Automotive Interior Components Market Size To Expand at a Notable CAGR During 2019 – 2023. Global Automotive Interior Market Information Report by Components (infotainment, instrument cluster, telematics, flooring, automotive seats, door panel, interior lighting), by Vehicle Type (passenger vehicle and commercial vehicle), and by Regions – Forecast to 2022.
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The key players of global automotive interior components markets are Toyoda Gosei Co. Ltd (Japan), Toyota Boshoku Corporation (Japan), Lear Corporation (U.S), NTF India Pvt Ltd (India), Sage Automotive Interiors. Inc (U.S), BASF Automotive Solutions (Germany), and Faurecia S.A (France).
Due to the economic growth and the government initiatives, the income levels of individuals in the developing nations has been steadily increasing. With income rising among individuals there is scope of increasing expenditure across various industries such as automotive industry. Increasing prevalence of customization in automobiles such as interior lighting systems, instrument cluster telematics and audio systems, has been steadily pushing the automotive interior components market gradually. The currently thriving automotive industry coupled with steadily increasing income of the growing population is expected to contribute significant growth.
Automotive Interior Components
Asia-Pacific region currently has the highest market share and along with the North American region is expected to drive the growth of the market due to the continuous increase in automobile sales activities. In countries such as China, India of the Asia-Pacific region, the growing population and the increased demand for automobiles are driving the market. Government initiatives and the booming automotive industry in the regions are expected to drive the demand for automotive interior components market.
The automotive industry is one of the most competitive industries, across the globe. Major manufacturers across various continents often compete against each other to expand their customer base resulting in intense competition. This results in a high quality product being delivered to the customers, which drives the automotive interior components market. The market is further expected to be driven by the rising level of income of individuals and the booming global automotive industry and is expected to reach valuation of USD 355.5 billion by 2022, growing at a rate of 7.07%
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