The Automotive Interior Materials Market is expected to grow from USD 46.6 billion in 2018 to USD 55.4 billion by 2023, at a CAGR of 3.5%. The growth of the market is attributed to the increasing automotive manufacturing activities in the APAC region and the growing demand for high-end luxury vehicles in North America and Western Europe.
Browse 80 market data Tables and 38 Figures spread through 128 Pages and in-depth TOC on "Automotive Interior Materials Market by Type (Synthetic Leather (PU & PVC), Genuine Leather, Polymers, Fabric), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Region - Global Forecast to 2023"
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The polymers segment accounts for the largest share of the overall automotive interior material. Automotive interior polymers are used in the manufacture of lightweight and durable interior components. The use of components manufactured with these lightweight polymers helps reduce the overall weight of the vehicle and makes it fuel-efficient.
The automotive interior materials market in the passenger vehicles segment is projected to witness the highest growth during the period between 2018 and 2023. This vehicle type is also estimated to account for the largest share of the overall interior materials market. This high growth is attributed to the rapidly increasing demand for passenger vehicles. Improving living standards, rising economic conditions, and higher incomes are leading to the increasing demand for passenger vehicles.
APAC is the global leader in the automotive interior materials market. China, India, and Southeast Asian countries are witnessing a significant increase in the use of automotive interior materials for different vehicle types. The production of an automobile is increasing in the region with the growing demand for vehicles. With improving standards of living, the demand for fuel-efficient automobiles is rapidly growing.
The automotive interior materials industry has several global players competing for a share of the market. These companies are actively investing in various strategies, such as expansions, new product developments, mergers & acquisitions, and joint ventures projects, to increase their market shares. Adient plc (Ireland), Toyota Boshoku Corporation (Japan), Lear Corporation (US), Toyoda Gosei Co., Ltd. (Japan), Faurecia S.A. (France), and Magna International (Canada) are the major players in the market. These players have adopted various organic and inorganic developmental strategies to sustain their position in the market.
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