Nov 16, 2022   SOURCE: BusinessWire

Global Premium Interior Trim Market Report to 2027 - Growing Digital Ad Spending in Automotive Industry is Driving the Industry - ResearchAndMarkets.com

The "Global Premium Interior Trim Market: Analysis By Surface Material, By Vehicle Type, By End User, By Region, Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.

The global premium interior trim market was valued at US$1.54 billion in 2021, and is predicted to grow to US$2.08 billion in 2027. Interior trims are components that are installed in a vehicle to improve its aesthetic appeal.

Almost every vehicle comes in several different versions. Each version, or trim, offers a variety of features and equipment. Automotive trim help buyers differentiate between models, making them easier to identify. The common denominator between all the types of trim is that they are aesthetically motivated.

Interior trims are extremely diverse and therefore are manufactured in many different ways. Professionals come up with new ideas for trim parts and test principles before manufacturing. This ensures that each part has a certain level of functionality as well as aesthetic appeal.

Several companies offers the premium range of interior trim that have more aesthetic appeal and are more practical and versatile. The global premium interior trim market is determined to grow at a CAGR of 5.13% over the forecasted period of 2022-2027.

Asia Pacific is predicted to grow at a significantly high rate during the forecasted period. Increased auto production and ongoing collaborations between automotive OEMs are driving the Asia Pacific premium interior trim market. The comfort and luxury a car offers now outweigh price and fuel efficiency as the most crucial aspects to take into account when purchasing one.

This could be explained by the fact that the demand for luxury and semi-luxury cars is high in the region, which is forcing automakers to add more aesthetic look and comfort, driving the Asia-Pacific premium interior trim market. Also, improved socioeconomic conditions in India, Indonesia, and Thailand are increasing demand for luxury class passenger automobiles. As a result, the Asia-Pacific automotive premium interior trim market is foreseen to grow significantly during the forecasted period.

Market Dynamics

Growth Drivers

  • Expanding Luxury Car Industry
  • Growing Digital Ad Spending in Automotive Industry
  • Rising Demand for In-car Entertainment
  • Upsurge in Millennial Population
  • Rapid Urbanization

Challenges

  • High Cost Involved and Volatility in Raw Material Costs
  • Long Production Cycle Time
  • Failure to Meet the Required Quality Standard

Market Trends

  • Growing Demand for Electric Vehicles
  • Use of Variety of Lightweight & Advanced Materials
  • Rising Trend of Semi-autonomous & Autonomous Vehicles

Competitive Landscape:

Global premium interior trim market is highly consolidated with top six players, Novem, Ningbo Joyson Electronic (Quin), NBHX Trim Group, Yamaha Motor Company, Forvia (Faurecia) and Mono, accounting for more than 90% of the market.

The key players in the global premium interior trim market are:

  • Ningbo Joyson Electronic (Quin)
  • Continental AG
  • Magna International Inc.
  • Forvia (Faurecia)
  • Yamaha Motor Company
  • Grupo Antolin
  • Visteon Corporation
  • Novem
  • Tata Motors Limited
  • Toyota Motor Corporation
  • DURA Automotive Systems
  • NBHX Trim Group
  • DRXLMAIER Group (Draexlmaier)

For more information about this report visit https://www.researchandmarkets.com/r/47vng4