Automotive Interior Market worth $201.2 billion by 2027 – Exclusive Report by MarketsandMarkets™
Chicago, April 26, 2023 (GLOBE NEWSWIRE) — Automotive Interior Market is projected to reach USD 201.2 billion by 2027 from USD 153.5 billion in 2022, at a CAGR of 5.6% during the forecast period, according to a new report by MarketsandMarkets™.
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|Market size value in 2022:
|USD 153.5 billion
|Projected to reach 2027:
|USD 201.2 billion
|Base Year Considered:
|Asia Pacific, North America, Europe, and RoW
|by Component (Automotive Displays, Door Panel, Dome Module, Headliner, Seat, Interior Lighting), Material Type, Level of Autonomy, Electric Vehicle, Passenger Car Class, ICE Vehicle Type and Region
|Robert Bosch (Germany), Continental (Germany), Denso (Japan), Grupo Antolin (Spain), Panasonic (Japan), Pioneer (Japan), Faurecia (France), Hyundai Mobis (South Korea), and many more
Technological advancements in current generation automotive interior components Increasing customer preference for convenience, premium features, and advanced safety are further expected to drive the Automotive Interior Market. Overall, the changing preferences of buyers, improved standards of living, and focus of OEMs to provide comfort and convenience are also expected to drive the growth of the Automotive Interior Market.
HUD segment, by component, is estimated to be the fastest-growing Automotive Interior Market during the forecast period.
The head-up display (HUD) is a device that displays information about the vehicle and the external environment in the driver’s field of view. It reduces driver distraction and helps the driver to concentrate on the road. The HUD has become a key advanced driver assistance system. The increasing demand for comfort and safety functions has encouraged auto manufacturers to invest in advanced in-vehicle safety functions. The increasing demand for safety functions is encouraging vehicle manufacturers to develop features for mid-segment and economy segment vehicles too. The HUD market growth can be attributed to the high luxury vehicle production capabilities coupled with high demand for luxury and convenience features.
Passenger car segment, by vehicle type, is estimated to be the largest segment during the forecast period.
Due to increasing customer preference for convenience, premium features, and advanced safety, the passenger car segment is projected to have the largest share of the Automotive Interior Market during the forecast period. Passenger vehicles require high-quality interiors as compared to LCVs and HCVs due to end-user demand. The amount of money spent on quality, comfort, and styling of automotive interiors is much higher in the case of personal use than commercial use. Also, the increased disposable income in developing countries is driving the growth of the Automotive Interior Market for passenger vehicles. Passenger vehicles are the most focused segment for automotive interior manufacturers. The technologies used in this type of vehicle are frequently changing due to the high demand from consumers for luxury and convenience features. Also, government regulations for emissions and safety for passenger vehicles are frequently changing. The manufacturers must reduce the weight of passenger vehicles and offer comfort and safety at a lower price. Due to the increasing demand for autonomous and electric vehicles, the electronic content is frequently increasing in passenger vehicle interiors, which, in turn, is driving the growth of the passenger car interior market.
Asia Pacific is estimated to be the fastest-growing market for automotive interior in 2022
Asia Pacific is projected to be the fastest-growing market for automotive interiors. Leading automakers in this region, such as Toyota, Honda, and Hyundai, are embracing the advantages of advanced seating systems, lighting, electronics, and various safety systems, making them essential features across their car models. Major countries in this region, such as China, Japan, India, and South Korea, are anticipated to witness the rapid adoption of new technologies. China, due to its high vehicle production capacity, is expected to significantly contribute to the market growth in Asia Pacific. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations across the region are also expected to contribute to market growth.
Key Market Players
The Automotive Interior Market is dominated by globally established players such as Continental AG (Germany), Faurecia SA (France), Grupo Antolin (Spain), Hyundai Mobis (South Korea), and Magna International Inc. (Canada), Adient (US), Valeo(France), Dräxlmaier Group (Germany) and Panasonic Corporation (Japan).
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