According to the report, the global automotive fabric market generated USD 32.13 billion in 2019, and is estimated to reach USD 39.14 billion by 2027, witnessing a CAGR of 4.8% from 2020 to 2027.
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Automotive fabrics are technical materials, which are used in vehicles to offer better aesthetic look to the user of the vehicle. They are made of different materials and components to offer better looks to the interior of the vehicle as well as are used to offer comfort to the passengers of the vehicle. Automotive fabrics have wider application in areas such as headliners, cockpit modules, door panels, automotive seats, flooring, vehicle acoustics, and others.
Increased demand for vehicles with better and pleasant aesthetic looks is preferred by customers; hence, vehicle manufacturers are installing different types of fabrics made of different materials such as
Factors, such as rise in sale of vehicles, rapid economic improvement, and implementation of stringent safety standards, for usage of airbags are creating a huge demand for automotive fabrics globally. However, rise in raw material cost and increase in opposition for the use of leather hamper the growth of the global market. Moreover, rise in demand for environment-friendly fabric material and low-weight automotive fabric to reduce vehicle pollution creates better opportunity for the growth of the market.
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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.
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.
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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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