– Increase in demand for luxury and comfort measures in vehicles and rise in production of automobiles drive the growth of the global automotive trim market
PORTLAND, Oregon, June 16, 2020 /PRNewswire/ — Allied Market Research published a report, titled, «Automotive Trim Market by Material Type (Acrylonitrile Butadiene Styrene (ABS), Polypropylene (PP), Polyoxymethylene (POM), Thermoplastic Elastomer (TPE) and Others), Internal Application (Dashboard, Door panel and Others), External Application (Bumpers, Window & door seals and Others ), Vehicle Type (ICE Passenger Vehicle, ICE Commercial Vehicle, Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle), and End Use (Original Equipment Manufacturers and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2020–2027.» According to the report, the global automotive trim industry generated $25.68 billion in 2019, and is estimated to reach $43.35 billion by 2027, growing at a CAGR of 6.9% from 2020 to 2027.
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Drivers, restraints, and opportunities-
Rise in demand for luxury and comfort measures in vehicles and surge in production of automobiles drive the growth of the global automotive trim market. However, high replacement cost, risein trade war, and rise in automotive import tariffs hinder the market growth. On the other hand, increase in demand for lightweight components and untapped developing markets create new opportunities in the coming years.
COVID-19 Scenarios-
- The global automotive industry has been at a standstill due to the lockdown, which disrupted the manufacturing processes of automotive trim as well. On the other hand, the declined consumer demand for automotive trim has affected the revenues of the global automotive trim market.
- On the other hand, automotive parts suppliers in various regions are much dependant on migrant workers. However, the absenteeism of these workers anticipates to slow down the restoration post lockdown.
- Moreover, the disruption in the product supply chain creates a number of difficulties for Original Equipment Manufacturers (OEMs) in the automotive industry.
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The bumpers segment to maintain its dominant share throughout the forecast period-
Based on exterior applications, the bumpers segment accounted for the highest market share in 2019, contributing to more than two-fifths of the global automotive trim market, and is expected to maintain its dominant share throughout the forecast period. Furthermore, the segment is estimated to portray the highest CAGR of 7.1% from 2020 to 2027. As it offers less damage to the vehicle during accidents which drives the growth of the segment.
The original equipment manufacturers segment to continue its leadership position during the forecast period-
Based on end-use, the original equipment manufacturers segment contributed to nearly two-thirds of the global automotive trim market in 2019, and is estimated to continue its leadership position during the forecast period. In addition, the segment is anticipated to portray the fastest CAGR of 7.4% from 2020 to 2027. This is due to the factor that majority of trims are equipped in vehicles during the time of manufacturing.
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Asia-Pacific to dominate the market throughout the forecast period, North America to grow significantly-
Based on region, Asia-Pacific held nearly one-third of the global automotive trim market in 2019, and is expected to maintain its lion’s share throughout the forecast period. This is due to an increased level of vehicle fleet across the Asia-Pacific countries. Nevertheless, Europe region is anticipated to manifest the fastest CAGR of 7.8% from 2020 to 2027. This is due to the wider adoption of different vehicles which leads the growth of the market in this region. Moreover, North America region is expected to grow at a CAGR of 7.2% during the forecast period.
Leading market players
- Intenational Automotive Components
- Kasai Kogyo Co., Ltd.
- STS Group
- Toyata Boshoku Corp.
- Trinseo
- TS Tech Co. Ltd
- Draexlmaier Group
- Dura Automotive Systems Inc.
- Gemini Group Inc.
- GRONBACH
- Grupo Antolin
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