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?
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.
