Faurecia is leading US Automotive interior market Player in 2023: Ken Research

As a leading automotive technology company, Faurecia is inspiring the future of mobility. 1 in 3 vehicles are equipped by Faurecia worldwide. With 266 industrial sites, 39 R&D centers and 114,000 employees in 35 countries, Faurecia is a top ten global automotive supplier.

Story Outline

• Factors like constant innovation and heavy demand are leading Faurecia to lead the automotive interior market in US.
• Ventures of Faurecia and major acquisitions with companies like Microsoft which Competitive landscape of Faurecia which lead to growth of US Automotive interior market.

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1. Faurecia’s CEO is excited for the new technical advancements in the industry

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Faurecia has a long history in automotive market as one of the largest vehicle markets in the world; Faurecia’s 29 U.S locations provide automakers with the latest Cockpit of the Future and Sustainable Mobility technologies.

CEO of FAURECIA Patrick Koller is very excited for the new ventures and emerging technologies, which are coming in the market for the growth of automotive interior market.

Like Amminex, a Danish technology company acquired by Faurecia in 2016, is the only supplier able to propose this breakthrough technology called ASDS™ (Ammonia Storage and Delivery System) which has been proven to reduce NOx emissions by as much as 99 percent.

Also in sustainable development sector we know that Low-carbon hydrogen represents an essential building block in the energy transition.

 This conviction, shared by both Air Liquide and Faurecia, company of the FORVIA Group, is a driving force of their partnership to develop and produce a more efficient solution for long-distance heavy vehicles: a propulsion system powered by liquid hydrogen stored on board.

2.  Trending follow-ups of Faurecia which are responsible for the development of US Automotive interior market

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Faurecia and Microsoft have combined their expertise in edge-computing, artificial intelligence, cloud-based services and cockpit integration to enable occupants to stay connected, productive and entertained while in the car.

In addition, Faurecia and its strategic partner MAHLE have worked together to integrate and connect different interiors and seating features to enhance the on-board experience.

The focus has been creating an individual thermal and comfort bubble that leaves a passenger feeling better at the end of their journey. Faurecia also has acquired the SAS, which is a key player in complex assembly and logistics of interior modules.

Faurecia and Veolia signed an agreement to develop innovative compounds for automotive interior modules jointly.

Through this partnership, the two companies will accelerate the deployment of breakthrough sustainable interiors solutions implemented in European instrument panels, door panels, and center consoles.

Faurecia and Aptoide, one of the largest independent Android app stores, have created a joint venture to develop and operate Android app store solutions for the global automotive market.

3. Competitive landscape of Faurecia and major investments in the market

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The major players in the market of US Automotive interior Adient PLC, Faurecia, Groclin S.A, Recaro Group, Panasonic Corporation, Lear Corporation, Grammer AG, Magna International Inc., Pioneer Corporation and Visteon Corporation.

In May 2022, Faurecia announced a USD 147 million investment in developing a new facility in Nuevo Leon.

The factory will serve the company's Interiors and Seating Business Groups and will be a combined operation.

Faurecia's Interiors Business Group will receive USD 75 million of the overall investment to boost production, which will initially be utilized to develop and install instrument panels and other interior modules.

Faurecia's Seating Business Group will receive the remaining USD 72 million.

By looking at the Sales margin of Faurecia Sales which is ~€26 bn also the Operating margin is between 5% and 6% of sales.

Conclusion

Faurecia is one the major companies which is leading in the US Automotive interior market. It is developing continuously in its technical segment as well as the acquisition and business sector.

Many big car companies like Volkswagen Group, Stellantis, Renault–Nissan–Mitsubishi, Ford, General Motors, BMW, Daimler, Toyota, Tesla, Inc., Hyundai-Kia, Jaguar Land Rover and BYD among others are using the interior technology of Faurecia.

Faurecia US has become a key piece for the automotive industry thanks to its firm commitment to the digitization of processes, in which each plant can monitor its production in real time, as well as analyze efficiency and action plans to detail.

