(MENAFN- GetNews) Market Size – USD 31.3 billion in 2018, Market Growth – CAGR of 4.2%, Market Trends – Increased adoption across various applications
The global automotive fabric market is expected to reach USD 43.3 billion by 2026, according to a new report by Reports and Data. Increased adoption of regulations governing fuel emissions in different countries is likely to stimulate market demand. Growing automotive industry mainly in Europe and Asia Pacific is also a key factor influencing market growth.
Increasing government focus to reduce car weights and thereby the fuel emissions is anticipated to create growth opportunities for the market. Thermoplastic materials have witnessed a significant adoption globally as they help in reducing the weight of the vehicle by almost 10 percent. Additionally, fuel emission target in various regions such as North America and Europe have led to an increase in the adoption of automotive fabrics. The EU's 2020 target for fleet average CO2 emissions is 95g/km. The region aims at reducing CO2 emissions by 40 percent.
Asia Pacific is expected to be a key revenue generating region in the forecast period. The market is projected to grow at a CAGR of 4.5% in the forecast period. The region has witnessed a significant increase in the number of cars and commercial vehicles. While the number of vehicles in 2017 has increased by 3.19% in China, India has experienced a 5.83%. Similarly, the fleet size has increased by 5.31% in Japan and by 3.3% in Indonesia. Increase in availability of products is also projected to affect market demand. In September 2018, Asahi Kasei Corp, the Japanese supplier of fiber and textiles announced acquiring Sage Automotive Interiors, Inc., a key supplier of seat fabric and other automotive interior applications. The acquisition would help in expanding the product line offered by Asahi Kasei Corp.
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The key questions answered in the report:
What will be the size and growth rate in the forecast year? What are the key factors driving the ? What are the risks and challenges in front of the? Who are the key vendors in the ? What are the trending factors influencing the shares? What are the key outcomes of Porter's five forces model? Which are the global opportunities for expanding the ? Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026
Chapter 3. Indicative Metrics
3.1. Macro Indicators
3.1.1. Increasing global production of passenger cars and light commercial vehicles
3.1.2. Decrease in fatalities associated with road accidents…
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Further key findings from the report suggest
- Upholstery is projected to be the fastest growing application of the automotive fabric market. The segment is projected to grow at a CAGR of 4.3% in the forecast period. Apart from seat covers, dashboards, trunk liners, roof-liners are the major applications involved in upholstery.
- Asia Pacific market is forecasted to grow at a CAGR of 4.5% in the coming years. Increasing adoption of regulations to reduce fuel emissions in the region is projected to foster market demand. For instance: Recently China announced adopting National Phase VI/VIA vehicle fuel standards. Under this strategy, the sale of motor fuels, which do not meet the National VIA gasoline standard or National VI gasoil standard will be restricted in the region.
- Key participants include Lear Corporation, Toyota Boshoku Corporation, Seiren Co., Ltd., Takata Corporation, Tenowo GmbH, Sage Automotive Interiors Inc. and SRF Limited. Lear Corporation is a key player in the automotive fabric market. With a global presence in America, Europe, MEA and Asia Pacific, the company offers a wide range of automotive seat systems and key individual seat component. As of 2017, the company's seating segment accounted for USD 15.87 billion.
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For the purpose of this report, Reports and Data have segmented global automotive fabric on the basis of material, vehicle type, application and region:
Material Outlook (Revenue, USD Billion, 2018-2026)
Fabric
Suede
Nylon
Velvet
Velour
Tweed
Thermoplastic Material
Leather
Natural Leather
Synthetic Leather
Others
Vehicle Type Outlook (Revenue, USD Billion, 2018-2026)
Passenger Cars
Light Commercial Vehicles
Heavy trucks
Buses & Coaches
Application Outlook (Revenue, USD Million, 2015-2026)
Floor Covering
Upholstery
Pre-Assembled Interior Component
Tires
Safety Belts
Airbags
Others
Regional Outlook (Revenue, USD Billion, 2018-2026)
North America
U.S.
Europe
Germany
UK
Asia Pacific
China
India
Latin America
Brazil
MEA
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Reports and Data is a research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client's make a smarter business decision. We offer intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the. Reports and Data has a strong base of experienced analysts from varied areas of expertise.
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