Automotive Interior Materials Market Size Worth USD 66.38 Billion by 2026; Increasing Adoption of E-vehicles to Bolster Growth, Says Fortune Business…

Pune, June 23, 2020 (GLOBE NEWSWIRE) -- The global automotive interior materials market size is expected to gain momentum owing the increasing demand for lightweight materials in automotive and rising demand for e-vehicles. Fortune Business Insights, publish this information in its latest report, titled Automotive Interior Materials Market Size, Share & Industry Analysis, By Material (Plastics, Fabrics, Composites, Leather {Synthetic and Natural}, and Others), By Application (Dashboard, Seats, Airbags & Seat belts, Door panel & trims, Carpet and headliners, and Others), and Regional Forecast, 2019-2026. The reports observe that the market is projected to reach USD 66.38 billion by 2026, while exhibiting a CAGR of 3.845 between 2019 and 2026. Additionally, the reports mention that the market was worth USD 51.09 billion in 2018.

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Automotive Interiors are one of the vital parts of the automotive as they play an important role in influencing a customer to buy the vehicle by pleasing and attracting them with their aesthetic appeal. In addition to this, several materials such as plastics, wood, rubber, composites, and fabrics, among others are adopted in manufacturing the interiors. Furthermore, special impetus in laid on the quality of interiors as they have to meet certain industrial standards before being installed in the vehicle. For instance, in China, the GB-Standard 8410-2006 is put forth that defines the adoption of CCC-Certified automotive interior material for the market.

What does the Report Include?

The market report includes detailed quantitative and qualitative analysis of several factors such as the key drivers and restraints that will affect market growth. In addition to this, the report provides insights into the regional analysis that covers the different regions, which are contributing to the growth of the market. Furthermore, it includes the competitive landscape that involves leading companies and adoption of strategies by them to innovate novel products, announce partnerships, and collaboration that will contribute to the growth of the market between 2019 and 2026. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.

Driver and Restraints:

High Demand for Lightweight Interiors to Drive the Market

Lightweight automotive results in low consumption of fuel and drastic reduction of carbon emissions. Therefore, the major manufacturers prefer lightweight automotive interior materials that are manufactured from high quality plastics, composites, and fabric materials. Furthermore, imposition of stringent regulations such as the CAF (Corporate Average Fuel Economy) is propelling the automakers to include lightweight materials. Increasing adoption of such materials such as the plastics to increase the aesthetic value and design of the interiors will contribute to the global automotive interior materials market during the forecast period. For instance, Hyundai, a leading auto manufacturer, adopted recycled plastic along with volcanic stone and powdered wood that helped in lowering down of the weight of the interior plastic by approximately 20%.

Regional Analysis:

Increasing Sales of E-Vehicles in Asia-Pacific to Surge Demand

Among the regions, the market in Asia-Pacific is expected to remain at the forefront and hold the highest global automotive interior materials market revenue during the forecast period. This is ascribable to factors such as increasing economic conditions of middle class people in countries such as India, Japan, South Korea, and China. Furthermore, increasing sales of e-vehicles in the region is anticipated to favor the market growth. Europe, on the other hand, is likely to witness significant growth and be the second-most leading region for the market. Factors such as increasing sales of hybrid and e-vehicles in Europe will drive the market growth.

The market in North America is expected to witness steady growth in the forthcoming years. This is attributable to factors such as rising adoption of e-vehicles among the population and introduction of innovative interior design by the major automakers.

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Competitive Landscape:

Merger and Acquisition Strategies by the Companies to Spur Demand

In January 2020, FAURECIA, a leading French manufacturer of automotive components, announced its acquisition of SAS, a major player in interior modules. The acquisition has enabled the company to expand its product portfolio and maintain stronghold in the global marketplace. Adoption of strategies such as novel product launches, partnership, and merger and acquisition by the companies to gain major chunk of the global automotive interior materials market share will bode well for the market growth during the forecast period.

List of the Leading Companies Operating in the Automotive Interior Materials Market:

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Automotive Interior Materials Market Size Worth USD 66.38 Billion by 2026; Increasing Adoption of E-vehicles to Bolster Growth, Says Fortune Business...