According to the report, the global car trim and final products market is projected to surpass US$ 182.17 Bn by 2031, expanding at a CAGR of 3.42% during the forecast period. 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.
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Expansion of Car Trim and Final Products Market
The rising adoption of luxury and sports cars increases the demand for car racing and motorsports in developed countries, which further enhances the demand for car trim products. The luxury segment is projected to expand at a rapid pace, as these cars uses lightweight trims in the vehicles which are manufactured from carbon fiber and other polymers. Moreover, luxury cars manufacturers are collaborating and investing to integrate advanced technology in their car seating and security solutions. For instance, in 2020, Lear Corporation collaborated with Gentherm to introduce advance technological seating solution INTU Thermal Comfort with ClimateSense technology, which helped Lear to expand its seating business segment and also contribute to the expansion of the car trims market.
Based on car type, the compact car segment held a prominent share of the market, in terms of revenue, in 2020. The luxury cars segment is estimated to expand at a rapid in the car trims market during the forecast period, due to rising consumer preferences for sports cars and growing technological integration in automobiles. For instance, in October 2021, ZF Friedrichshafen signed a collaborative agreement with Oxbotica to expand into autonomous driving, which increases access to real-time mobility and also enhance road safety.
Based on category, the seat related products segment is expected to expand at a rapid pace during the forecast period due to rising technological advancements in the automotive sector and integration of several technological applications and sensors by OEMs in their seating systems. These sensors and applications offer comfort to the driver and passengers while driving. Moreover, consumers are also preferring such advancements in their cars, which is further boosting the seat related products segment.
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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.
Car Trim and Final Products Market Players
Prominent players operating in the global 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.
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