Automotive Trim Market to Reach $43.35 Bn, Globally, by 2027 at 6.9% CAGR: Allied Market Research

Automotive Trim Market to Reach $43.35 Bn, Globally, by 2027 at 6.9% CAGR: Allied Market Research

PR Newswire

PORTLAND, Oregon, June 16, 2020

- 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-

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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.

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Similar Report We Have:

Automotive Interiors Market: The global automotive interiors market was valued at $171,200.3 million in 2017, and is projected to reach $249,785.4 million by 2025, registering a CAGR of 4.7% from 2018 to 2025.

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Passenger Car Accessories Aftermarket: The global passenger car accessories aftermarket size was valued at $128.97 billion in 2018, and is projected to reach $248.41 billion by 2026, registering a CAGR of 8.5% from 2019 to 2026.

Automotive Door Panel Market: The global automotive door panel market was valued at $24,115.1 million in 2017, and is projected to reach at $34,158.6 million by 2025, growing at a CAGR of 4.4% from 2018 to 2025.

Automotive Seat Market: The automotive seat market size was valued at $71,651.20 million in 2017, and is projected to reach $101,397.20 million by 2025, registering a CAGR of 4.3% from 2018 to 2025.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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