Automotive Interior Market Size Stood At $144.9 Billion In 2020 And Is Poised To Register 5.94% Growth Over The Forecast Period To 2026

By Author: Vikas Rathod
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Automotive Interior Market Statistics, 2021
 The global Automotive Interior Market Size stood at $144.9 Billion in 2020 and is poised to register 5.94% growth over the forecast period to 2026
 The COVID-19 resulted in y-o-y decrease of 18.4% in market value
 Passenger Cars are the most consumed applications with 72.8% market share
 Seating Systems continue to be the largest type of Automotive Interior components, with 41.2% share
 Driven by China, Asia Pacific dominates the global Automotive Interior market with 40.3% market share
 Growing demand for premium and luxury vehicles in Europe, infotainment investments in light commercial vehicles in North America and increasing preference for sophisticated interiors in mid-size and compact cars in emerging markets in Asia Pacific and Latin America are major factors shaping the global industry
 Market is relatively fragmented in nature and the leading companies in the market include- Continental AG, Faurecia SA, Grupo Antolin, Marelli, Magna International, Toyota Boshoku and others.

Automotive Interior Market ...
... Size Outlook
Automotive Interior Market Analysis, 2021
The global automotive industry witnessed rapid and intense impact of COVID-19 pandemic including loss of consumer confidence, fluctuations in component supplies, manufacturing disruptions across developed markets, closure of assembly units among others. Companies have reacted to the global demand drop by reducing their R&D expenditure, exiting non-profitable segments, forming strategic partnerships, optimizing working capital and prioritizing investments in potential growth segments.

Automobile vehicle interiors industry also witnessed immense pressure due to the overall demand decline. Companies are focusing on adopting technological advancements and making design and comfort feature modifications in sync with shifting consumer preferences. Investments in use of lightweight materials with low costs and long durability is being observed as consumers increasingly prefer fuel efficient and compact design vehicles. Further, development of autonomous and semi-autonomous vehicles, penetration of battery-operated electric vehicles is strengthening innovations in automotive interiors industry.

Interior manufacturing companies are increasingly partnering with other companies like LG Electronics, Google, IBM and others to develop innovative products and solutions. Innovations in display panels, superior gesture controls, haptic technology, smart seating systems, advanced light control among others are being implemented.

Companies like Hyundai consider that vehicles will move from being solely for transportation to personalized mobility solutions that suit various lifestyles and accordingly have launched Ioniq Concept Cabin. Visteon Corporation is marketing world’s first production cockpit domain controller, Toyota Mirai fuel cell electric vehicle (FCEV) is marketing new designs for new driving experience and increase in fuel efficiency. Audi plans digital matrix LED headlights in its second all-electric model will e-tron Sportback and promotes sophisticated soundproofing and aeroacoustic features. Nissan also markets the interior of the Ariya EV vehicle feels more like a lounge than a conventional vehicle while Toyota Motor Corporation launched its Level 4 autonomous vehicle equipped with Artificial Intelligence AI-powered personal assistant.

Large scale production of passenger cars from developing countries like China, India, South East Asia, Brazil and other markets, these regions have become leading destinations for OEM and automotive suppliers. A large of number of multi-national automakers are expanding their operation bases across these markets. As majority of these markets are price sensitive, companies are focusing on introducing innovative features at relatively lower costs and mass scale supplies. On the other hand, premium car segment is also rapidly growing in Asia Pacific, which will provide market potential for interior suppliers in the segment, predominantly in SUV segment.

Automotive Interior Companies Analyzed in the Report
 Faurecia
 Continental AG
 Grupo Antolin
 Visteon Corp
 Magneti Marelli S.p.A
 Adient plc
 Magna International Inc
 Toyota Boshoku

Asia Pacific Automotive Interior Market Size Outlook
Asia Pacific automotive interior market will record the fastest growth over the forecast period, with high volume production and sales of passenger cars and commercial vehicles will be the primary market drivers. Strong collaborations with domestic players driven by their low cost production, cheap labor and proximity to customers are encouraging growth in the region. R&D efforts are observed vastly in seating and infotainment systems, as these are most preferred upgrades by customers
Small, compact and mid-size cars are the dominant vehicle segments in Asia Pacific and the market is price sensitive. Accordingly, interior manufacturers face tough challenges to boost market shares in the region. China, Japan, India, and South Korea have huge production bases catering both domestic markets and exports to developed countries, Africa and other markets, which present strong scope of new business
Regional players including Marelli, Toyota Boshoku, Yangfeng Automotive Interiors, Hyundai Mobis, and others are investing significantly in R&D to compete against European and American majors. Further, companies like Grupo Antolin, Faurecia and BAIC are expanding their bases in the region and/or partnering with local players in Asia Pacific
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