Market Research Automotive Interior Materials Market | Page 2

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The rising sales of premium passenger cars is expected to have a significant impact on the
automotive interior materials market. In China, despite a 10% austerity tax on premium
vehicles, automotive sales have been strong with premium automobile manufacturers such as
Porsche, Ferrari, McLaren, and Maserati—all reported healthy growth in 2016. In the U.S.,
Mercedes Benz alone sold over 340,000 vehicles, followed by Lexus and BMW at 331,000 and
313,000, respectively. This has augmented the market growth of automotive interior materials
market in the aforementioned countries.
Asia Pacific is a lucrative market for automotive interior materials, primarily driven by strong
performance of the automobile industry in India and China. The growth of transportation sector
coupled with rise in need for transit of consumer goods, people, and raw materials has boosted
the automotive interior materials market growth. According to China Association of
Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM),
sales of cars in China stood at 28.03 million in 2016 and 3.00 million in India. The CAAM also
projected automobile sales in China to grow by 5% to reach 29.4 million units in 2017. The
boom in sales can be attributed to the favorable sales tax, which was cut from 10% to 5% in
2015. The Asia Pacific market was valued at US$ 24.96 billion in 2016 and is expected to
exhibit a CAGR of 8.28%.
North America and Europe also experienced strong vehicle sales, with the U.S. positioned as
the second-largest cars market in the world. In the U.S., the automotive sales in 2016 stood at
17.55 million. High dealer incentives, low interest rates on automotive loans, and low gasoline
prices have resulted in the growth of automobile industry in the country. Pickup trucks and
crossover SUVs witnessed maximum growth in sales. Automakers such as Ford, G.M, and
Chrysler are among the largest customers of automotive interior materials. The North America
automotive interior materials market was valued at US$ 11.12 billion in 2016 and is forecasted
to exhibit a CAGR of 7.39%.
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