Rockville, MD, Nov. 06, 2024 (GLOBE NEWSWIRE) -- The automotive trim part market is expected to grow at a 4.2% CAGR between 2024 and 2034, according to Fact.MR. By 2034, the global market for these products is expected to reach US$ 58,222.2 million. According to Fact MR, a provider of market research and competitive intelligence, the global automotive trim part market is rapidly growing and is expected to continue its growth trajectory in the coming years.
The trend towards connected vehicles and smart interiors is influencing the design and integration of electronic components within trim parts, which includes touch panels, sensors, and connectivity features, creating opportunities for innovation in the automotive trim part market. The use of 3D printing and additive manufacturing technologies is expanding in the automotive industry, which can lead to more intricate and customizable designs for trim parts, allowing for rapid prototyping and efficient production processes.
Increasing emphasis on vehicle safety standards and regulations may drive the demand for trim parts that comply with safety requirements, which include airbag covers, impact-resistant materials, and other safety-related components. The rise of digital retailing and virtual showrooms allows customers to explore and customize their vehicles online. The trend creates opportunities for automotive trim part manufacturers to display their products in virtual environments and offer personalized options.
The shift towards Mobility as a Service and shared mobility solutions may influence the design and functionality of interior trim parts. Trim components that cater to the needs of shared and autonomous vehicles may experience increased demand. The aftermarket for automotive trim parts is expanding as consumers seek to customize their existing vehicles. Companies offering retrofitting solutions and aftermarket trim parts may find opportunities to cater to this market segment.
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Different regions and cultures often have distinct preferences for vehicle aesthetics. Manufacturers that understand and adapt their trim designs to match regional tastes may have a competitive edge in diverse markets.
The use of augmented reality in the design and manufacturing processes can streamline production and enhance collaboration. AR technologies can be employed for virtual prototyping and assembly, reducing time and costs. The adoption of regenerative materials and circular economy practices in the automotive industry may drive innovation in trim part manufacturing. Companies focusing on materials that can be reused or recycled may align with evolving industry standards.
Key Takeaways from the Market Study:
- In 2024, the global automotive trim part market is estimated to have a global market size of US$ 38,499.6 million.
- The interior trim parts are expected to dominate the market, with a market share of 5% in 2034.
- The passenger vehicles category is expected to hold a market share of 2% in 2024.
- China is predicted to acquire 4% of the global market share in 2024.
- East Asia is expected to account for a CAGR of 6% by 2034.
“The growth of online retail channels for automotive parts and accessories can impact the distribution and sales of trim parts. E-commerce platforms provide manufacturers with additional avenues to reach customers,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Automotive Trim Parts Market:
Key players in the automotive trim parts industry are Continental AG, Magna International Inc., Faurecia, Toyota Boshoku Group, Futaba Industrial Co. Ltd, Adient Plc, Kasai Kogyo Co. Ltd, Hayashi Telemyu, Samvardhana Motherson, and Novares, are key players in the market.
Competitive Landscape:
The automotive trim part market is shaped by pricing, distribution channels, customer service, and regulatory compliance to gain a competitive edge. Adapting to market dynamics and staying abreast of technological advancements are essential for sustained success in this dynamic industry.
Recent Development
- In 2022, leading automotive companies Faurecia and HELLA announced the official name of their combined entity, FORVIA, which embodies a forward-looking approach, emphasizing its commitment to steering the mobility transition both on roads and VIAways. FORVIA stands poised to capitalize on strategic shifts driving transformation in the automotive landscape.
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Automotive Trim Parts Industry News:
- In 2022, Škoda, the automaker, and HELLA, the worldwide automotive supplier, worked together to develop a comprehensive lighting package for the Enyaq iV. The main focus was on creating dynamic lighting for the radiator grille, also called the Crystal Face, which adds to the striking look of Škoda's first all-electric SUV and shapes its distinctive style.
- The RS and coupe versions of the Enyaq iV, which are presently being brought to the market, now come standard with the illuminated grille, which was first made available as an optional extra in the fall of 2021.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive trim part market, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on automotive trim part market analysis by technology (exterior trim, interior trim parts), by vehicle category (passenger vehicles, commercial vehicles), and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
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