The global automotive interior trims market size is expected to be valued at US$ 13.64 Billion in 2022 and exhibit growth at a CAGR of 3.6% in the forecast period (2022-2032).
According to a report by Fact.MR, sales in the global automotive interior trims market are projected to reach US$ 19.4 Billion in 2032. Trend of carpooling and rising demand for self-driving vehicles are likely to push the need for comfortable cabin designs, which would augment growth.
As per a study published by the University of California, carpooling can help private and public sector employees to reduce capital costs of nearly US$ 15,000 to US$ 45,000 per parking space in the U.S. They can also lower operational costs of about US$ 360 to US$ 2,000 per parking space annually.
Vehicle type, the battery electric vehicles segment is anticipated to remain at the forefront through 2032. Surging demand for environmentally friendly mobility solutions to reduce pollution is expected to boost sales of battery electric vehicles globally.
Further, supportive government schemes and initiatives to promote the adoption of sustainable vehicles by eliminating conventional polluting vehicles from roads is set to fuel growth. High demand for quieter cabins and luxury in battery electric vehicles to elevate driving experience is also expected to aid growth. Besides, surging adoption of powered seats in battery electric vehicles and high demand for aftermarket seating solutions are set to augment growth. In April 2022, for instance, Maruti announced that it is planning to launch the Maruti Suzuki XL6 MPV with numerous additional features, including ventilated seats for the driver and front passenger in India.
Both seats will have seat-cooling functionality, which is a highly sought-after feature for Indian cars owing to the country’s climatic condition. Similar innovative product launches by key players in various parts of the globe to cater to specific needs are likely to push growth.
Key Takeaways from Automotive Interior Trims Market Study
Europe automotive interior trims market is expected to generate nearly 21.6% of share in 2022.
- North America is projected to account for 17.5% of the global automotive interior trims market share in 2022.
- Based on material, the leather segment is set to hold the lion’s share on the back of rising demand for luxurious driver and passenger seating experience.
- Top 3 countries in the global automotive interior trims market are anticipated to generate a share of 42.6% in the forthcoming years (2022-2032).
- In terms of end user, the OEM segment is expected to witness fastest growth over the upcoming decade.
These insights are based on a report on Automotive Interior Trims Market by Fact.MR.
