Automotive Interior Materials Market to Expand at a CAGR of ~3% & Size ~USD 80 billion by 2033

Automotive interior materials market is estimated to garner a revenue of ~USD 80 billion by the end of 2033 by growing at a CAGR of ~3% By 2033

NEW YORK, UNITED STATE, December 23, 2022 /EINPresswire.com/ -- Global Automotive Interior Materials Market Key Insights

During the forecast period of 2023-2033, the global automotive interior materials market is expected to reach an estimated value of ~USD 80 billion by 2033 by expanding at a CAGR of ~3%. The market further generated a revenue of ~USD 50 billion in the year 2022. Major key factors propelling the growth of automotive interior materials market worldwide are rapid growth in automotive industry, along with growing technology advancement.

Market Definition of Automotive Interior Materials

The materials used inside automobiles are called automotive interior materials. The main materials used in automotive interiors include fabric, plastics, real leather, and synthetic leather. The interior of an automobile, which is made up of parts like headliners, cockpit modules, door panels, automobile seats, and others, is intended to be comfortable, secure, and soundproof. The upholstery, interior trims, and other embellishments all significantly affect how marketable an automobile is.

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Global Automotive Interior Materials Market: Growth Drivers

The growth of the global automotive interior materials market can majorly be attributed to the rising bioplastic adoption & veganism. The usage of plastics made from fossil fuels is becoming less common, and therefore industry is switching to bio-based plastics to maintain the light weight and high performance of automobiles. For instance, bioplastics are used to construct the inside of the Lexus HS 250h. Major automakers like Toyota have started using a variety of bio-based plastics in their vehicles’ interiors, including bio-polyesters, bio-PET (polyethylene terephthalate), and PLA-blends (polylactic acid). Headliners, sun visors, floor mats, and a number of other components in the Toyota Prius and Toyota SAI vehicles are constructed of bio-plastics. Additionally, in recent years, the employment rate in the automobile sector has increased dramatically. As a result, it is anticipated that the use of automotive interior materials in the production of automobiles would expand due to the high employment rate in the global automotive sector. About 2 million persons were engaged in the Indian automotive sector during the fiscal year 2018.

The global automotive interior materials market is also estimated to grow majorly on account of the following:

Upsurge in growth of the population
Growth in number of vehicles
Improvement in production rate in vehicles
Growing interest of population in luxury cars
Global Automotive Interior Materials Market: Restraining Factor

Globally, the automotive sector has been impacted by the BSIV (India), Bharat Stage 6 (Bharat Stage 6), Euro6, and other evolving regulatory standards on vehicle emissions. Hence this factor is expected to be the major hindrance for the growth of the global automotive interior materials market during the forecast period.

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Global Automotive Interior Materials Market Segmentation

By Type (Composites, Plastics, Metals, Fabric, Lather, and Others)
By Application (Dashboard, Door Panel, Seats, Floor Carpets, and Others)
By Vehicle Type (Passenger Cars, LCVs, HCVs, and Others)
By 2033, the sector of passenger cars is anticipated to hold the largest market share owing to the increasing demand for personal automobiles among the population. According to the International Organization of Motor Vehicle Manufacturers (OICA), the production of passenger vehicles increased from 55,908,989 in 2020 to 57,054,295 in 2021, while sales of passenger vehicles increased from 53,917,153 units in 2020 to 56,398,471 units in 2021. Along with these other variables, the rise in disposable income, rising interest in travel, and rising demand for comfortable automobiles are few others that are anticipated to create prosperous growth prospects for the market during the assessment period.

By Region
The Asia Pacific automotive interior materials market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. Increased demand of vehicles from the population, and growing disposable income are some of the major factors estimated to boost the growth of the market is this region. In 2021, the region’s overall vehicle manufacturing increased from 44,276,549 units in 2020 to 46,732,785 units. In a similar vein, statistics provided by the International Organization of Motor Vehicles show that total sales in the region increased to 42,663,736 units in 2021 from 40,322,544 in 2020. The presence of major key players and top vehicle exporters and importers in the area is another factor that has been linked to a rise in the use of automotive interior materials. Around 2 million passenger cars and about 402,000 commercial vehicles were shipped from China in 2021. Additional causes for the increased adoption rate of car interior materials include the rising Gross Domestic Product (GDP) level, the employment rate, and the income levels.

The market research report on global automotive interior materials also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

Key Market Players Featured in the Global Automotive Interior Materials Market

Some of the key players of the global automotive interior materials market are Lear Corporation, Asahi Kasei Corporation, Toyota Boshoku Corporation, Faurecia, Toyoda Gosei Co., Ltd., GRUPO ANTOLÍN IRAUSA, S.A., Seiren Co., Ltd., Fritz Dräxlmaier GmbH & Co. KG, DuPont de Nemours, Inc., Sage Automotive Interiors, and others.

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