CHICAGO, March 28, 2024 /PRNewswire/ — The report “Automotive Fabrics Market by Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy Trucks, Buses & Coaches), Application (Floor Coverings, Upholstery, Pre-Assembled Interior Companents, Tires, Safety-Belts, Airbags)- Global Forecast to 2029″, size is estimated to be USD 40.5 billion in 2024 and is projected to reach USD 51.4 billion by 2029, at a CAGR of 4.9%, between 2024 and 2029.
The market is projected to grow because of the evolving lifestyle across globe. Rising safety measures in automobile application is one of the major drives for the market. With an increasing awareness of passenger safety, automotive manufacturers are incorporating advanced fabric materials that meet stringent safety standards. These fabrics are engineered to improve occupant protection by providing features such as fire resistance, impact absorption, and durability. Additionally, the growing demand for comfort and aesthetics in vehicle interiors further drives the automotive fabric market, as consumers seek high-quality materials that not only provide safety but also enhance the overall driving experience.
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170 – Tables
50 – Figures
250 – Pages
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Light commercial vehicles segment is projected to register the highest CAGR, in terms of value, of the global automotive fabrics market during the forecast period.
Light commercial vehicles segment is projected to grow at high CAGR, in term of both value and volume, during the forecast period. One significant factor driving the demand is the expanding e-commerce sector, which necessitates efficient transportation solutions for delivery services. Additionally, the rise of urbanization and the increasing demand for urban logistics further drives the demand for LCVs. These vehicles are a great option for companies who operate in metropolitan areas because of their cost-effectiveness, adaptability, and manoeuvrability. Furthermore, advancements in technology has led to the development of more fuel-efficient and environmentally friendly light commercial vehicles, appealing to both businesses and regulatory bodies.
Safety-Belts is estimated to be the second-largest application of automotive fabrics market, in terms of value, during the forecast period.
The market for safety-belts is experiencing a significant demand, propelled by the increasing focus on passenger safety across multiple industries. The demand for safety-belts is increasing due to stringent regulations that require all automobiles to have safety restraints installed. Additionally, increased awareness among consumers regarding the importance of vehicle safety features further fuels this market growth. Also, the rising number of automobiles on the road is another major driving factor for automotive fabric in safety-belts application.
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Asia Pacific is estimated to be the largest market for the automotive fabrics market, in terms of value, during the forecast period.
Asia Pacific region is experiencing a high demand for automotive products which is driven by various factors. One major driver is the region’s rapid economic growth, leading to rising disposable incomes and an increasing middle class population with greater purchasing power. As a result, there is an increased demand for personal transportation, particularly in highly populated urban areas where access to public transportation may be limited.
The key players profiled in the report include 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) and others.
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