Global automotive trim part sales are set to be valued to around US$ 58 Bn in 2031, according to latest research by Persistence Market Research, a research and consulting firm. The report estimates the market to expand at a steady CAGR of 4% through the course of 2021-2031. Vehicle manufacturers are focusing on providing technologically advanced interior trim parts in place of heavier components so as to ensure reduced weight of vehicles.
As such, demand for trim parts is increasing due to rise in automotive production and sales around the globe. Due to increasing population and rising disposable income, demand for passenger cars has seen a boost in the past few years, which has also accelerated the need for trim parts. This segment is set to account for more than 80% overall demand for trim parts. In 2020, sales of vehicles were hit due to the onset of COVID-19, which dented demand for trim parts as well. However, with the new normal, as demand and sales of vehicles are rising again, the market for trim parts has also gained traction.
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FACTS AT A GLANCE
Companies: Magna International Inc., Faurecia, Toyota Boshoku Group, Toyoda Gosei Co. Ltd, Grupo Antolin, Plastic Omnium, and Futuba Industrial Co. Ltd.
Segments: Automotive Trim Parts Market Segmented By Exterior Trim Parts, Interior Trim Parts Product with Acrylonitrile Butadiene Styrene, Polypropylene, Thermoplastic Elastomer Material
Geographies: US,Canada,Germany,U.K.,Italy,Spain,Russia,China,Japan,South Korea,India,ASEAN countries,Australia,Turkey,Brazil
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ABSTRACT-
Persistence Market Research recently published a report on automotive trim parts market. The report provides detailed valuation on the key market dynamics such as drivers, trends, opportunities, and restraints, along with detailed information about the market structure. This market research report presents exclusive facts and figures about how the trim parts market will grow over the forecast period of 2021 to 2031.
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Key indicators of market background, such as value chain analysis and supply chain, compounded annual growth rate (CAGR), and year-on-year (Y-o-Y) growth of the market are explained in Persistence Market Research’s study in a comprehensive manner. This information can help readers understand the quantitative development projections of the automotive trim parts market over the forecast period.
The study is relevant for stakeholders as well as manufacturers, distributors, suppliers, and investors, as it can help them understand applicable strategies to grow in the market. Stakeholders, investors, industry experts, researchers, and journalists, as well as business researchers in the automotive trim parts market can leverage the information and statistics presented in this research report.
The report includes facts & figures related to the micro- as well as macro-economic factors that are impacting the growth of the market. The study also offers actionable insights based on the future trends in the market. Furthermore, regional players and new entrants in the automotive trim parts market can also use the information presented in this report to make business decisions and gain momentum in the market.
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