Automobile Interior Manufacturing in the US - Industry Market Research Report

Automobile Interior Manufacturing in the US - Industry Market Research Report

Automobile Interior Manufacturing in the US

The performance of automobile interior manufacturers is inseparable from the performance of the automobile industry as a whole. The bulk of the products made by manufacturers is used for brand-new vehicles, so the number of new car sales is representative of the tides of this industry. New car sales have dropped in recent years, particularly during the height of the COVID-19 pandemic, as people were stuck at home, pushing transportation down their list of priorities. At the same time, economic conditions were tough and overall consumer spending was dropping off. The recovery of new car sales when pandemic-related restrictions were lifted was muted, keeping demand for interiors down. New car sales have since returned to declines as consumers focus their spending elsewhere, particularly as the cost of living swells while a potential recession looms thanks to high inflation and repeated interest rate hikes levied by the Federal Reserve. Overall, industry revenue has fallen at a CAGR of 4.9% since 2018 and is expected to settle at $28.2 billion in revenue in 2023 following a decline of 2.6% that year.

Companies in this industry manufacture motor vehicle seats and various interior components, including trimming, motor vehicle upholstery, seat covers and seat belts and seat frames. Industry operators also manufacture seats used in aircrafts.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.