They have four different sections in which they work- Interiors, Seating, Clean Mobility and Clarion Electronics. They have 22 productive sites, 7 Research and Development Centers and one Shared Services Center. 

US Automotive Interior Market expected to grow with CAGR of ~5% by 2028: Ken Research

 Every transportation needs easy and luxurious interiors. US Automotive interior is propelling growth in recent due to rising awareness in car owners about better features in their vehicles for better handling and easy features. Constant upgradation in being done in cars and other transportations with innovations. 

Story Outline

• The growth is recorded at the CAGR ~5% during the 2018-2028 forecast years.
• Driving factors like rising demand is responsible for the growth in US Automotive interior market.
• Innovative ventures happening in US in the interior designing field of cars and other transportation.
• Trending news coming from various player in US automotive interior market is responsible for propelling growth.

1. Growth of US Automotive interior market is getting higher with ~5% CAGR

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US Automotive interior market is growing by the CAGR of ~5% during the period of 2018-2028. The interior is nowadays the most important part of the car as it includes components such as headliners, cockpit modules, door panels, and automotive seats, is designed to provide comfort, grip, and sound insulation for the vehicle cabin.

In addition, the inside of a car is the primary aspect that determines a buyer's sense of a vehicle's quality. In the past, automotive interiors played a secondary role in the market, but now they are one of the most significant factors for any car buyer to consider.

Due to rising customer expectations and intense competition, many automakers are including infotainment systems in even the most affordable vehicles. In turn, this may boost the infotainment market, and as a result, the subcategory of infotainment systems is anticipated to grow the quickest.

2. Which are the driving factors for the growth of US Automotive interior market?

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The major driving factors of the US Automotive interior market are the advent of new materials and cutting-edge technologies and the Growing Penetration of Larger Displays. Also increasing consumer safety concerns, rising technological advancements and a surge in demand for luxurious vehicles are expected to boost the market growth.

Government support for lightweight and safe vehicles will likely surge the market growth. Constant innovations in the interior designing field is also surging the growth of the market. To address the demand for fuel-efficient and lightweight systems, manufacturers are designing lightweight materials for use in automobile interiors, driving the market for automotive interiors.

3. Innovative ventures by US Automotive interior market which propel their growth

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The International Automotive Components Group North America Inc. (IAC) announced in October 2020 its intention to invest more than USD 55.9 million in expansion projects at two Alabama locations.

The plant may create door panels and overhead systems for original equipment manufacturers. General Motors revealed in 2019 its intention to offer a new in-car technology for the following vehicles.

In 2021, the business intended to include Google's Voice Assistant, Navigation, and App Ecosystem into GM's infotainment systems. The rising number of electric automobiles in the United States is driving domestic demand for interior items.

The recent innovation in automotive market is the use of bio-based plastics in manufacturing which ensure lightweight reduction and strong performance.

Major car manufacturers like Major acquisitions are taking place in FAURECIA with the complete acquisition of SAS and in Asahi Kasei, which has completed acquisition with Sage Automotive interiors.

4. Competitive landscape of US automotive interior market

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Major companies like Adient PLC, Lear Corporation, Visteon Corporation, Faurecia, Grammer AG and others are key players in US Automotive interior market.

Major trending news, which accelerated in US automotive market. Like in 2022, Toyota launched its new segment Tundra TRD truck, powered by the 3.5-liter V6 twin-turbo hybrid engine.

The pickup truck's interior seems promising from a consumer's point of view. It is equipped with the in-dash infotainment system, which changes brightness randomly without a change in natural lighting. In 2022, Rivian launched its new electric pickup truck considering all the requirements of critical consumers.

This newly launched pickup truck is equipped with decorated ash wood on the dash infotainment system board. In 2022, Jeep also proposed that Jeep Grand Cherokee 2022 model might have two rear seat infotainment screens with a screen in the dashboard for the front-seat passenger to interact with the driver's navigation system.

In addition, Faurecia announced a USD 147 million investment in developing a new facility in Nuevo Leon. Faurecia and Veolia signed an agreement to develop innovative compounds for automotive interior modules jointly.