NEW YORK, Feb. 17, 2023 /PRNewswire/ — Major players in the motor vehicle seating and interior trim market are ContiTech AG, Magna International, Hyundai Mobis Co., Faurecia S.A., TATA Group, Toyoda Gosei, Johnson Controls, Faurecia S.A., Magna, and International Textile Group.
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The global motor vehicle seating and interior trim market will grow from $193.30 billion in 2022 to $214.92 billion in 2023 at a compound annual growth rate (CAGR) of 11.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The motor vehicle seating and interior trim market is expected to grow to $322.45 billion in 2027 at a CAGR of 10.7%.
The motor vehicle seating and interior trim market consist of sales of steering wheel lining, seat coverings, and glove compartment exteriors.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The motor vehicle seating refers to a finished construction, complete with trim, designed to accommodate one adult passenger and maybe integrated into the vehicle’s frame. The materials that are most frequently used to frame floors, walls, windows, and entrances are referred to as interior trim.
Asia Pacific was the largest region in the motor vehicle seating and interior trim market in 2022.Western Europe was the second largest market in motor vehicle seating and interior trim market.
The regions covered in the motor vehicle seating and interior trim market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main types of motor vehicle seating and interior trim include motor vehicle seating and motor vehicle interior trim. The motor vehicle interior trims are referred to as the trims that are installed in a vehicle to give an aesthetic look.
The interior trim materials include genuine leather, synthetic leather, fabrics, and polyurethane foam. The various vehicles include passenger vehicles and commercial vehicles.
The motor vehicle seat and the interior trim market are driven by the increasing popularity of sport utility vehicle (SUV) cars. SUV cars are preferred owing to their comfortable seating and exquisite interior trim.
The demand for SUVs and other luxurious cars increases the demand for improved and more aesthetically appealing vehicle seating and interior trim. From April 2020 to March 2021, for the first time, utility vehicle sales in India crossed a million, or 10 lakh units.
According to a November 2021, Hyundai delivered more than 12,284 units of its brand-unique SUV, Creta, up by 78% from 6,900 sales figure of 2020 . The increase in demand for SUVs around the world positively impacts the growth of vehicle seating and the interior trim market.
The failure to meet the required quality standard of motor vehicle seating and interior trim parts restricts the growth of the motor vehicle seating and interior trim market. Car seats and other interior trim car parts are recalled when a manufacturer or the US National Highway Traffic Safety Administration (NHTSA) determines that a vehicle car seat or other equipment creates an unreasonable safety risk or fails to meet minimum safety standards.
Such recalls cost a huge amount to the manufacturer, who has to bear the loss. For instance, in 2022, Toyota announced its recall of about 75,316 Tacoma crew cab pickup trucks due to concerns that upper child-seat anchors were not properly welded.
Thus, the risk of failure to meet the required quality standards negatively impacts the growth of the motor vehicle seating and interior trim market.
The companies in the motor vehicle seating and interior trim market are investing in the use of sustainable materials for car interior trim. To attract buyers inclined towards using eco-friendly ways of living, the manufacturers are using sustainable options for car interior trim parts.
For instance, Land Rover, earlier introduced its new line of leather-free and fully vegan materials that are used in interior trim for its 2020 Range Rover Evoque, Range Rover Velar, and Jaguar I-Pace SUVs. Land Rover’s Evoque is equipped with eucalyptus melange premium textile, produced from eucalyptus fibres using less water.
It also uses a premium textile from Kvadrat, made with 53 recycled plastic bottles per car, and is combined with Dinamica Miko suede cloth.
In February 2020, Supreme Nonwovens Group, a Maharashtra-based automotive company, acquired the automotive interior trims and NVH business of Futuris Automotive for an undisclosed amount. This acquisition further reaffirms the Supreme Group’s commitment to global automotive OEM customers.
Futuris Automotive is a USA-based company that designs and develops JIT solutions, from initial styling concepts to large volume production for complete seating and interior trim systems.
The countries covered in the motor vehicle seating and interior trim include Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The motor vehicle seating and interior trim market research report is one of a series of new reports that provides motor vehicle seating and interior trim market statistics, including motor vehicle seating and interior trim industry global market size, regional shares, competitors with a motor vehicle seating and interior trim market share, detailed motor vehicle seating and interior trim market segments, market trends and opportunities, and any further data you may need to thrive in the motor vehicle seating and interior trim industry. This motor vehicle seating and interior trim market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
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