Why Automotive Interiors Industry is Witnessing Phenomenal Growth?

Growing need to increase fuel efficiency, technological advancement, mounting demand for luxurious vehicles, and rising focus on the well-being of drivers have fueled the growth of the global automotive interiors market. On the other hand, growth in the trade war, increase in automotive import tariffs and rise in raw material prices hamper the growth to a certain extent. However, untapped developing in Africa and Asia and advancements in in-vehicle infotainment have created multiple opportunities in the segment.

Based on vehicle type, the passenger cars segment garnered the highest revenue in 2017, contributing to more than two-thirds of the total revenue. The rise in demand for passenger vehicles in both emerging and developed countries has driven the growth. The commercial vehicle segment, on the other hand, is projected to register the fastest CAGR of 4.9% through 2018-2025.

The Asia-Pacific region garnered the highest share in 2017, accounting for more than one-third share of the global market. High-end technological developments, an increase in the number of passengers and heavy commercial vehicles have spurred the growth. The LAMEA region, on the other hand, is expected to grow at the fastest CAGR of 6.5% throughout the forecast period. This is due to huge untapped markets in the region and expected growth opportunities in Africa.

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The key market players analyzed in the research include Calsonic Kansei Corp., Faurecia Interior System, IAC Group, Robert Bosch, Grupo Antolin, Adient, Yanfeng Automotive Interiors, Hyundai Mobis Company, Lear Corporation, and Visteon Corporation. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong stand in the global industry.