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.
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.
"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.
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.
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.
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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.
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.
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