market Value (USD) by 2028 | $194.8 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Companies Mentioned
- Adient plc.
- Alps Alpine Co., Ltd.
- Antolin
- Audi AG
- BMW AG
- Continental AG
- Denso Corporation
- Draxlmaier
- Ford Motor Company
- Forvia Faurecia
- Fujitsu Limited
- General Motors
- Harman International
- Hyundai Mobis
- Japan Display, Inc.
- JVCKENWOOD Corporation
- Lear Corporation
- Magna International Inc.
- Mitsubishi Electric Corporation
- Nippon Seiki Co., Ltd.
- NVIDIA Corporation
- Panasonic Holdings Corporation
- Pioneer Corporation
- Renesas Electronics Corporation
- Robert Bosch GmbH
- Saint-Gobain
- Samvardhana Motherson Group (SMP Deutschland GmbH)
- Texas Instruments
- TomTom International
- Toshiba Corporation
- Toyota Boshoku Corporation
- Valeo
- Visteon Corporation
- Yanfeng
- Yazaki Corporation
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/jduncx
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