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DUBLIN , Sept. 16, 2022 /PRNewswire/ -- The "Automotive Interior Market by Component (Automotive Displays, Door Panel, Dome Module, Headliner, Seat, Interior Lighting), Material Type, Level of Autonomy, Electric Vehicle, Passenger Car Class, ICE Vehicle Type and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global automotive interior market is estimated to grow at a CAGR of 4.5% during the forecast period, from USD 123.2 billion in 2020 to USD 153.8 billion by 2025. The automotive industry is continuously evolving, with an increasing focus on semi-autonomous and autonomous vehicle technologies.
Several vehicle manufacturers have showcased their new concept cars with autonomous and connected car technologies. These cars, with their advanced technologies and radical designs, are expected to hit the market soon. The interiors in these cars need to provide comfort and convenience and should have the latest technology incorporated. The increasing demand for advanced automotive interior solutions and systems can be attributed to advances in semi-autonomous and autonomous technologies.
BEV segment is projected to be the fastest growing electric vehicle during the forecast period.
The demand for BEVs is expected to increase in the coming years due to an increase in the adoption of strict emission norms by governments of various countries. Several governments now provide subsidies for the use of environment-friendly vehicles, thereby encouraging the use of electric vehicles. Stringent emission regulations in the US, particularly in states such as California and New York , have led to increased sales of electric vehicles.
Electric vehicles tend to have a higher number of electronics/advanced systems. Thus, the growing number of electric vehicles will result in an increased demand for advanced automotive interior systems. In Europe , the market for BEVs is estimated to grow due to emission regulation mandates and development of electric vehicle infrastructure. OEMs are also expanding their manufacturing facilities worldwide to increase the production of electric vehicles. For instance, in August 2017 , Tesla announced its plan to raise USD 1.5 billion to fund the development of its cheapest electric car, which proves the aggressiveness of manufacturers in the market.
The passenger car segment is estimated to be the largest automotive interior market, by vehicle
The passenger car segment is projected to have the largest share of the automotive interior market during the forecast period. The increasing purchasing power of consumers, growing sales of semi-luxury & luxury vehicles, and high demand for convenience features are expected to boost the passenger car segment. The advent of semi-autonomous and autonomous vehicles is also attributed to the overall growth of the market. Passenger vehicles are the most focused segment for automotive interior manufacturers. The technologies used in this type of vehicle are frequently changing due to the high demand from consumers for luxurious and convenience features. Also, government regulations for emissions and safety are frequently changing. The manufacturers must reduce the weight of passenger vehicles and offer comfort and safety to the consumers at a lower price. Due to the increasing demand for autonomous and electric vehicles, the electronic content is frequently increasing in passenger vehicle interiors, which, in turn, is driving the growth of the passenger vehicle interior market.
Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 Industry Trends 7 COVID-19 Impact 8 Automotive Interior Market, by Component Type 9 Automotive Interior Market, by Level of Autonomy 10 Automotive Interior Market, by Material Type 11 Automotive Interior Market, by Passenger Car Class 12 Automotive Interior Market, by Electric Vehicle Type 13 Automotive Interior Market, by Ice Vehicle Type 14 Automotive Interior Market, by Region 15 Competitive Landscape 16 Company Profiles 17 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/b37s7
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