-- According to a recent report published by Allied Market Research, titled, “Automotive Trim Market by Material Type, Internal Application, External Application, Vehicle Type and End Use: Opportunity Analysis and Industry Forecast, 2020–2027,” the global automotive trims market was valued at $25.68 billion in 2019, and is projected to reach $43.35 billion by 2027, registering a CAGR of 6.9%.
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Asia-Pacific dominates the market in terms of growth, followed by LAMEA, Europe, and North America. China dominated the global automotive trim market share in 2019, whereas India is expected to grow at a significant rate in the automotive trim market during the forecast period.
Trims used in an automobile are the components made of plastic or polymer and are designed to perform various operations such as preventing the vehicle from damage caused by collision of vehicle. Trims used in a vehicle describes the special features of the vehicle and are described as trim level for a vehicle. These include front and rear bumpers, door interior trims, and similar components which are designed to provide a better look to the vehicle. Numerous automotive component manufacturers have developed and introduced lightweight and strong automotive components made of different polymers. These components have a wider application in an automobile, which effectively leads to the growth of the global automotive trims market.
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Trims used in an automobile prevents the interiors of the vehicle from outer environment such as dust, dirt, water, noise, and others, thus providing comfort to the passengers in the vehicle. Automotive trims are more effective and powerful as compared to other components, owing to which they are exclusively incorporated in heavy vehicles. In addition, they witness increased demand for installation in vehicles, as they provide superior and effective protection to the vehicle and increase the comfort level of vehicles by reducing noise, thus leading to the growth of the automotive trim market.
Factors such as increase in demand for luxury & comfort in vehicles and rise in production of vehicles lead to the growth of the global automotive trims market. Moreover, high replacement cost, growth in trade war, and increase in automotive import tariffs are the factors expected to restrain the growth of the automotive trims market during the forecast period. However, rise in demand for lightweight components and untapped developing markets are the factors expected to supplement the global automotive trims market growth thus providing a better opportunity for the growth of the market in the near future.
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Key Findings Of The Study
By interior application, the dashboard segment generated the highest revenue in 2019.
By exterior component, the bumpers segment generated the highest revenue in 2019, and is expected to lead the market during the forecast period.
By vehicle type, the battery electric vehicle segment is expected to experience a lucrative growth rate during the forecast period.
By end use, the original equipment manufacturer segment is projected to register a lucrative growth in 2027.
The key players analyzed in this report are Draexlmaier Group, Dura Automotive Systems Inc., Gemini Group, Inc., GRONBACH, Grupo Antolin, Intenational Automotive Components, Kasai Kogyo Co., Ltd., STS Group, Toyata Boshoku Corp., Trinseo, and TS Tech Co. Ltd.
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Organization: Allied Market Research
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Website: https://www.alliedmarketresearch.com/
Release ID: 89032643
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