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Automotive Interior Materials Market Size
Automotive Interior Materials Market size valued at USD 27.13 billion in 2019 and is estimated to exhibit over 5% CAGR from 2020 to 2026. Growing emphasis on overall weight reduction of vehicles to optimize fuel efficiency will be a major factor augmenting the automotive interior materials demand. Lightness, superior stiffness, and strength offered by composites and modern plastics have led to their emergence as viable interior solutions.
Lighweighting is a key strategy to improve the overall fuel efficiency of a vehicle. A reduction of 10% in vehicle weight will result in around 6% - 8% improvement in the efficiency of passenger cars and 10% in battery electric vehicles.
Composites and modern plastics have a strong potential in the development of energy-efficient vehicles. Major automotive manufacturers are focusing on reducing carbon emissions with the implementation of lightweight plastics and composites in vehicle instrument panels, dashboards, and flooring components.
The ongoing COVID-19 pandemic has caused a supply chain disruption across the automotive sector. International trade has been temporarily suspended by several countries across the globe, substantially impacting the automotive interior materials market demand. Furthermore, governments in most countries have imposed restrictions on citizen mobility and a temporary shutdown of production facilities in major industries as preventive measures.
What will automotive interior materials market size be valued at by the end of 2026?
In 2019, automotive interior materials industry size was worth USD 27.13 billion and it is expected to depict 5% CAGR through 2026.
How will passenger cars segment fare through 2026?
Global automotive interior materials market size from passenger cars segment may record 5.5% CAGR through 2026.
What factors will push the demand for aftermarket segment?
Automotive interior materials market size from aftermarket end user segment may record 6.5% CAGR through 2026, driven by the huge presence of small as well as large-scale suppliers.
Which application segment will propel global automotive interior materials market share?
Seats application segment may hold 30% of the industry share by 2026, driven by the increasing importance attributed to seats given that they mitigate driver discomfort.
Why will global automotive interior materials market size increase through plastic material preference?
Plastic material segment may cross USD 20 billion by 2026 on account of huge chemical know-how of the material and its favorable capabilities, owing to which it has gained precedence in automotive sector.
Where will automotive interior materials market register traction?
Asia Pacific may account for 45% of global automotive interior materials market share by 2026, propelled by rapid urbanization and increasing economic development.