According to The Business Research Company’s Automotive Interior, The automotive interior market size has grown strongly in recent years. It will grow from <b>$144.63 billion in 2023 to $154.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. </b> The growth in the historic period can be attributed to increased consumer demand for advanced infotainment systems, growth in the automotive industry with a focus on in-car connectivity, adoption of advanced driver assistance systems (adas), stringent safety regulations driving the integration of smart displays, growing demand for enhanced safety, comfort, and convenience in automobiles.
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The automotive interior market size is expected to see strong growth in the next few years. It will grow to <b>$202.78 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. </b> The growth in the forecast period can be attributed to rapid adoption of oled panels, rising production of passenger cars and commercial vehicles, growth of the high-end and luxury car segments, expansion of the connected car ecosystem, surge in demand for electric and autonomous vehicles . Major trends in the forecast period include digital cockpits, minimalist interior designs, integration of smart lighting systems, enhanced seating comfort and ergonomics, in-car biometric systems.Growing demand for luxury vehicles is expected to propel the growth of the automotive interior market going forward. Luxury vehicles refer to a vehicle that has high-end features that go above and beyond the usual necessities. These vehicles have more luxurious interiors, superior performance capabilities, and the latest safety and technological features due to the use of automotive interiors. For instance, according to the Federation of Automobile Dealers Associations, an India-based automobile association, for the year 2021, 24,009 luxury cars were sold in India within a period of 12 months. In addition, Italian automobile maker Lamborghini also recorded 142% year-over-year growth in India. Therefore, an increase in demand for luxury vehicles is driving the growth of the automotive interior market.
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The automotive interior market covered in this report is segmented
1) By Vehicle Type: Passenger Car, Commercial Vehicle
2) By Component: Infotainment System, Instrument Panels, Interior Lighting, Body Panels, Other Components
3) By Application: Dashboard, Seats, Airbags and Seat Belts, Door Panel and Trims, Carpet and HeadlinersStrategic investments have emerged as the key trend gaining popularity in the automotive interiors market. Major companies operating in the automotive interiors market are investing to sustain their position in the market. For instance, in October 2022, MycoWorks, a US-based biotechnology company secures strategic investment from GM Ventures, a US-based company financing growth-stage tech to develop fine mycelium materials for sustainable automotive interiors . The platform has enabled a new class of premium, non-animal materials which could have the opportunity to support GM’s continued progress toward its vision of a world with zero crashes, zero emissions and zero congestion . The automotive interior market report table of contents includes:
1. Executive Summary
2. Automotive Interior Market Characteristics
3. Automotive Interior Market Trends And Strategies
4. Automotive Interior Market – Macro Economic Scenario
5. Global Automotive Interior Market Size and Growth
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26. South America Automotive Interior Market
27. Brazil Automotive Interior Market
28. Middle East Automotive Interior Market
29. Africa Automotive Interior Market
30. Automotive Interior Market Competitive Landscape And Company Profiles
Top Major Players:
- Adient plc
- Calsonic Kansei Corporation
- Faurecia SE
- Hyundai Mobis Co. Ltd
- Lear Corporation
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