According to a new market report published by Lucintel, the future of the global automotive interior material market looks promising with opportunities in the passenger car and commercial vehicle segments. The global automotive interior material market is expected to reach an estimated $108.3 billion by 2022 and it is forecast to grow at a CAGR of 5.5% from 2017 to 2022. The major growth drivers for this market are increasing vehicle production, growing demand for advanced vehicle safety and comfort systems, and rising demand for premium aesthetic vehicles with lightweight interior materials.
In this market, plastics, fabrics, and leather are some of the major segments of automotive interior materials. On the basis of our comprehensive research, Lucintel forecasts that the leather and fabrics segments will show above average growth during the forecast period.
Within the global automotive interior materials market, the leather segment is expected to remain the largest market. Vehicle manufacturers are providing leather upholstery in mid-range and premium cars, which would spur growth for this segment over the forecast period.
Asia Pacific is expected to remain the largest market due to high vehicle production, improvement in the economic conditions, and increasing investment by the industry players within the APAC region.