Jan 10, 2020 6:00 AM ET
Automotive Upholstery Market Forecast to Grow at CAGR of 6.21% During 2020-2025
iCrowd Newswire -
Jan 10, 2020
Automotive Upholstery Market is forecast to reach $7.09 billion by 2025, after growing at a CAGR of 6.21% during 2020-2025. One of the major factor driving the market of the Automotive Upholstery is the high demand of in-vehicle comfort and customization of the automotive interiors, by the customers. Moreover, the growing demand of autonomous driving and growing progress towards completely autonomous vehicles is anticipated to uplift the growth of the market during the forecast period.
• The increasing demand of customization of car interiors and growth in the demand of autonomous vehicles is anticipated to boost the growth of the market.
• The growing popularity of the light duty vehicles and consequent increase in the adoption of such vehicles anticipated to boost the growth of the market during forecast period.
Fabric Type- Segment Analysis
By the type of fabric, Non-Woven fabric held the largest market share for automotive upholstery, in the year 2018. The growth is clearly depicted by the large number of product launches. The high demand of the organic fabrics and their benefits is one of the most important reason contributing towards the growth of the market during forecast period. In2018, South Korea based “Korea Nonwoven Technology Co. Ltd” launch a new non-woven fabric wipes. The launch of new products is anticipated to increase the adoption of these products thereby contributing towards the growth of the market during forecast period.
Vehicle type- Segment Analysis
By the type of vehicle, Light duty vehicles held the major share in the market of Automotive Upholstery market, in 2018. The growth is majorly attributed to high adoption of the light duty vehicles in the developed countries such as the U.S., Canada, Germany, U.K and japan. Also, in developing Countries such as India and China, the adoption of light duty vehicles such as light weight trucks, cars is growing at a fast pace. The adoption of the advanced light duty vehicles in the major parts of the world is anticipated to raise the growth of the market.According to OICA, China held 35%market share in global light duty cars sales in 2017. The high demand and adoption of the new vehicles is anticipated to raise the growth of the market during forecast period.
Geography- Segment Analysis
North America dominated the Automotive Upholstery marketwith a share of more than 39%, which is followed by APAC. The growth of the market in North America is attributed to the high adoption of passenger cars in the countries such as the U.S., Canada, and Mexico. Cars being one of the major need in almost all the households in the U.S majorly contributes towards the growth of the Automotive Upholstery market in this region during forecast period.With more than 11 million vehicles traveling on the U.S. roads, which is 11.5 % of the total vehicles in the world as reported by the OICA in 2017, is anticipated to uplift the growth of the Automotive Upholstery market during forecast period.
Drivers –Automotive Upholstery Market
• Growing Adoption of cars
In the developed countries such U.S and Canada, car is considered as the basic need and is adopted by almost each house hold in these areas. Moreover, in countries such as India and China the launch of light weight cars and low cost cars has increased the adoption of cars. The growth in the adoption of cars is anticipated to drive the growth of the market during forecast period.
• Increasing Customization of vehicle interior
In the modern era, the growing trend of customization is heavily impaction the market growth. The high demand of Customized car interior is one of the major reason driving the growth of the market. The adoption of non-woven seat covers is anticipated to drive the growth of the market during forecast period.
Challenges – Automotive Upholstery Market
• The high cost of raw material
One of the major reason hindering the growth of the Automotive Upholstery market is the rapidly growing prices of the high quality raw materials. The high prices of the raw material results in increasing the price of the finished goods as well, which hinders the adoption of these products, hindering the growth of the market.
Technology launches,acquisitions and R&D activitiesare key strategies adopted by players in the Automotive Upholstery Market. In 2018, the market of fuel additiveshas been consolidated by the top five players accounting for 44% of the market share. Major players in the Automotive Upholstery Market areLear Corporation, Adient PLC, Toyota Boshoku, and Faurecia S.A., among others.
- In 2018, Toray announced the launch of a new nonwoven material which has a suede texture and consists of 30% plant based raw material and named it“Ultrasuede BX”. The launch of new and organic materials is anticipated to boost the growth of the market.
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