PORTLAND, Ore., June 8, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Fabric Market by Fabric Type (Polyester, Vinyl, Leather, Nylon and Others), Application (Carpets/Floor Covering, Upholstery, Pre-assembled Interior Components, Tires, Safety Belts, Airbags and Others) and Application (Passenger Vehicle and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global automotive fabric industry generated $32.13 billion in 2019, and is estimated to reach $39.14 billion by 2027, witnessing a CAGR of 4.8% from 2020 to 2027.
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Drivers, restraints, and opportunities
Increase in vehicle sales and stringent safety standards for usage of airbags, safety-belts, and others by governments drive the growth of the global automotive fabric market. However, surge in raw material costs and rise in opposition for the usage of leather hinder the market growth. On the other hand, increase in demand for environment-friendly fabric materials and low-weight automotive fabric to reduce vehicle pollution present new opportunities in the coming years.
Covid-19 Scenario
- Day-to-day operations in the automotive industry halted due to lockdown implemented by different governments. There has been shortage of raw materials, decline in sales of vehicles, and reduced production. This resulted in reduced demand for automotive fabrics.
- Many fabric manufacturers began alternative businesses by beginning production of PPE kits, face masks, and protection shields.
- The demand for fabrics for automotive vehicles would increase steadily as daily activities in the automotive sector begin during post-lockdown.
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The carpet/floor covering segment to maintain its lead position during the forecast period
Based on application, the carpet/floor covering segment contributed to the highest share in 2019, accounting for around one-fourth of the global automotive fabric market, and is projected to maintain its lead position during the forecast period. This is due to availability in different sizes & materials including synthetic rubber or textile materials and protection from dirt and dust. However, the airbags segment is expected to register the highest CAGR of 6.6% from 2020 to 2027, owing to increased car production and introduction of more bags per car.
The passenger vehicle segment to maintain its leadership status during the forecast period
Based on vehicle type, the passenger vehicle segment held the largest market share, contributing to nearly three-fourths of the global automotive fabric market in 2019, and will maintain its leadership status during the forecast period. In addition, this segment is projected to manifest the fastest CAGR of 5.0% from 2020 to 2027. This is attributed to wide application of fabric in passenger vehicles in OEMs and aftermarkets. The report also analyzes the commercial vehicle segment.
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Asia-Pacific, followed by Europe and North America, to continue its dominant share by 2027
Based on region, Asia-Pacific, followed by Europe and North America, accounted for the highest share in 2019, holding around two-fifths of the global automotive fabric market, and will continue its dominant share in terms of revenue by 2027. Moreover, this segment is expected to maintain the highest CAGR of 5.7% during the forecast period. This is attributed to increased production and sales of vehicles across various countries in the region.
Leading market players
- Acme Mills Company
- Adient plc.
- Heathcoat Fabrics Limited
- Lear Corporation
- Martur Automotive Seating System
- Seiren Co., Ltd.
- SRF Limited
- Suminoe Textile Co., Ltd.
- Toyota Boshoku Corporation
- Navbharat Textile Processors
- Parishudh Fibres
- Shandong Exceeding Auto Interior Parts Co., Ltd.
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Similar Reports We Have on Automotive Industry:
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