Automotive Interior Components Market 2019 Report: Share, Size, Sales
Automotive Interior Components Market Research Report: Information by Components (Infotainment, Instrument Cluster, Telematics, Flooring, Door Panel, Automotive Seat and Interior Lighting), Vehicle Type (Passenger and Commercial Vehicle) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2025
Overview
The Global Automotive Interior Components Market is estimated to register a CAGR of 5.11% during the forecast period. The global automotive interior components market is very dynamic and is expected to witness high growth over the forecast period. The growth of the market is influenced by the rising income level of individuals, cutthroat competition in the automotive industry, and the booming automotive industry, whereas it is hindered by the capital-intensive market.
In 2018, the global automotive interior components market was led by Asia-Pacific followed by Europe and North America. The Asia-Pacific region is dominating the global market, owing to the growing income levels of individuals and rapidly increasing disposable income among the consumers. Furthermore, increasing incidence of customization in automobiles such as interior lighting systems, instrument cluster telematics, and audio systems, among others from countries like China and India, is likely to drive the market growth.
North America is known for quickly adopting new technologies, owing to the rapidly increasing GDP and high employment rate. This region has witnessed significant growth in the demand for electric vehicles in the past few years. In North America, since 2014, the sale of electric cars has doubled, which implies that the demand for electric cars has risen at a rapid pace. This demand for electric cars will drive the growth of automotive interior components market across the US, Canada, and Mexico.
Segmentation
The global automotive interior components market has been segmented based on vehicle type, component, and region.
On the basis of vehicle type, the market is divided into passenger and commercial vehicle. The passenger vehicle segment held the largest market share in 2018 and projected to witness significant growth during the forecast period due to rise in individual income levels and growing adoption of the infotainment system in passenger vehicles such as SUV’s and cars. The commercial vehicle segment accounts for almost 35% of global vehicle production. With the rise in commercial activities, the commercial vehicle segment is expected to witness rapid growth during the forecast period, which in turn drives the growth of automotive interior components market during the forecast period.
On the basis of component, the market is segmented into infotainment, instrument cluster, telematics, flooring, interior lighting, and automotive seat. In 2018, the infotainment segment dominated the market and was expected to grow at the highest CAGR during the forecast period. The infotainment system in automobiles accounts for a major market share with 24%. The increasing incidence of customization in automotive has resulted in the infotainment segment registering high growth during the forecast period.
Key Competitors
The major players operating in this market, to have adopted these strategies are Johnson Controls, Toyota Boshoku Corporation, Lear Corporation, Toyoda Gosei Co., Ltd., Faurecia SA, Continental AG, Magna International, and Delphi.
Regional Analysis
On the basis of region, the global automotive interior components market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).
Europe is expected to witness significant growth in the global automotive interior components market. The growing focus of government and manufacturers on the “European Way Of Future Mobility” drives the growth of the automotive industry, which in turn boosts the growth of automotive interior components market in the region.
The rest of the world (RoW) consists of the Middle East & Africa and South America. The increasing presence of major automobile manufacturers will increase the demand for automotive interior components in the region.
Synopsis
The global automotive interior components market has been segmented based on component, vehicle type, and region. On the basis of vehicle type, the global automotive interior components market is segmented into passenger and commercial vehicle. The passenger vehicle segment is projected to be dominant throughout the forecast period, whereas the commercial vehicle segment is projected to witness the highest growth over the forecast period. Among regions, in 2018, the global automotive interior components market was led by Asia-Pacific followed by Europe and North America.
Extensive research in this market has brought to light that expansion is the key strategy adopted by the major players in the global automotive interior components market. In addition to this, acquisition & merger is another strategy adopted extensively by the players with a share of 23.31% to acquire greater market share and achieve operational efficiencies.
Overview
The Global Automotive Interior Components Market is estimated to register a CAGR of 5.11% during the forecast period. The global automotive interior components market is very dynamic and is expected to witness high growth over the forecast period. The growth of the market is influenced by the rising income level of individuals, cutthroat competition in the automotive industry, and the booming automotive industry, whereas it is hindered by the capital-intensive market.
In 2018, the global automotive interior components market was led by Asia-Pacific followed by Europe and North America. The Asia-Pacific region is dominating the global market, owing to the growing income levels of individuals and rapidly increasing disposable income among the consumers. Furthermore, increasing incidence of customization in automobiles such as interior lighting systems, instrument cluster telematics, and audio systems, among others from countries like China and India, is likely to drive the market growth.
North America is known for quickly adopting new technologies, owing to the rapidly increasing GDP and high employment rate. This region has witnessed significant growth in the demand for electric vehicles in the past few years. In North America, since 2014, the sale of electric cars has doubled, which implies that the demand for electric cars has risen at a rapid pace. This demand for electric cars will drive the growth of automotive interior components market across the US, Canada, and Mexico.
Segmentation
The global automotive interior components market has been segmented based on vehicle type, component, and region.
On the basis of vehicle type, the market is divided into passenger and commercial vehicle. The passenger vehicle segment held the largest market share in 2018 and projected to witness significant growth during the forecast period due to rise in individual income levels and growing adoption of the infotainment system in passenger vehicles such as SUV’s and cars. The commercial vehicle segment accounts for almost 35% of global vehicle production. With the rise in commercial activities, the commercial vehicle segment is expected to witness rapid growth during the forecast period, which in turn drives the growth of automotive interior components market during the forecast period.
On the basis of component, the market is segmented into infotainment, instrument cluster, telematics, flooring, interior lighting, and automotive seat. In 2018, the infotainment segment dominated the market and was expected to grow at the highest CAGR during the forecast period. The infotainment system in automobiles accounts for a major market share with 24%. The increasing incidence of customization in automotive has resulted in the infotainment segment registering high growth during the forecast period.
Key Competitors
The major players operating in this market, to have adopted these strategies are Johnson Controls, Toyota Boshoku Corporation, Lear Corporation, Toyoda Gosei Co., Ltd., Faurecia SA, Continental AG, Magna International, and Delphi.
Regional Analysis
On the basis of region, the global automotive interior components market is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW).
Europe is expected to witness significant growth in the global automotive interior components market. The growing focus of government and manufacturers on the “European Way Of Future Mobility” drives the growth of the automotive industry, which in turn boosts the growth of automotive interior components market in the region.
The rest of the world (RoW) consists of the Middle East & Africa and South America. The increasing presence of major automobile manufacturers will increase the demand for automotive interior components in the region.
Synopsis
The global automotive interior components market has been segmented based on component, vehicle type, and region. On the basis of vehicle type, the global automotive interior components market is segmented into passenger and commercial vehicle. The passenger vehicle segment is projected to be dominant throughout the forecast period, whereas the commercial vehicle segment is projected to witness the highest growth over the forecast period. Among regions, in 2018, the global automotive interior components market was led by Asia-Pacific followed by Europe and North America.
Extensive research in this market has brought to light that expansion is the key strategy adopted by the major players in the global automotive interior components market. In addition to this, acquisition & merger is another strategy adopted extensively by the players with a share of 23.31% to acquire greater market share and achieve operational efficiencies.
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