Automotive Interior Materials Market
Growing awareness about waste disposal in the process of leather manufacturing required for the automotive interiors along with high prices of leather material are expected to restrain the growth of the market.
Growing awareness about waste disposal in the process of leather manufacturing required for the automotive interiors along with high prices of leather material are expected to restrain the growth of the market.
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Global <strong>Automotive</strong> <strong>Interior</strong> <strong>Materials</strong> <strong>Market</strong> Outlook:Burgeoning growth<br />
of <strong>Automotive</strong> Sector in Asia Pacific to Fuel <strong>Market</strong> Growth<br />
Geographically, the global automotive interior materials market is segmented into North America, Europe, Asia Pacific,<br />
Middle East and Africa. Booming automotive industry along with rising middle class population with high spending<br />
power creates highly lucrative opportunities for players in the automotive interior materials industry. In Asia-Pacific<br />
region, government initiatives in terms of subsidies and tax concessions across various countries are attracting the<br />
automotive OEMs to build their manufacturing plants in the region. For instance, in July 2016, the South Korean Ministry<br />
of Trade, Industry and Energy announced plans to make electric car batteries run longer, build a network of charging<br />
stations and make electric car purchases and ownership more affordable. The government expects that the current and<br />
future policy programs will help increase the electric car market share in South Korea to 0.5% in 2017, up from 0.2% in<br />
2015, and to achieve 5.3% in 2020. Also, In April 2014, the Indian government announced a new plan to provide subsidies<br />
for hybrid and electric vehicles. The plan will have subsidies up to US$ 2,314 for cars and US$ 463 on two wheelers. This<br />
in turn positions Asia Pacific as a high growth market for automotive interior materials.<br />
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