Automotive Trim Parts Market Are Projected To Increase At 4%...| MENAFN.COM

Thursday, 09 February 2023 04:34 GMT

Automotive Trim Parts Market Are Projected To Increase At 4% CAGR And Be Valued At Close To US$ 58 Bn By 2031 X Herald


(MENAFN- Ameliorate Digital Consultancy)

The global automotive trim parts market is currently valued at US$ 39.4 Bn. Sales of automotive trim parts are projected to increase at 4% CAGR and be valued at close to US$ 58 Bn by 2031.

The report published on  automotive trim parts market is a comprehensive analysis that includes the key parameters and indicators critical in understanding the market. The data from the years 2022 to 2030 has been used to present the market status and size. The study also covers the overall market valuation along with the CAGR for the forecast period. The introductory chapter presents an overview of Automotive Trim Parts Market along with the product definition and market scope. The report also analyzes consumer trends regarding the products along with the industry development trends.

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Vehicle manufacturers are focusing on providing technologically advanced interior trim parts in place of heavier components so as to ensure reduced weight of vehicles. As such, demand for trim parts is increasing due to rise in automotive production and sales around the globe. Due to increasing population and rising disposable income, demand for passenger cars has seen a boost in the past few years, which has also accelerated the need for trim parts. This segment is set to account for more than 80% overall demand for trim parts.

In 2020, sales of vehicles were hit due to the onset of COVID-19, which dented demand for trim parts as well. However, with the new normal, as demand and sales of vehicles are rising again, the market for trim parts has also gained traction.

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Key Takeaways from Market Study

  • Based on product, the market was dominated by interior parts. Interior trim parts include door trims, door panels, instrument panels, headliners, and others. These parts upgrade the vehicle's aesthetics and the overall driving experience, which is why they are a very important in any vehicle.
  • Passenger vehicles dominate the worldwide automotive trim parts market owing to rising consumer demand for compact and mid-sized cars.
  • During the forecast period, East Asia and Europe are expected to be extremely high-growth markets. China, Japan, and Germany have advanced technologies for making these components, with Major OEMs and tier-1 suppliers present in both regions.

Competitive Landscape

The global automotive trim parts market is highly competitive at regional as well as global levels, and highly consolidated in nature. Some of the key players included in the report are

  • Continental AG
  • Faurecia
  • Toyota Boshoku Corp.
  • Toyoda Gosei Corp.
  • Magna International Inc.
  • Antolin Group
  • Eissmann Automotive Group
  • All Plastic Company
  • Machino Plastics Ltd.
  • HFI
  • Futaba Industrial CO. Ltd
  • Adient Plc
  • Inteva Products LLC
  • Draexlmaier Group
  • Kasai Kogyo Co. Ltd.
  • Hayashi Telempu
  • Samvardhana Motherson
  • Novares

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Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics of the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and product offerings
  • Potential and niche segments/regions exhibiting promising growth
  • A neutral perspective towards market performance
  • Must-have information for market players to sustain and enhance their market footprint

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