Automotive Fabrics Market Expected to Reach USD 62.23 Billion by 2032 | Growing at a CAGR of 5.10%
Automotive Fabrics Market Size, Growth, Forecast 2032 | MRFR
Market Research Future (MRFR) has published on the “Global Automotive Fabrics Market”.
Market Research Future (MRFR) has published a cooked research report on the “Global Automotive Fabrics Market” that contains information from 2019 to 2032. The Automotive Fabrics market is estimated to register a CAGR of 5.10% during the forecast period of 2024 to 2032.
MRFR recognizes the following companies as the key players in the global Automotive Fabrics market— Autoliv Inc (Sweden), Lear Corporation (US), Toray Industries (Tokyo), Hyosung Corporation (South Korea), Teijin Limited (Japan), Indorama Ventures Public Company (Thailand), Asahi Kasei Corporation (Japan), Toyobo Co., Ltd (Japan), Toyota Boshoku Corporation (Japan), SEIREN Co. Ltd. (Japan), and Suminoe Textile Co., Ltd. (Japan).
Automotive Fabrics Market Highlights
The global Automotive Fabrics market is accounted for to register a CAGR of 5.10% during the forecast period and is estimated to reach USD 62.23 Billion by 2032.
The automotive industry is going through a significant shift in favor of stricter safety regulations, which would likely drive up demand for automotive fabric. Automotive manufacturers are placing a higher priority on integrating innovative safety technologies into their vehicles in order to improve occupant protection as global safety rules become more stringent. In fact, the demand for automotive fabric is facing challenges in some market sectors due to the availability of replacement materials such as natural leather. Natural leather has traditionally been preferred for its opulent feel, strength, and visual appeal in car interiors.
Segment Analysis
The global Automotive Fabrics market has been segmented based on Vehicle Type, and Application.
Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, Heavy Trucks, and Buses & Coaches. The passenger cars segment was attributed to holding the largest market share in 2023. This is because of the enormous volume of passenger cars produced.
Based on Application, the global Automotive Fabrics market has been segmented into Upholstery, Airbags, Floor Coverings, Safety Belts, Tires, PRIC (Pre-assembled Interior Components), and Others. The floor coverings segment was expected to hold the largest market share in 2023. The market for luxury car floor coverings is being driven by consumers' increasing desire for customized and upscale interiors.
Regional Analysis
The global Automotive Fabrics market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Automotive Fabrics market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Automotive Fabrics market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Automotive Fabrics market comprises the Middle East, Africa, and Latin America.
The largest market share for Automotive Fabrics was maintained by the North American regional sector. North America is made up of the United States, Canada, and Mexico. The market for automotive fabrics in North America is expanding due to the growing demand for upscale car accessories and technical developments that have made luxurious and environmentally friendly fabrics more widely available. As personal income levels rose and new car sales soared in North America, so did the demand for automotive materials. In North America, airbags, metal accents, and two-tone chairs are also in demand.
Moreover, the Europe market has been persistently growing over the forecast period. The European market study includes Russia, Germany, the UK, France, and the rest of Europe. Prominent companies such as Lear Corporation and Faurecia are involved in the European automobile fabric industry. The region's growing car production and sales are driving the market's expansion. Autonomous driving and improved fuel efficiency are major priorities in Europe.
Additionally, the move to electric vehicles (EVs) in the Asia Pacific is creating new opportunities for automotive fabric makers because EVs often require specialist fabrics with superior thermal management features and lightweight properties. Furthermore, automakers are under pressure to prioritize the usage of compliant and ecologically friendly materials, such as automotive textiles, as a result of the region's stringent rules governing safety standards and vehicle emissions.
Furthermore, the rest of the world's Automotive Fabrics market is divided into the Middle East, Africa, and Latin America because of the member states' continuous expansion and the region's steady growth in the automotive fabric market.
Key Findings of the Study
- The global Automotive Fabrics market is expected to reach USD 62.23 billion by 2032, at a CAGR of 5.10% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market because electric vehicles (EVs) often require specific materials with superior thermal management capabilities and lightweight properties. Asia Pacific's transition to EVs is creating new opportunities for producers of automotive fabric.
- Based on vehicle type, the Passenger Cars segment was attributed to holding the largest market in 2023.
- Autoliv Inc (Sweden), Lear Corporation (US), Toray Industries (Tokyo), Hyosung Corporation (South Korea), Teijin Limited (Japan), Indorama Ventures Public Company (Thailand), Asahi Kasei Corporation (Japan), Toyobo Co. Ltd (Japan), Toyota Boshoku Corporation (Japan), SEIREN Co. Ltd. (Japan), and Suminoe Textile Co., Ltd. (Japan) are the key market players.
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