Superior Interior Trim Enhancement in Automotive Aesthetic Influencing Consumer Spending on Passenger Vehicle upgrades
NEW YORK, Aug. 19, 2021 /PRNewswire/ -- Global automotive trim part sales are set to be valued to around US$ 58 Bn in 2031, according to latest research by Persistence Market Research, a research and consulting firm. The report estimates the market to expand at a steady CAGR of 4% through the course of 2021-2031.
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.
Request for sample PDF of report: https://www.persistencemarketresearch.com/samples/32687
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.
Ask an expert for any other query: https://www.persistencemarketresearch.com/ask-an-expert/32687
"Manufacturers are focusing on increasing the comfort level of interiors in cars. Interior trim parts that include door trims, door panels, and headliners are aesthetically important for vehicle owners, and hence, the aftermarket for trim parts is set to proliferate over the coming years," says a Persistence Market Research analyst.
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 Magna International Inc., Faurecia, Toyota Boshoku Group, Toyoda Gosei Co. Ltd, Grupo Antolin, Plastic Omnium, and Futuba Industrial Co. Ltd.
Top companies operating in the market have high market share in terms of revenue. Manufacturers are collaborating with other companies to improve their profitability index as well as global presence. Prime manufacturers are also updating their technologies to improve their market share and increase their sales of trim parts.
Get full access of report: https://www.persistencemarketresearch.com/checkout/32687
Conclusion
Demand for automotive trim parts has shown significant growth over the years. Increasing production of passenger cars, light commercial vehicles, and heavy commercial vehicles is surging demand for trim parts. Various manufacturers are also investing in research & development projects for new products as well upgrading technologies for existing products.
Also, manufacturers are updating their product portfolios through new product development to increase their market presence. East Asia and Europe hold significant market share for trim parts. Demand for lightweight body components for passenger cars will accelerate demand for trim parts over the coming years.
Find More Valuable Insights
The research report analyses demand for automotive trim parts. The market has been analysed with the COVID-19 impact, macroeconomic factors, market trends, and market background.
As per Persistence Market Research's scope, the market has been analysed based on product, vehicle, material, end use, and region. The report gives qualitative and quantitative information on various players in the space. It also tracks the market by both, supply side and demand side.
Related Reports:
- Automotive Seat Parts Market
- Ball Joints And Parts Market
- Auto Parts Manufacturing Market
- Auto Parts E-Commerce Aftermarket Market
- Europe Automotive Parts Remanufacturing Market
- Automotive Smart Keys Market
About Persistence Market Research:
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
Overview:
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies'/clients' shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact
Rajendra Singh
Persistence Market Research
U.S. Sales Office:
305 Broadway, 7th Floor
New York City, NY 10007
+1-646-568-7751
United States
USA - Canada Toll-Free: 800-961-0353
Email: [email protected]
Visit Our Website: https://www.persistencemarketresearch.com
SOURCE Persistence Market Research Pvt. Ltd.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article