Major players in the motor vehicle seating and interior trim 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.
New York, June 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Motor Vehicle Seating and Interior Trim Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06072071/?utm_source=GNW
The global motor vehicle seating and interior trim market is expected to grow from $295.17 billion in 2020 to $312.15 billion in 2021 at a compound annual growth rate (CAGR) of 5.8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $463.23 billion in 2025 at a CAGR of 10%.
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.
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.In 2019, Indians purchased 21% more SUVs than in the previous year.
According to a November 2019 survey, Hyundai delivered more than 51,000 units of its brand unique SUV, Hyundai Venue, in the first six months of its lifecycle, which was released on the market in May 2019. The increase in demand for SUVs around the world positively impacts the growth of vehicle seating and interior trim market.
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.
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 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 February 2020, Supreme Nonwovens Group, a Maharashtra based automotive company acquired automotive interior trims and NVH business of Futuris Automotive for an undisclosed amount.This acquisition further reaffirms Supreme Group’s commitment to global automotive OEM customers.
Futuris Automotive, a USA based company that designs and develops JIT solutions, from initial styling concepts to large volume production for complete seating and interior trim systems.
Read the full report: https://www.reportlinker.com/p06072071/?utm_source=GNW
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