The Automotive Interiors Market was valued at USD 109 billion in 2020 and is expected to reach USD 141 billion by 2026 registering a CAGR of about 5% during the forecast period (2021 – 2026).
The COVID-19 pandemic has hindered the growth of the Automotive interior market due to its impact on vehicle production. However, a steady recovery post-2020 in vehicle production will support the growth of this market in the coming years. For instance, Marelli had a significant impact of COVID-19 on its overall production in the first two quarters of 2020. The company had to shut its facilities for around two weeks in the country after the nationwide lockdown, which started in March 2020. However, the company resumed its operations in April 2020 with the necessary measures.
Increasing safety concerns among consumers, a rising number of technological advancements, and a surge in demand for luxurious vehicles expected to boost the market growth. Government support for lightweight and safety vehicles likely to surge the market growth. Whereas, increasing demand for autonomous vehicle advent of concept cars and electric vehicles, rising demand for technologically advanced materials and rising demand for interior styling is anticipated to create potential opportunities over the estimated period.
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Key Market Trends
Infotainment System Expected To Dominate the Automotive Interiors Market
The infotainment system is the largest segment in the automotive interiors market. Earlier, the cars were offered with only one infotainment screen but as the technology is advancing the number as well as the dimension of the infotainment screens are also increasing.
As such, the infotainment screens have become the main focal points for every automaker and these screens are packed with the latest technology capabilities, as the 2021 Mercedes S-Class will be coming with five touch screens along with the central unit of 12.8-inch OLED screen. Honda revealed the new Honda E which has pillar to pilar screens. This includes two 6-inch screens with an 8.8 TFT screen and two 12.3-inch LCD screens.
Automakers are constantly upgrading their infotainment systems to provide the best features and technologies to their customers. Some of the recent launches and models are:
– In July 2020, Volkswagen announced the upgrades in its 2021 lineup of vehicles, one of the main changes is MIB3 infotainment system. The new MIB3 infotainment system offers wireless App-Connect, with multi-phone pairing, and enhanced voice recognition.
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