According to a report published by Allied Market Research titled, “World Automotive Interiors Market – Opportunities and Forecasts, 2015–2022“, the world automotive interiors market is estimated to reach $236.2 billion by 2022, growing at a CAGR of 6.5% during the forecast period (2016-2022). Asia-Pacific is the leading market of automotive interiors, followed by Europe. Factors such as increasing preference of consumers towards attractive and comfortable interiors coupled with the rising disposable income have resulted in the overall increase in demand for vehicles equipped with superior quality interiors.
Summary of the Automotive Interiors Market Report can be accessed on the website here
Cockpit module, flooring, door panel, automotive seat, interior lighting, acoustic, and sun visors among others are the key components of a vehicles’ interior. Among these, the automotive seat is the largest revenue contributor, anticipated to account for over 40% of the total market revenue, throughout the forecast period. The rising demand for luxurious seating systems is fostering the market growth for automotive seats. Cockpit module, which encompasses audio systems, infotainment, instrument cluster, telematics, and others, would be the second highest revenue-generator throughout the analysis period. Interior lighting is anticipated to be the most lucrative segment in terms of growth, with an anticipated CAGR of 10.4% from 2016-2022. The growth is attributable to the technological advancements in LED lights and an increasing trend of interior lighting customization among the buyers.
Based on vehicle type, passenger cars generated higher revenue in comparison with a commercial vehicle, accounting for over 78% of the market revenue in 2015. The passenger car segment would continue to lead the market throughout the analysis period, owing to the continuous development of technologically advanced infotainment and active safety systems, which facilitate a safe and superior driving experience.
Based on geography, Asia-Pacific dominated the automotive interiors market accounting for over 37% share in 2015, in terms of revenue, owing to lower transportation and labor costs, and easy availability of raw materials.
Key Findings of the Automotive Interiors Market:
- LAMEA would region is likely to be one of the fastest growing markets, in terms of revenue, with an anticipated CAGR of around 7.1%, from 2016 to 2022.
- The automotive seat segment is expected to maintain its prominent foothold in the market throughout the forecast period. However, interior lighting is estimated to be the fastest growing segment.
- The passenger car segment accounted for more than two-thirds of the market share in 2015 and is anticipated to maintain its share throughout the analysis period.
The leading players in the automotive interiors market have adopted strategies such as collaborations, product launch, agreement & acquisitions to expand their market presence. The key companies profiled include Grupo Antolin, Faurecia S.A., Johnson Controls Inc., Calsonic Kansei Corp., Visteon Corporation, Lear Corporation, Delphi Automotive Plc., Hyundai Mobis Company, Ltd, Magna International Inc. and International Automotive Components Group S.A. (IAC).