PUNE, India, February 13, 2017 /PRNewswire/ –
The report “Automotive Interior Materials Market by Type (Synthetic Leather, Leather, Thermoplastic Polymer, Fabric), Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles), Region – Global Forecast to 2021“, published by MarketsandMarkets, The market is projected to reach USD 98.76 Billion by 2021, registering a CAGR of 11.8% between 2016 and 2021.
Browse 133 market data Tables and 41 Figures spread through 169 Pages and in-depth TOC on “Automotive Interior Materials Market“
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Automotive Interior Materials Market growth is fueled by the high demand for automotive interior materials from the automotive industry in Asia-Pacific, North America, South America, and Middle East Africa.
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Synthetic Leather: The most-widely used type of automotive interior materials
Synthetic leather is the largest type segment of the automotive interior materials used in different vehicle types. The market for synthetic leather is large because it is cheap, easily available, easy to clean, and has an appearance similar to genuine leather. Hence, it is highly preferred. The market for this type segment is further expanding as synthetic leather is customizable and can be molded into various shapes, sizes, and patterns.
Passenger Vehicles: The largest vehicle type segment using automotive interior materials
Passenger vehicles is the largest vehicle type segment using automotive interior materials as the number of passenger vehicles is the largest. The growth of the passenger vehicles is attributed to high living standards, growing economy, and higher incomes. In addition, the need for comfortable and safe commute is growing and hence the market of passenger vehicles is expected to grow. This is further expected to drive the demand for automotive interior materials.
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Asia-Pacific: The largest automotive interior materials market
Asia-Pacific was the global forerunner in the Automotive Interior Materials Market, in terms of both value and volume, in 2015. Countries in this region such as China, India, Japan, and South Korea are witnessing significant increase in the use of automotive interior materials for different vehicle types. This is due to the growing choices in automotive materials, increasing need to own a car, and improving living standards. India is estimated to be the fastest-growing market in this region till 2021. This growth is mainly due to the rapid economic growth and increasing population that is driving the demand for automotive interior materials type in India.
The automotive interior materials market has a few numbers of global players competing for market share. These companies are actively investing in various strategies such as expansions, new product developments, mergers acquisitions, and joint ventures globally to increase their market share. Major players such as Johnson Controls (U.S.), Toyota Boshoku Corporation (Japan), Lear Corporation (U.S.), Toyoda Gosei Co., Ltd. (Japan), and Faurecia S.A. (France), and others have adopted various organic and inorganic developmental strategies.
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