iCrowdNewswire Jan 27, 2021 5:00 AM ET
Motor Vehicle Seating And Interior Trim Market:
WiseGuyReports.com adds “Global Motor Vehicle Seating And Interior Trim Market Research Report 2021 Analysis and Forecast 2027” reports to its database.
The motor vehicle seating and interior trim market is driven by the increasing popularity of sport utility vehicle (SUV) cars. SUV cars are preferred owing to its comfortable seating and exquisite interior trim. The demand for SUV and other luxurious cars increases the demand for improved and more aesthetically appealing vehicle seating and interior trim. According to International Energy Agency, the number of SUVs on the road grew from 35 million in 2010 to over 200 million in 2018, representing 60% of the increase in the global car fleet over the 8-year period where 48% of car sales in the United States in 2018 were SUVs. The increase in demand for SUVs around the world positively impacts the growth of vehicle seating and interior trim market.
The motor vehicle seating and interior trim market consists of sales of motor vehicle seating and interior trim and related services used to increase the aesthetic appeal of the motor vehicle. The motor vehicle seating and interior trim market involves production of motor vehicle seating, seats, seat frames, seat belts, and interior trimmings. Motor vehicle interior trim involves the decorative parts such as leather seats door trims, headliners, door weather strips, sun visor, and cosmetic changes that do not add any functionality but increases the aesthetic appeal of the motor vehicle.
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The motor vehicle seating and interior trim market covered in this report is segmented by type into motor vehicle seating and motor vehicle interior trim.
The global motor vehicle seating and interior trim market was worth $309.8 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 10.8% and reach $467.76 billion by 2023.
The companies in motor vehicle seating and interior trim market are investing towards the use of sustainable materials for car interior trim. In order to attract the buyers inclined towards using eco-friendly ways of living, the manufacturers are using sustainable options for car interior trim parts. For instance, Land Rover in 2019, introduced its new line of leather-free and fully vegan materials to be used in interior trim for its 2020 Range Rover Evoque, Range Rover Velar, and Jaguar I-Pace SUVs. Land Rover’s Evoque is equipped with eucalyptus melange premium textile produced from eucalyptus fibers using less water. It also uses a premium textile, from Kvadrat, made with 53 recycled plastic bottles per car and is combined with Dinamica Miko suede cloth.
In 2017, Adient PLC., an Ireland based provider of automotive seating, acquired Futuris Group for US$ 360 million. Through the acquisition, Adient is expected to improve its operational efficiencies rate in North America and to expand its business in Southeast Asia. Futuris Group, headquartered Michigan is a designer and manufacturer of fully integrated automotive seating and interior systems. It operates 15 facilities in North America and Asia.
The failure to meet the required quality standard of motor vehicle seating and interior trim parts restricts the growth of motor vehicle seating and interior trim market. The car seats and other interior trim car parts are recalled when a manufacturer or the US National Highway Traffic Safety Administration (NHTSA) determines that a vehicle car seat, or other equipment creates an unreasonable safety risk or fails to meet minimum safety standards. Such recalls cost a huge amount to the manufacturer who has to bear the loss. For instance, in 2019 Ford Motor Company announced its recall of about 550,000 trucks and SUVs in North America due to defect in seat strength and sharp edges that posed a risk of injury in a crash. To mitigate the risk of accidents, Ford dealers were directed by the manufacturer to install tape to the exposed edge, at no charge to the motor vehicle owners. Thus, the risk of failure to meet the required quality standards negatively impacts the growth of motor vehicle seating and interior trim market.
Major players in the market are ContiTech AG, Magna International, Hyundai Mobis Co., Faurecia S.A., TATA Group, Toyoda Gosei, Johnson Controls, Faurecia S.A., Magna and International Textile Group.Motor Vehicle Seating and Interior Trim Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global motor vehicle seating and interior trim market market.
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