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Albany, New York, May 24, 2019 (GLOBE NEWSWIRE) -- In a report published by Transparency Market Research (TMR), a detailed analysis of global automotive interior materials market is given. The report suggests that automotive interior materials market is driven by major organizations. Players like Johnson Control, Inc., Faurecia SA, BASF SE, Grammer AG, and Lear Corporation, dominate the market and are investing heavily on strategies like collaborations and mergers, strategic acquisition of firms, and other process. They are also investing on product launches, customer specific marketing policies, and end-user specific experience so as to retain their existing customers and attract new ones.
The report covers overall analysis of global automotive interior material market. It provides insight on every aspect of the market. TMR report also provides an in-depth analysis of various facets of the global automotive interior materials market.
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TMR report estimates that global automotive interior materials market is likely to grow with consistent growth of 2.7% CAGR from 2015 to 2023. In terms of revenue, the report predicts that automotive interior material market shall achieve the worth of US$137.06 bn during the forecast period.
Amongst the various segments of global automotive interior materials market, leather segment is expected to grow dominantly in the forecast period. This is because of the inclination of customers towards elegant upholsteries, seat belts, and floor mats. Availability of various types of leather such as PVC leather, genuine leather, and PU leather, provides various options to the customers to choose from. This is yet another reason that is promoting the growth of leather segment in global automotive interiors materials market. Furthermore, people are adopting green materials in interiors which is further giving a push to leather segment in the market.
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Geographically the global automotive interior materials market has its presence in various region across the globe. However, European region is expected to see major growth and dominate other regions globally. This is because, the region has a strong and robust automotive sector. Countries like Germany, England, and France have made their presence felt when it comes to automobile sectors. Moreover, the rising demand of advanced features, better comfort, and luxurious interiors, in their cars, customers are helping the automotive interior materials market to grow in the region.
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Comfort, Elegance, Safety: Drivers of Global Automotive Interiors Material Market Growth
With the rising demands of automobiles and ever-changing preferences of the customers with regards to comfort is allowing every Original Equipment Manufacturer or OEM to use customized interior in their vehicles. This is one of the factor that is driving the growth of global automotive interior materials market. Another factor that is driving growth in the market is with the help of these materials can help OEMs to reduce the weight of interiors. This allows OEMs to install even more safety and security measures. These are the factors that are driving the growth in global automotive interior materials market.
High Production Cost May Hamper the Growth of the Market
The production cost automotive interior materials market is quite high. This may result in the growth to be slightly damped during forecast period. Moreover, quality automotive parts cannot be easily available in remote and underdeveloped regions. However, with extensive R&D and further development of technology, the interior materials cost can be brought down to an optimal level. This shall turn into a substantial growth for global automotive interior materials market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Automotive Interior Materials Market (Material - Leather, Thermoplastic Polymers, Fabric, Vinyl and Wood; Application: Heavy Commercial Vehicle, Light Commercial Vehicle and Passenger Vehicle) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
The global automotive interior market is segmented into:
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