AUTOMOTIVE INTERIOR MATERIALS MARKET ANALYSIS

Automotive Interior Materials MarketSize and Trends

The global automotive interior materials market was valued at USD 56.26 billion in 2022, and is slated to reach USD 80.08 billion by 2030. The market is expected to exhibit a CAGR of 4% over the forecast period (2023 – 2030)

Asia Pacific is a lucrative market for automotive interior materials, primarily driven by strong performance of the automobile industry in countries such as India and China. The growth of the transportation sector coupled with a rise in need for transit of consumer goods, people, and raw materials has boosted the automotive interior materials market growth. According to China Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM), sales of cars in China stood at 28.03 million in 2020 and 3.00 million in India. The CAAM also projected automobile sales in China to grow by 5% to reach 29.4 million units in 2017. The boom in sales can be attributed to the favorable sales tax, which was cut from 10% to 5% in 2015. The Asia Pacific Automotive Interior Materials Market was valued at US$ 24.96 billion in 2016 and is expected to exhibit a CAGR of 8.28%. in forecast Period ( 2023 – 2030 )

North America and Europe also experienced strong vehicle sales, with the U.S. positioned as the second-largest cars market in the world. In the U.S., the automotive sales in 2021 stood at $1.53 trillion. High dealer incentives, low interest rates on automotive loans, and low gasoline prices have resulted in the growth of automobile industry in the country. Pickup trucks and crossover SUVs witnessed maximum growth in sales. Automakers such as Ford and Chrysler are among the largest customers of automotive interior materials. The Automotive Interior Materials Market was valued at USD 50 billion in 2022 and is forecast to exhibit a CAGR of  3%.