Portland, OR, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Automotive Flooring Market by Product (Carpet, Mats), by Application (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by Material (Polyurethane, Polypropylene, Nylon, Rubber, Others), by Sales Channel (OEM, Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the global automotive flooring industry generated $1.3 billion in 2021, and is anticipated to generate $2.2 billion by 2031, witnessing a CAGR of 5.8% from 2022 to 2031.
Prime determinants of growth
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.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic has had a negative impact on the global automotive flooring market, owing to implementation of stringent lockdown that led to temporary closure of all operations.
- Ban on import & export activities led to sudden decline in availability of essential raw materials for vehicle component. As a result, supply chains were disrupted and production schedules were delayed.
- Production and sales of aviation industry suffered severely, which, in turn, impacted the global automotive flooring market negatively in 2020.
- To prevent the spread of coronavirus, governments across every nation made social distancing compulsory, due to which, market players faced shortage of labor.
- Also, most of the organizations began work from home programs, thereby reducing the global demand for travelling. This has significantly hampered the automotive flooring market.
- Nevertheless, in the post-pandemic, the market recovered quickly with the increase in vehicle commutation.
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The carpet segment to maintain its leadership status throughout the forecast period
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.
The passenger cars segment to maintain its lead position during the forecast period
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.
The OEM segment to maintain its lead position during the forecast period
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.
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Asia-Pacific to maintain its dominance during the forecast period
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.
Leading Market Players: -
- Hayashi Telempu
- IAC Group
- Kotobukiya Fronte Co., Ltd.
- LEAR CORPORATION
- Magna International Inc
- SHANDONG EXCEEDING AUTO INTERIOR PARTS CO., LTD
- Shanghai Shenda
- SUMINOE TEXTILE CO., LTD.
- TOYOTA BOSHOKU CORPORATION
- ACME Mills Company
- IDEAL Automotive GmbH
- Auto Custom Carpet Inc
- Autoneum
- Autotech Nonwovens
- Feltex Automotive
- GRUPO ANTOLIN IRAUSA, S.A.
- Hayakawa Eastern Rubber Co., Ltd.
These key players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report highlights business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Similar Reports We Have on Automotive Industry:
Automotive Fabric Market by Fabric Type (Polyester, Vinyl, Leather, Nylon, and Others), Vehicle Type (Passenger Type and Commercial Vehicle), and Application (Floor Covering, Upholstery, Pre-assembled interior Components, Tires, Safety Belts, Airbags, and Others): Global Opportunity Analysis and Industry Forecast, 2018–2030.
Automotive Floor Mats Market by Material (Polyurethane, Polypropylene, Rubber, Polyamide, and Nylon), