Global Automotive Trim Parts Market Analysis and Review by Product Type (Exterior Trim Parts, Interior Trim Parts)
Industry: Automotive
Published Date: December-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 248
Report ID: PMRREP32687
In 2023, the Global automotive trim parts market will be worth US$ 42,513.9 Mn. and is projected to expand steadily at a CAGR of 4.0% to reach a market valuation of close to US$ 62,931.0 Mn by 2033.
| Attributes | Key Insights |
|---|---|
|
Global Automotive Trim Parts Market Size (2022A) |
US$ 40,920 Mn |
|
Estimated Market Size (2023E) |
US$ 42,513.9 Mn |
|
Projected Market Value (2033F) |
US$ 62,931.0 Mn |
|
Value CAGR (2023-2033) |
4.0% |
|
Collective Share: Top 3 Countries (2023E) |
24.2 % |
The demand for high quality automotive interior & exterior trim parts like door trims, door handles and other parts is increasing as these parts need to be durable, robust, and high temperature resistant. Materials like polypropylene, acrylonitrile butadiene styrene or plastic molding which are combined with different metals are often used for interior trim parts to create strong components.
The Automotive Trim Parts Market is predicted to foresee healthier year-over-year growth, especially in North America and Europe owing to increasing demand from the automotive industry. According to PMR, North America will hold 13% of the market in 2033.
From 2017 to 2022, the global Automotive Trim Parts Market expanded at a CAGR of around -0.1%. The global automotive production has increased since the past years due to growth in population and increase in the disposable income of people in many developing countries like India and other Asian countries. This factor is driving the growth of automotive trim component market.
The market for trim parts has been expanding globally as a result of a number of factors, including an increase in the sales of sedans and convertibles globally. The demand for interior and exterior trim elements has increased during the anticipated period due to growth in passenger car sales.
Many innovative aspects of automotive trim parts, such as the ability to effectively reduce overall vehicle weight by using fibreglass components, are likely to draw in more automakers, which is fuelling demand for and sales of automotive trim parts. Companies around the world are focusing on new product development of automotive trim parts. Considering this automotive trim parts are forecast to expand at a healthy CAGR of 4.0% over the coming 10 years.
“Increasing demand for E- commerce platforms for sale of trim parts”
Many manufacturers are selling their trim parts like door panels, door trim, bumpers, and sun visors on different E-commerce platforms to increase the sales of aftermarket parts. Manufacturers are collaborating with prominent online platforms to increase the sales of these parts which is accelerating the growth of automotive trim parts sales in many regions.
“Increasing use of lightweight materials for automotive parts”
The automotive trim parts manufacturers make high quality interior products to increase comfort and aesthetic appeal to meet the specifications of clients. They use different technological processes to provide quality products like 3D moulding of automotive components.
Interior trim products like door panels, seat trim, sun visors and exterior trim parts like bumpers, radiators and grilles are made from materials like polypropylene and acrylonitrile butadiene styrene, which are thermoplastic polymers that have good dimensional stability, high impact resistance, low melting temperature and resistance to scratching, breaking and tearing and have high strength, elasticity and toughness. These parts use lightweight materials that are of high strength and offer resistance to scratches and high temperature.
“Increase in R&D in Automotive industry for trim components”
Many manufacturers are investing some portion of their total revenue in research & development activities for new technological and material advancements in the automotive industry. They also work for new product research and development in existing products for automotive components.
Companies are putting up new research & development centres in major countries to enhance the growth of the company. These R&D investments help the manufacturers to overcome intense competition and gain major competitive advantage in the industry. Many manufacturers are working towards innovating new lightweight materials for vehicle components to lower manufacturing costs.
Which is the most prominent market for Automotive Trim Parts manufacturers?
“Germany to dominate the Automotive Trim Parts market”
The Automotive Trim Parts Market in the U.S. is expected to account for approximately 12.4% of global value in 2022. The fact that the automotive components business is so concentrated in Germany is mostly due to the large number of manufacturers there, that manufacturers automotive components for many OEMs and Tier- 1 firms.
Europe is one of the most important markets for automobile trim parts, according to Persistence Market Research. The market for trim parts in Europe is growing as a result of establishment of new production sites in profitable areas. Also, the boost in the electric vehicle industry is anticipated to show a high growth potential for the automotive trim parts market.
Which Country is dominating the Europe Automotive Trim Parts Market?
“India is anticipated to hold largest market share in the SAP Automotive Trim Parts Market”
From 2023 to 2033, India is estimated to grow at a CAGR of 4.8%. The Indian automotive sector have witnessed a major decline in sales of vehicles during pandemic as compared to previous years. But now that the manufacturing facilities are back in operation, the Indian vehicle industry is regaining its sales. The Indian vehicle market is expected to increase tremendously during the forecast period and has strong growth possibilities.
Which Product Type Holds a Prominent Share in Global Automotive Trim Parts Sales?
“High Demand for interior and exterior trim parts”
Automotive trim parts are used in interior and exterior of the vehicle to protect the car from damage and trim components like door panels, door trims are designed to prevent the vehicle from getting damaged. Hence, these parts are very important for vehicles and are installed to increase the comfort level of passengers. The interior trim parts is anticipated to hold 52.6% of the total automotive trim parts market.
The sales of automotive trim parts in the aftermarket is increasing with the increase in sales of these parts on E- commerce platforms. Manufacturers collaborate with legit online platforms to increase the sale of trim parts for replacement market. Many companies offer these parts on their websites as well to increase the sales of replacement parts. A few of the prominent players in the market include Continental AG, Magna International Inc., Faurecia, Toyota Boshoku Group, and others.
| Attribute | Details |
|---|---|
|
Forecast Period |
2023-2033 |
|
Historical Data Available for |
2017-2022 |
|
Market Analysis |
|
|
Key Regions Covered |
|
|
Key Countries Covered |
|
|
Key Segments Covered |
|
|
Key Companies Profiled |
|
|
Report Coverage |
|
|
Customization & Pricing |
Available upon Request |
By Product Type, the Global Automotive Trim Parts Market is segmented as:
By Vehicle, the Global Automotive Trim Parts Market is segmented as:
By Material , the Global Automotive Trim Parts Market is segmented as:
By End Use, the Global Automotive Trim Parts Market is segmented as:
By Region, the Global Automotive Trim Parts Market is segmented as:
To know more about delivery timeline for this report Contact Sales
The Automotive Trim Parts Market is expected to total US$ 42,513.9 Mn in 2023.
The demand for Automotive Trim Parts will increase by 4.0% during the forecasted period from 2023 to 2033.
Continental AG, Magna International Inc., Faurecia, Toyota Boshoku Group, Toyoda Gosei Corp and others are the leading market players which hold around 45 to 50% of the market share.
The demand in India is expected to increase by 4.8% CAGR from 2023 to 2033 on a value basis.
The U.S., Germany, China, India, and Japan are the leading countries in the Automotive Trim Parts Market.
