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"Overview of Automotive Interior Market"
The Automotive Interior Market Is Estimated to be USD 192.021 Billion In 2019 and it is expected to Reach more than USD XX Billion By 2028, Likely to Grow at a CAGR of 5.5% During The Forecast Period.
Automotive Interior or design is a specialty associated with the development of the display and comfort design of commercial as well as passenger’s vehicle. This is mostly used in the automobile industry but also includes trucks, motorcycles, buses, cars, vans, among others. The development and design of new and modern vehicles is specially done by a research team from various disciplines along with automotive engineers. The vehicle interior consists of components such as the cockpit, headliners, automotive seats, door panels, and others. Many manufacturers are doing specific research in automotive interior according to global trends to design for projects two to three model years in the future. Trend boards are created from this research in order to keep track of design influences as they relate to the automotive industry. The automotive interior industry has seen tremendous changes in the past few years with the development of advanced technology and innovative design to give grip, comfort and sound insulation of the vehicle.
Growing Demand for Cabin Comfort Will Drive the Automotive Interior Market
The automotive industry has developed a new solution for designing. The operating and controlling the complex functions has been eliminated by using automotive interior. Also, more comfort solution and features have been added in lighting, infotainment system and seat, which enhanced the overall experience of vehicle passenger as well as the driver. Now a day people are spending more time and investment in-vehicle, which increases the traffic and also the need for transport. Hence, manufacturers are increasing the comfort features in the vehicle i.e. they are replacing many old systems by electronics system. The original equipment manufacturer is developing technology to improve customer satisfaction in the automotive interior market.
Passengers' Vehicle Segment Dominated The Automotive Interior Market With Over 47.0% Revenue Share In 2018 In The Vehicle Type Segment.
There is an increase in the technological development of in-vehicle comfort, attractiveness, and creativity, especially in the passenger vehicle. The component used in passenger vehicle is more perceived by a consumer as compared to commercial vehicle. Passenger vehicle sales in 2017 were 81.8 million, consumers are spending more time in the vehicle for personal than commercial use.
The Infotainment System Segment Is Forecasted To Have the Highest CAGR in the Forecast Period
The infotainment system is the fastest-growing segment in the automotive interior market. It provides time, temperature display functions such as navigation, camera, etc., Consumers are having more disposal money and are willing to spend in the vehicle comfort.
Europe is expected to grow at the highest CAGR during the forecast period
The automotive industry is booming the market in this region, due to the presence of larger manufacturers such as Continental AG, Faurecia, Delphi Automotive, among others. The automotive sector has provided 13.8 million jobs in the European region. The European Commission supports technological harmonization and funding research & development of the automotive industry to increase public safety
However, North America has dominated the automotive interior market with the largest share of the market due to increasing the presence of a well-established automotive industry. The Asia Pacific is expected to witness the significant growth next to the European region over the forecast period due to developing infrastructure in this region, coupled with increasing awareness about upcoming technologies in passenger vehicles.
Manufacturers such as Audi and BMW are offering high-quality equipment that increases vehicle comfort, performances and new invention in the automotive interior market. Key manufacturers are planning to use customized controls that can easily be integrated into the dashboard materials. The sales of luxurious cars increased worldwide by around 4% from 2016 to 2017.
Acquisition and merger are the key factors that are adopted by the key players in the automotive interior market. Some of the major companies into automotive interior are Lear Corporation (U.S.), Magna International (U.S.), Continental AG (Germany), Faurecia (France), Delphi Automotive (UK), Calsonic Kansei Corporation (Japan), Hyundai Mobis Co. Ltd (South Korea), Panasonic Corporation (Japan), Tachi-S Co.Ltd (Japan), Toyota Boshoku Corporation (Japan)
Automotive Interior Key Market Segments:
By Vehicle Type
- Commercial Vehicle
- Light Vehicle
- Heavy Vehicle
- Passenger Vehicle
- Cockpit Module
- Door Panel
- Central Console
- Dome Module
- Interior Lighting
- Infotainment System
- North America
- Asia pacific
- Middle East and Africa
- Latin America