Global Automotive Interior Materials Market will Gain Impetus from Rising Demand for Electric and Hybrid Vehicles
Just when the world thought that automotive companies have introduced enough novelties, new designs and innovations have swept the market. Customer preference holds paramount importance in the automotive industry, hence the efforts of leading companies are focused on tailoring solutions that consumers deem the best. Apart from the launch of the latest technologies that are slowly making cars autonomous, the industry has also adopted major strategies to improve the overall look and feel of the vehicles they manufacture. The demand for automotive interior materials will, therefore, steadily rise in forthcoming years.
In its latest report, Transparency Market Research forecasts the global automotive interior materials market to exhibit a slow yet steady CAGR of 2.7% between 2015 and 2023. The global automotive interior materials market, which had a valuation of US$111.61 bn in 2014, is anticipated to reach US$137.06 bn by 2023.
Launch of Hybrid Cars to Fuel Demand for Automotive Interior Materials
Automotive interior materials encompass leather (PU leather, synthetic leather, artificial leather, and genuine leather), fabric, thermoplastic polymers, wood, and vinyl. Of these, the demand for leathers and thermoplastic polymers is the highest in the market. Considering the launch of hybrid and electric vehicle models, the demand for automotive interior materials is poised to grow exponentially in the near future. The industry is likely to gain from the high demand for comfort solutions such as anti-glare coated mirrors, nano filters, and dirt-repellent antimicrobial textiles among automobile users. Furthermore, the leading carmakers are also vying to introduce climate controlled automotive seats in the hybrid vehicle models, which will convert electricity to heat or cool the vehicle seats. Some of these are already integrated in a small percentage of electric and hybrid cars available on the market. The number will possibly increase in the near future, as both vehicle manufacturers and buyers seek more eco-friendly alternatives, giving impetus to the market for hybrid and electric cars.
Trend of Manufacturing Lighter Vehicles will Boost Market for Automotive Interior Materials
The latest trend among original equipment manufacturers (OEMs) is to produce lighter but more efficient vehicles promising fuel efficiency and better performance. Hence, the use of lighter automotive interior materials is likely to increase, especially in the production of dashboard and seating structures. This, according to market analysts will provide novel opportunities for the automotive interior vehicles market to expand in the forthcoming years.
Dynamic Environment of Automotive Industry Will Fuel Innovation, in Turn Increasing Demand for Automotive Interior Materials
The automotive industry, therefore, has a dynamic business environment featuring the introduction of the latest technologies almost every day. Hence, to sustain competitiveness in such a dynamic environment, companies manufacturing automotive interior materials should align their strategies with prevalent trends. With the launch of the latest technologies in automotive seating, the market for automotive interior materials is likely to gain momentum in the next few years. Moreover, the leading companies are already gearing up to launch light-weight seats that are much thinner than their predecessors yet more comfortable. Such new designs will increase the floor space and reduce the vehicle’s overall weight.
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With such developments on the horizon, the global market for automotive interior materials will gain much impetus in the forthcoming years.