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The global luxury automotive interior market reached $121.4 bn in valuation by 2022. The market will likely grow at 4.7% CAGR to reach $157.3bn by 2025. According to the International Energy Agency, over 9 million customers in the US have delayed their purchase of automobile in 2020. Moreover, prospects like electric vehicles, and their in-built autonomy, and complimentary entertainment systems will drive more demand for indoor luxurious cars in the near future. Furthermore, luxury cars remain an important status statements in growing economies of Asia, wherein cars are an important purchase from the point of view of social standing.
Covid-19 Pandemic Challenges Growth, Growth to Stabilize Soon
The covid-19 pandemic also resulted in sluggish car sales, and will likely prop up demand for luxury car interiors to bring old cars in shape. Moreover, industry experts also predict that the car purchases will likely recover before vehicle emission regulations like BS-6 are completely implemented, and EV development takes full shape. This will drive demand for old car renovations, modifications, and with a key focus on interiors. Moreover, car interior continues to undergo major innovation as lightweight materials, and increased safety continues to make its way in the luxury automotive interior market.
3D Printing Promises More Personalization to Drive Luxury Interiors
The governments around Europe and US have also become more vigilant regarding safety norms due to recent scandal involving forged trials by many large automakers. Hence, new safety regulations direct use of more lightweight materials among OEMs, which drives significant weight reduction, and fuel efficiency. Such developments will also become easier to undertake, as prospects like 3D printing will provide more power to personalization, and more cost-savings for consumers. Moreover, luxury interior designing remains firmly in the hands of OEMs today. The rise of technologies like 3D printing promises to put interior manufacturing, installation, and maintenance in the hands of small businesses providing a major impetus for growth during the global luxury automotive interior market.
Asia Pacific Remains a Promising Propsect as Demand for Luxury Remains High
The costs of procurement for automotive interior remains high, as the manufacturing, and distribution remains a consolidated market. However, thanks to deregulation in trade, and promising change of tide due to political events in the US, the on-going trade war will likely end to provide growth for the global luxury automotive interior market. The rising demand for luxury vehicles in Asia, growing manufacturing in China, and easing prospects of the trade war, will likely increase luxury interior margins, and boost imports from China.
The key players operating in the global automotive interiors market are Calsonic Kansei Corp., Adient, Grupo Antolin, Faurecia Interior System, IAC Group, Hyundai Mobis Company, Robert Bosch, Lear Corporation, Yanfeng Automotive Interiors, and Visteon Corporation.
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