The global Car Trim and Final Products market gathered revenue around USD 126.98 billion in 2021 and market is set to grow USD 185.18 billion by the end of 2030 and is estimated to expand at a modest CAGR of 3.82% during the prediction period 2022 to 2030.
Growth Factors:
Car trim and final products are used as exterior, interior, and seat or safety related products inside cars. These products help increase the safety and security of cars as well as enhance comfort level. The adoption rate of different cars such as compact, mid-size, luxury and SUV among consumers is increasing globally, which is further fueling the demand for car trims and final products. Consumers in China and India are majorly focusing on compact and mid-size cars, as these countries witness a large number traffic congestions and compact cars are easy and quick to drive. Consumers in developing countries exhibit low preference for luxury cars, due to their high purchase price and maintenance cost. On the other hand, demand for SUVs in developed countries is increasing owing to rising consumer preference for large-sized cars. Thus, increasing production of cars across the globe increases the need for car trims and further drives the market.
The COVID-19 pandemic hampered the automotive industry across the globe, as all manufacturing processes were stopped, supply chains was disrupted, and people were not moving from home due to lockdowns. Apart from automobile manufacturing, the pandemic also hampered the business for component manufacturing or other original equipment manufacturing. However, automotive companies are witnessing recovery and growth in the market post COVID-19 pandemic. Moreover, governments across the globe have also announced tax relaxations for the production of electric cars, which in turn is boosting the car trim and final products market.
Report Coverage
Drivers of Car Trim and Final Products Market
· Rising production of cars, i.e. IC engine cars, electric and hybrid cars, increases the use of trims and final products, which further boosts the market. According to OICA (International Organization of Motor Vehicle Manufacturers), in 2020, the global passenger car production reached to 57 million units. Increasing production of cars requires huge number of products or components to be installed for its functionality. Despite of its functionality, cars also require other components that are mandatory to provide safety to the driver and passengers. Hence, increasing safety features in cars propels the market.
· Increase in demand for noise reduction in car interiors is also fueling the trims and final products market. Consumers are investing significantly in the purchase of those cars that have less disturbance due to external air flow. The primarily function of such car interiors is to minimize noise emission, reduce wind, and to enhance the car speed. Therefore, such demands from consumers are prompting manufacturers to use noise cancelation leather and foam for the car interiors, which in turn increases the demand for car trims.
· Rising preference for comfortable seating features in cars is also compelling original equipment manufacturers to integrate several sensors and advanced technological applications. Automakers provide various seat systems that can be adjusted as per the comfort level of the driver and passengers. Moreover, these seats can also trigger climate control systems and provide relaxing features to the occupants of the vehicle. Therefore, integration of technology in seating solutions also drives the car trim and final product market.
Challenges for Car Trim and Final Products Market
· Components that are installed in the car are expensive, which deters the consumer from opting for product replacement. Therefore, OEMs equips their vehicles with durable and strong parts, which survive or endure in all weather conditions. These durable products widely hamper the aftermarket segment, as these components do not wear easily and hinder the need for replacement. Therefore, a decline in the demand for aftermarket products hampers the car trim and final products market.
· Production and sales of automotive vehicles has decreased due to onset of COVID-19 pandemic and the subsequent shut down of manufacturing processes, lockdowns, and disruption of supply chains, and distribution channels. Reduction in vehicle production also hampers the automotive trim and final product market. However, recent policies and recovery packages announced by several nations for the sustenance of automotive manufacturing are estimated to boost the automotive trim and final product market.
Car Trim and Final Products Market Segmentation
· Based on car type, the compact or hatch back cars segment dominated the global car trim and final products market, in terms of revenue, in 2020. Sales and production of compact cars are significantly high in developing countries, due to a rise in population, traffic congestion, and an increase in adoption rate of passenger cars, which further enhance the demand of car trims and final products.
· Based on category, the interior segment dominated the global car trim and final products market, in terms of revenue, in 2020. Increase in production of automobile vehicles across the world is prompting manufacturers to mostly focus on enhancing vehicle interiors by using different products, advanced sensors, and other applications in order to improve the comfort level. For instance, in 2021, Toyota Boshoku Corporation Company’s subsidiary, TB Kawashima Co., Ltd., formed an alliance with AUNDE Achter & Ebels GmbH Company to reinforce its interior material business for automobile vehicles.
Regional Analysis of Car Trim and Final Products Market
In terms of region, the global car trim and final products market has been segmented into North America, Europe, Asia Pacific, Central & South America and Africa. Asia Pacific dominated the global car trim and final products market in 2020, due to increasing adoption of compact and mid-sized cars among consumers in the region. Moreover, China is considered as one of the leading countries, in Asia Pacific as well as globally, in terms of passenger car sales and production. This rising car production further boosts the cars trims market. Additionally, most consumers in Asia Pacific are shifting their preference toward electric vehicles and governments are also supporting automotive manufacturers to enhance EV production, which in turn is driving the car trims and final products market.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
- Company Overview
- Company Market Share/Positioning Analysis
- Product Offerings
- Financial Performance
- Recent Initiatives
- Key Strategies Adopted by Players
- Vendor Landscape
- List of Suppliers
- List of Buyers
Some of the prominent players in the Car Trim and Final Products Market include: Adient plc, Autoliv Inc., Lear Corporation, Osram Licht AG, Benteler International AG, Magna International, Inc., Futaba Industrial Co., Ltd., Toyota Boshoku Corporation, Hella KGaA Hueck & Co., ZF Friedrichshafen AG, Faurecia SE, Draexlmaier Group, Joyson Safety Systems, Inteva Products, LLC, and Marelli Holdings Co., Ltd.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2030 and covers subsequent region in its scope:
Global Car Trim and Final Products Market: Segmentation
- Car Trim and Final Products Market, by Car Type
- Compact
- Mid-size
- Luxury
- SUV
- Car Trim and Final Products Market, by Category
- Exterior
- Lamp, Glass, and Other Products
- Interior
- Seat Related Products
- Safety Related Products
By Geography
North America
Europe
- Germany
- France
- United Kingdom
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Rest of Latin America
Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of Middle East & Africa
Highlights of the Report:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Car Trim and Final Products market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Car Trim and Final Products market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Car Trim and Final Products markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
- Governmental bodies, and organizations creating economic policies
- National and international social welfare institutions
- Company websites, financial reports and SEC filings, broker and investor reports
- Related patent and regulatory databases
- Statistical databases and market reports
- Corporate Presentations, news, press release, and specification sheet of Manufacturers
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
- Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
- In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.
Industry participants involved in this research study include:
- CEOs, VPs, market intelligence managers
- Procuring and national sales managers technical personnel, distributors and resellers
- Research analysts and key opinion leaders from various domains
Key Points Covered in Car Trim and Final Products Market Study:
- Growth of Car Trim and Final Products in 2022
- Market Estimates and Forecasts (2017-2030)
- Brand Share and Market Share Analysis
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Recommendation on Key Winning Strategies
- COVID-19 Impact on Demand for Car Trim and Final Products and How to Navigate
- Key Product Innovations and Regulatory Climate
- Car Trim and Final Products Consumption Analysis
- Car Trim and Final Products Production Analysis
- Car Trim and Final Products and Management
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