Press release
Automotive Interior Material Market Rising Demand Propels to US$ 857.4 Million by 2034
Automotive Interior Material Market
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To cut carbon emissions, top automakers use lightweight polymers and composites in their instrument panels, dashboards, and flooring components. Furthermore, the quick adoption of green technologies in the automotive leather production process is projected to present lucrative opportunities for manufacturers of vehicle interior materials.
Key Takeaways from Market Study
The global automotive interior material market is estimated at US$ 59.6 billion in 2024.
Demand for automotive interior materials is projected to rise at a CAGR of 3.6% from 2024 to 2034.
By the end of 2034, the market is forecasted to reach US$ 95.2 billion.
North America is estimated to account for a 25.8% share of the market in 2024.
Demand for automotive interior materials for passenger vehicles is forecasted to increase at a CAGR of 4.3% from 2024 to 2034.
Through 2034, the market in North America is projected to expand at a CAGR of 4.6%.
The market in East Asia is forecasted to expand at a CAGR of 6.4% from 2024 to 2034.
"Principal driver behind the expansion of the automotive interior material market is the imperative to achieve overall vehicle weight reduction, thereby optimizing fuel economy. Additionally, the rising prominence of sustainable and eco-friendly interior materials reflects the industry's commitment to addressing environmental concerns," says a Fact.MR analyst.
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Key Companies Profiled in This report:
Changzhou Xingyu Automotive Lighting Systems Co., Ltd
Texas Instruments
Hella KGaA Hueck & Co.
Magneti Marelli S.p.A.
Valeo SA
Koninklijke Philips N.V
Stanley Electric
Koito Manufacturing Co., Ltd.
Magneti Marelli S.p.A.
Osram Licht AG
Increasing Demand for Comfort and Customization
More people are traveling, which has led to an increase in the number of reasonably priced vehicles on the market. Consequently, there is currently a greater standard for cozy and attractive interior designs. Technological advancements and the need for customizable automotive interior materials are driving market growth.
Companies are making adjustments to create fresh interiors in response to consumer demand. Increasing health concerns among consumers are also motivating businesses to develop eco-friendly car interior materials that also enhance driving comfort. The market for automotive interior materials is being impacted by these factors.
In May 2022, Lear Corporation announced its acquisition of I.G. Bauerhin, a supplier of active cooling solutions and seat sensors.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the automotive interior material market for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on material (fabric, genuine leather, synthetic leather, thermoplastic) and vehicle type (passenger vehicles, light commercial vehicles, heavy commercial vehicles), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Country-wise Analysis
What growth rate can be seen in North America?
North America is experiencing a growth rate of 4.5%, primarily fueled by the rising demand for commercial vehicles driven by the expanding logistics industry and the thriving e-commerce sector in the region. The market is further propelled by the increasing disposable incomes of middle-class consumers, leading to a surge in low-cost vehicle sales and contributing to overall market advancement.
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