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.

New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Interior Market by Component, Material Type, Level of Autonomy, Electric Vehicle, Passenger Car Class, ICE Vehicle Type and Region - Global Forecast to 2028" - https://www.reportlinker.com/p05026082/?utm_source=GNW 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 command, heated steering wheels, haptic feedback, smart seating system, lighted headliner, ambient lighting, and vehicle air purifying system. 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.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 being 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.Due to such development will propel the market growth in the forecast period.Asia Pacific Hold the Largest Market Share in the Forecast PeriodAsia 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 periodThe 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 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.In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.• By Company Type: OEMs - 34%, Tier I - 57%, Tier II - 09%• By Designation: CXOs - 32%, Directors - 42%, and Others - 26%• By Region: North America - 23%, Europe - 26%, Asia Pacific- 36% and RoW- 15%The automotive interior market is dominated by global players such as FORVIA Faurecia (France), Adient plc. (Ireland), Robert Bosch GmbH (Germany), Lear Corporation (US), and Antolin (Spain). These companies adopted new product launches, deals, and other strategies to gain traction in the automotive interior market.Research Coverage:The market study covers the Automotive Interior Market by Component (Center Stack, Head-Up Display, Instrument Cluster, Rear Sear 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.The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall automotive interior market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.The report provides insights on the following pointers:• Analysis of key drivers (Increasing customer preference for convenience, premium features, and advanced safety features, Integration of smartphone connectivity, Use of variety of lightweight & advanced materials and innovative finish, 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 cost involved, and volatility in raw material costs, Significant power consumption in automotive interior electronics, Increased competition from local companies offering counterfeit/retrofit solutions), opportunities (Rising trend of semi-autonomous and autonomous vehicles,Growing trend of interior customization in premium vehicles and interior styling, Growing demand for electric vehicles, New entertainment and smart mirror applications, Focus on 5G and wireless technology), and challenges (Long production cycle time, High cost of advanced automotive display systems, Presence of unorganized aftermarket) influencing the growth of the automotive interior market .• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the automotive interior market• Market Development: Comprehensive information about lucrative markets – the report analyses the automotive interior market across varied regions• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the automotive interior market• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like FORVIA Faurecia (France), Adient plc. (Ireland), Robert Bosch GmbH (Germany), Lear Corporation (US), and Antolin (Spain), among others in the automotive interior market Page 25 of 34 strategies. The report also helps stakeholders understand the pulse of the autonomous vehicle market and provides them information on key market drivers, restraints, challenges, and opportunities.Read the full report: https://www.reportlinker.com/p05026082/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________