Automotive Interior Market – Development and Trends to 2025

Automotive Interior Market

The Automotive Interior Market is estimated to be worth $123.2 billion in 2020 and is projected to reach $153.8 billion by 2025, at a CAGR of 4.5% during the forecast period.

Technological advancements in current automotive interior components, along with the increasing trend of connected and autonomous vehicles, are further expected to drive the automotive interior market.

The automotive industry is currently under constant pressure to adapt to new changes due to technological advancements and end-user preferences. Vehicle interiors are key areas that have witnessed a rapid change due to various factors such as the consumer demand for safety and comfort, preference for fuel efficiency, and increasing competition within the industry. OEMs strive to provide vehicles with good interior styling, comfort, and safety. They also focus on reducing the weight of the vehicle by using lightweight, cost-effective, and highly durable materials in the designing of components. There have been many innovations in the automotive interior market recently, such as the head-up display, advanced gesture controls, haptic feedback, smart seating system, lighted headliner, and OLED lighting. To cater to the increasing consumer demand for customized and technologically advanced vehicle interiors, companies are constantly developing superior products with enhanced features.

Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=10199544

Some of the key market players include Continental AG (Germany), Faurecia SA (France), Grupo Antolin (Spain), Marelli (Japan), and Magna International Inc. (Canada), Adient (US), Toyota Boshoku (Japan), Visteon (US), Dräxlmaier Group (Germany), Panasonic Corporation (Japan), and Yanfeng Automotive Interiors (China), among others.

The COVID-19 pandemic has presented an unprecedented challenge for the automotive interior component providers as major OEMs partially or completely suspended vehicle production in major automotive markets. As the severity of the pandemic increases in Europe and North America, major automotive interior providers could lose significant chunks of revenue in 2020.

Europe is estimated to have a significant market share by 2025, followed by North America and RoW. The growth of the automotive interior market in Europe is expected to be driven by the adoption of advanced interior components such as HUD, centre stack, and lighting in the economy and commercial vehicles. The major growth drivers for the European automotive interior market include the growing demand for technology, the rising need for a safe and secure driving experience, and an increase in the development of connected cars.

Passenger car segment is expected to be the largest automotive interior market. Passenger vehicles require high-quality interiors as compared to LCVs and HCVs due to end-user demand. The amount of money spent on quality, comfort, and styling of automotive interiors is higher in the case of personal use than commercial use of vehicles. Also, the increased disposable income in developing countries is driving the growth of the automotive interior market for passenger vehicles.

The semi-autonomous segment is projected to be the fastest segment of the automotive interior market during the forecast period. The adoption of semi-autonomous vehicles is growing worldwide due to the increasing integration of automotive electronic components, safety features, and convenience/premium features. The segment is also anticipated to rise in the coming years due to an increase in the electrification of vehicle components and the use of smart automotive interior solutions that assist the driver in terms of comfort and safe driving. Also, technologically driven companies and OEMs are collaborating to make semi-autonomous and autonomous vehicles a safer mode of transportation, thereby engaging consumer curiosity.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=10199544

Recent Developments:

1. In September 2020, Marelli and Highly International (Hong Kong), Limited announced an agreement to form a new joint venture, named Highly Marelli Holdings. The new entity will be dealing in-cabin comfort business, focused on developing advanced solutions specifically in the electrification of compressors and heating; ventilation & air conditioning (HVAC); and electric driven compressor (EDC) systems.

2. In September 2020, Continental decided to repatriate the joint venture with Osram. Continental and Osram each have a half share in the joint venture, which was founded in 2018 and specializes in intelligent lighting systems for automobiles. The two companies are currently holding talks that should be concluded by the end of the year. The joint venture will then be dissolved. Through a future cooperation agreement, the companies plan to stay connected to their automotive industry customers. The future will see new lighting solutions based on the close interaction of electronics, software functionality, and modern LED lighting sources.

3. In September 2020, Yanfeng presented the new Experience in Motion 2021 (XiM21) concept car for the first time in Europe. During a virtual event, Yanfeng showcased its Smart Cabin capabilities for future vehicle interiors and how its holistic digital and physical solutions are seamlessly integrated to enhance the in-car experience. The new concept offers advanced technologies and user-centric product solutions that are production-ready for next-generation vehicles.

4. In May 2020, Visteon Corporation contributed its technical expertise and manufacturing capabilities to provide the infotainment platform for Volkswagen Group’s (VW) new Nivus model for the Brazilian market. Offering a 10.1-inch in-plane switching display with a 1540×720 screen resolution, the touch-panel optically-bonded product is fitted with a ‘split-screen’ feature that facilitates user personalization and possesses rearview camera capabilities. The solution provides a high-resolution video that looks good from any angle, making Visteon’s in-vehicle infotainment system convenient and accessible to all vehicle occupants.

5. In February 2020, Toyota Boshoku developed seats with a convenient and comfortable function, “Driver’s Easy Return Seat function,” for Toyota’s New Model Yaris in Japan. The mechanism memorizes the driver’s seat position using manual operation. Using the memory lever placed on the side of the seat, passengers can easily return the seat in the position that is memorized the previous time. This new function enables a comfortable ride, especially for the petite passengers, who adjust seat position every time they enter and exit seat.