The global automotive interior components/accessories market size was worth around USD 145.5 Billion in 2022 and is predicted to grow to around USD 240.8 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 7.0% between 2023 and 2030.
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➤ The market is expanding due to the growing demand for luxury vehicles.
The future market expansion is expected to be driven by the increasing demand for premium vehicles. High-end features that exceed the fundamental requirements are referred to as luxury vehicles. The utilization of automotive interiors has resulted in the development of more luxurious interiors, enhanced performance capabilities, and the most advanced safety and technological features in these vehicles. For instance, the Federation of Automotive Dealers Associations, an automotive association headquartered in India, reports that 24,009 luxury cars were sold in India during the first 12 months of 2021, a 45% increase from the same period in 2020.
➤ The market growth is impeded by the presence of low-quality interior car accessories.
In the global automotive interior components/accessories market, there are a plethora of low-quality suppliers of interior vehicle accessories. The prices of these products are competitive when contrasted with those of branded interior car accessories. Despite the appealing appearance and inferior quality of the interior accessories, consumers are purchasing them. The market’s growth is expected to be restricted by consumers’ inadequate comprehension of authentic accessories during the forecast period.
➤ An appealing opportunity is presented by the increasing number of innovative product launches.
In the automotive interior parts and accessories market, the easy-return seat feature has emerged as a significant trend. Major participants in the automotive interior industry are introducing innovative products in order to preserve their market share. For example, Toyota Boshoku Corporation, a Japanese auto component manufacturer, developed a driver’s easy return seat feature in February 2020 that enables small passengers to enjoy a comfortable voyage. Each time they enter and exit the seat, it becomes simpler to adjust the seat’s position. This seat feature is present in the Toyota Yaris, the most recent model.
➤ A substantial obstacle is presented by an increase in trade tariffs.
International trade is becoming increasingly unpredictable as a result of the rise in import tariffs. In January 2019, the United States government implemented a section 301 tariff on automotive components sourced from China, which began with a 10% duty and subsequently increased to a 25% duty. Consequently, it is anticipated that this will present a significant obstacle to the expansion of the automotive interior components/accessories industry market.
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The Global Automotive Interior Components/Accessor Market is segmented based on product, application and region
Global Automotive Interior Components/Accessor Market: Product Segment Analysis
● Center Stack
● Head-Up Display
● Instrument Cluster
● Rear Seat Entertainment
● Dome Module
● Headliner
● Seat
● Interior Lighting
● Door Panel
● Adhesives & Tapes
● Others
Global Automotive Interior Components/Accessor Market: Application Segment Analysis
● Passenger Car
● Commercial Vehicle
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The global Automotive Interior Components/Accessor market profiles key players such as:
● Franzen Söhne GmbH
● Norsk Hydro ASA
● MARUTI SUZUKI INDIA LIMITED
● Knauf Industries
● UES International
● Prima Automotive
● Eissmann Individual GmbH
● Huntsman International LLC
● J. Wagner GmbH
● Treatstock
● HZCORK
● Dow
● Rolls-Royce
● Keystone Automotive OperationsInc.
● Kuda UK LTD
● MOBIS INDIA LIMITED
● Polydesign Systems
● Adient PLC
● Grupo Antolin
● Panasonic Corporation
???? Recent Developments:
• Lear Corporation, a manufacturer of automotive seating and electrical components based in the United States, acquired M&N Plastics Company in March 2021. The acquisition is expected to surpass customer expectations in addition to the production of intricate electrical distribution components, such as high-voltage wire harnesses and power electronics. Both engineered plastic components for automotive electrical distribution and custom plastic injection model products are manufactured by the US-based M & N Plastics Company.
• Hyundai Mobis and Luxoft announced a new agreement in October 2022 to market their newly developed In-vehicle Infotainment (IVI) platform for sale to independent manufacturers. The Mobis Infotainment System (MIS), which was developed by both companies, is an IVI platform that can fully manage six displays. These displays include a digital cluster, an augmented reality heads-up display, a center stack display, and three displays for the passenger seats. The International Suppliers Fair was conducted in Germany in October 2022, and the information was disclosed at that time.
➤ It is anticipated that Asia Pacific will secure the greatest market share during the forecast period.
The global automotive interior components/accessories market is anticipated to be dominated by the Asia Pacific region during the forecast period. This is due to the rapid growth of automotive industries and the increasing disposable income of the population, particularly in India and China. Currently, the Indian automotive sector is responsible for 49% of India’s manufacturing GDP and 7.1% of the country’s overall GDP, as per Invest India. It is anticipated that the EV market will experience a 49% compound annual growth rate (CAGR) between 2022 and 2030, resulting in annual sales of 10 million units by 2030. The electric vehicle (EV) sector is expected to generate 50 million direct and indirect jobs by 2030.
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