As per the United Nations (UN), the global population will increase from 7.7 billion in 2019 to 10.9 billion by 2100. This is directly resulting in the rising sale of automobiles, as more the people, the more the vehicle buyers. While vehicles fulfill the basic purpose of transporting people, comfort and luxury are also becoming important factors influencing their sales. With a higher disposable income, people are now preferring premium vehicles that offer a higher level of comfort.
Hence, P&S Intelligence expects the automotive cabin insulation market to witness robust growth in the years to come. Cabin insulation has many practical advantages, such as reducing the level of noise from the engine and outside in the passenger area of the vehicle and allowing for better temperature control. As the reduced loss of heat from the cabin during winters drives down the load on the heater and the reduced gain of heat during summers decreases the load on the air conditioner, the requirement for electrical energy comes down.
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| Automotive Cabin Insulation Market |
This means that the auxiliary battery in a car, bus, or truck takes longer to deplete, which leads to a lower requirement for the engine to charge it continuously. This can not only reduce the consumption of fuel, but use more of whatever is being consumed into propelling the vehicle, thus improving the mileage. Even though such benefits may be small in the short run, vehicle owners usually benefit considerably over the long term. Hence, this factor may be more important for fleet owners, whose fuel expenses are a lot higher than individual vehicle owners.
As a result of all such factors, Asia-Pacific (APAC) is expected to continue to dominate the automotive cabin insulation market in the coming years. China, India, South Korea, and Japan produce the most automobiles around the world, which is why the demand for automotive components is the highest here. Further, with the rising purchasing power of people, the demand for luxury cars with insulated cabins is rising. Similarly, the public transportation sector of the region is rather large, and despite the millions of public buses, they need more to cater to their burgeoning population.
Hence, with the rising sales of buses, trucks, and luxury cars, the demand for insulating materials for the driver’s cabin will continue to increase.
