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Automotive Flooring Market
By product, the carpet segment is expected to register significant growth during the forecast period.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 28, 2024 /EINPresswire / -- Rise in awareness pertaining to noise, vibration, and harshness (NVH) and increase in demand for environment-friendly materials drive the growth of the global Automotive Flooring
market . However, volatile prices of raw materials and increase in opposition for the use of leather restrict the market growth. Moreover, rise in demand for low-weight automotive material to reduce vehicle pollution and surge in demand for electric vehicles present new opportunities in the coming years. The global Automotive Flooring Market was valued at $1.3 billion in 2021, and is projected to reach $2.2 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
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Based on product, the carpet segment held the highest market share in 2021, accounting for more than half of the global automotive flooring market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 6.7% from 2022 to 2031, owing to increase in demand for these automotive flooring in luxury vehicles. The report also analyzes mat segment.
There are prominent key factors that drive the growth of the Automotive Flooring Market , such as growth in awareness pertaining to noise, vibration and harshness (NVH) and increase in demand for environment-friendly material. The market economy is also responsible for the growth of the market. Countries such as China, India, Brazil, and South Africa are developing economies. Thus, the manufacturing sector witnesses prominent growth in these countries, which is expected to provide lucrative opportunities for the growth of the automotive industry. This in turn is expected to fuel the market. Also, in some undeveloped countries, there is an increase in automobile sales, which is expected to boost the market. In addition, increase in operating life of vehicles is anticipated to create opportunities for the growth of the global market.
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The key players profiled in this report include
Shanghai Shenda, Autoneum, Hayashi Telempu, IAC Group, ACME Mills Company, SUMINOE TEXTILE CO., LTD., Autotech Nonwovens, LEAR CORPORATION, Kotobukiya Fronte Co., Ltd., Hayakawa Eastern Rubber Co., Ltd., IDEAL Automotive GmbH, SHANDONG EXCEEDING AUTO INTERIOR PARTS CO., LTD, GRUPO ANTOLIN IRAUSA, S.A., Feltex Automotive, Magna International Inc, Auto Custom Carpet Inc, TOYOTA BOSHOKU CORPORATION
Based on sales channel, the OEM segment accounted for the largest share in 2021, contributing to nearly 87% of the global automotive flooring market, and is projected to maintain its lead position during the forecast period. This is owing to increased adoption of noise dampening floor mats and carpets from the vehicle manufacturers to provide comfort and convenience to customers. However, the aftermarket segment is expected to portray the largest CAGR of 7.3% from 2022 to 2031, owing to customer inclination toward installation of advanced floor mats and carpets to enhance vehicle appearance, improve hygiene, and offer better aesthetics.
The automotive flooring market size is segmented on the basis of product, application, material, sales channel and region. By product, it is divided into carpet, and mat. By application, it is segmented into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). By material, it is divided into polyurethane, polypropylene, nylon, rubber, and others. By sales channel, the market is divided into OEM, and Aftermarket. By region, the market is analyzed across North America, Europe, Asia-Pacific and LAMEA.
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Based on application, the passenger cars segment accounted for the largest share in 2021, contributing to more than three-fourths of the global automotive flooring market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 6.2% from 2022 to 2031, owing to rise in adoption of the advanced floor mats and carpets in passenger cars by automotive OEMs across the globe. The report also analyzes segment including light commercial cars and heavy commercial cars.
Asia-Pacific region is dominating the market in terms of revenue, followed by Europe, North America, and LAMEA. Increase in vehicle production and rise in demand for luxury vehicles in Asia-Pacific region is driving the growth of the automotive flooring market in the region .
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Based on region, Asia-Pacific held the highest market share in terms of revenue 2021, accounting for around two-fifths of the global automotive flooring market and is projected to maintain its lead position during the forecast period. Moreover, the same region is expected to witness the fastest CAGR of 6.6% from 2022 to 2031. This is owing to the presence of automotive OEMs and changing automotive production outlook in the region. The research also analyzes regions including North America, Europe, and LAMEA.
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