Automotive Interior Market to grow USD 194.8 Billion by 2028

"Increasing demand for lightweight vehicles, Rising popularity of autonomous vehicles, and Increased demand for comfort and luxury are significant factors for the automotive interior market, globally."

The global automotive interior market size is projected to grow from USD 157.4 Billion in 2023 to USD 194.8 Billion by 2028, at a CAGR of 4.4%. The automotive interior market is expected to experience growth driven by various factors. The automotive industry is currently under constant pressure to adapt to new changes due to technological advancements and end-user preferences. Vehicle interiors are key areas that have witnessed a rapid change due to various factors such as consumer demand for safety and comfort, preference for fuel efficiency, and increasing competition within the industry. OEMs strive to provide vehicles with good interior styling, advanced features, comfort, and safety. They also focus on reducing the weight of the vehicle by using lightweight, cost-effective, and durable materials in designing components. There have been many innovations in the automotive interior segment recently, such as head-up displays, advanced gesture controls, voice command, heated steering wheels, haptic feedback, smart seating system, lighted headliner, ambient lighting, and vehicle air purifying system. To cater to the increasing consumer demand for customized and technologically advanced vehicle interiors, companies in the market are constantly developing superior products with enhanced features.

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"Fabric Segment is projected to be the largest market in the forecast Period."

The fabric segment is expected to lead the automotive interior market during the forecast period. Fabric is soft and comfortable. It may be produced in a number of textures and colors, giving automakers the freedom to design their vehicles in a variety of ways. Fabric interiors are also being equipped with a wider range of features, such as heated and ventilated seats, massage functions, and memory settings. For instance, the 2022 model Toyota Camry featured a fabric interior with a variety of colors and textures to choose from. Such development will drive the market in the forecast period.

"Passenger Car segment is anticipated to witness significant growth during the forecast period."

The passenger car segment is projected to have the largest share of the automotive interior market during the forecast period due to the rising consumer purchasing power, sales of semi-luxury and luxury cars, and demand for convenience features. The launch of autonomous and semi-autonomous vehicles is another factor contributing to the market's expansion. Numerous OEMs are introducing level 2 and level 3 semi-autonomous vehicles, including Nissan, Honda, Audi, BMW, and Mercedes-Benz. In February 2023, Nissan and Renault plan to invest USD 600 million in India over the next 3-5 years to expand their market shares in passenger cars and electric vehicles. Due to such development will propel the market growth in the forecast period.

"Asia Pacific Hold the Largest Market Share in the Forecast Period"

Asia Pacific has emerged as a promising market for the global automobile industry. The principal driver of this trend is the Chinese market, which has grown to become the world's largest producer and buyer of automobiles. India, Japan, and South Korea are also important country-level markets in the region. While India is gradually becoming a genuine player in the automotive sector, Japan and South Korea are already well-established. According to OICA, China and India produce over 30 million vehicles each year. Despite the worldwide market slowdown, the Asia Pacific region has seen growth in automobile production in recent years. Furthermore, the region is the largest market for small passenger cars, making it a viable market for automotive interior component suppliers. With the rise of autonomous vehicle trends, automotive interior components will become increasingly important in the selection of car models; as a result, manufacturers are delivering high-tech interiors such as advanced entertainment systems, connected applications, and premium interior materials. Vehicle models such as Tesla Model X, Mercedes-Benz EQS, BMW iX, Audi e-tron GT are vehicles with advanced interior features that were launched in Asia Pacific in 2022. The Mercedes-Benz EQS is a luxury electric sedan that features a luxurious interior with a focus on sustainability. The interior is made of sustainable materials, such as bamboo and recycled plastics. The EQS also features a number of advanced technologies, such as a 56-inch OLED touchscreen infotainment system and a Burmester surround sound system.

The market growth in Asia Pacific can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China. The governments of these countries have recognized the growth potential of the automotive sector and have consequently undertaken various initiatives to encourage major OEMs to enter their domestic markets. Several global automobile manufacturers, such as Volkswagen (Germany), Mercedes Benz (Germany), and General Motors (US), have shifted their production plants to emerging economies in the region.

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This release was published on openPR.