Automotive Interior Materials Market
The Automotive Interior Materials Market is projected to expand at a healthy rate of 4.2% over the forecast period (2021-2028), owing to the rising technological innovations. The automotive interior plays a crucial role in maintaining vehicle’s safety, performance, and stability.
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Growth in the automotive interior materials market is driven by the growing demand for exclusive interior materials such as PU-based soft-touch coatings, semi-rigid foams, and polycarbonates and the accelerating sales of passenger vehicles. As reported by the OICA, the passenger vehicles sales were 63.7 million. Further, the expansion in automotive industry and the growing emphasis on reducing the overall weight of vehicles to enhance fuel efficiency are other factors propelling the Automotive Interior Materials Market share. For instance, a 10% decrease in the vehicle’s weight can result into 5 to 8% more fuel efficiency in terms of the greenhouse effect.
However, the high costs of leather is high and gap in supply and demand has curbed the market growth. Additionally, as per the Automotive Interior Materials Market global forecast, norms related to artificial leather hampered the market size. For instance, The Federal Trade Commission has misconceptions about the structure of certain leather and duplication of leather products.
Asia Pacific region is anticipated to emerge as the fastest growing market in the automotive interior materials market during the forecast period owing to the expansion in automotive industry. The strong presence of prominent players, such as Toyota Boshoku Corporation and Toyoda Gosei Co., Ltd will bolster the market growth. Moreover, rapid urbanization, economic expansion, accelerating purchasing power, and strategic government initiatives will bolster the Automotive Interior Materials Market Size.
Market Segmentation
Automotive Interior Materials Market by Product
- Fabric
- Synthetic Leather
- Polymers
- Genuine Leather
- Others
Automotive Interior Materials Market by Vehicle Types
- Passenger Vehicles
- LMV
- HCV
Automotive Interior Materials Market by Region:
- Asia Pacific
o China
o Japan
o India
o Rest of APAC
- North America
o United States of America
o Canada
- Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
- RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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