The automotive interior materials market is set to witness a period of remunerative growth over the coming years owing to the growing demand for fuel efficiency in automobiles. This demand is impelling vehicle manufacturers to effectively reduce the overall weight of the vehicle so as to consume less fuel. Additionally, the increasing adoption of passenger vehicles across the globe would further complement the automotive interior materials industry outlook over the coming years.
On the basis of material, the market is further bifurcated into plastics, composites, leathers, fabric, and others, which includes hardboard, and elastomers among others. The composites segment is further classified on the basis of glass fiber composites, carbon fiber composites, and natural fiber composites. The overall composites segment is expected to witness an impressive growth of over 6.5% CAGR through the forecast time period. Increasing demand for high-performance as well as lightweight vehicle interior solutions is projected to proliferate the quality requirement levels across the globe and foster segment growth.
With respect to application, the industry is classified into consoles/front control panels, doors, seats, steering wheels, floor carpet, and others. The others segment is further divided into pillars, ceilings, assist grips, and sun visors, among others. The doors segment will witness over 5.5% CAGR over the analysis period. Functions of interior materials in doors have grown in importance; hence, adopting ideal materials to enhance vehicle’s temperature insulation, sound dampening properties, and durability is a major priority of manufacturers. The incorporation of fabrics and leather accents has also been used to enhance the touch & feel of the vehicle.
In terms of vehicle type, the industry is categorized into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, Passenger cars dominate the global interior material market and are expected to hold the position till the forecast timeframe. The growth of the PCV segment is mainly. Luxury PCVs are expected to grow at a faster rate, and growth in electric offerings will support the growth trajectory.
From a regional perspective, the MEA automotive interior market is expected to witness considerable growth over the analysis period. Rising demand for passenger cars, especially in the luxury and sports segment would complement the regional industry growth. Additionally the increasing trend of vehicle modification activities in the region is also projected to influence the overall regional product demand over the forthcoming years.