Automotive Trim market worth was valued to garner $43.35 Bn by 2027, at a CAGR of 6.9%: Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, September 11, 2023/EINPresswire.com/ — 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.
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.
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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%.
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 industry during the forecast period.
Rise in demand for luxury & comfort in vehicles and increase in production of vehicles drive the growth of the global automotive trims market size. However, high replacement cost, growth in trade war, and increase in automotive import tariffs hinder the market growth. On the other hand, rise in demand for lightweight components and untapped developing markets create new opportunities in the coming years.
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Based on material type, the polypropylene segment contributed to the largest share in 2019, accounting for nearly one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, the acrylonitrile butadiene styrene segment is expected to register the highest CAGR of 7.7% from 2020 to 2027.
Based on interior applications, the dashboards segment accounted for the largest share in 2019, holding more than two-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the door panels segment is estimated to portray the highest CAGR of 7.5% during the forecast period.
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Based on region, Asia-Pacific contributed the highest share, accounting for nearly one-third of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Europe is expected to grow at the highest CAGR of 7.8% from 2020 to 2027.
Leading market players analyzed in the research include 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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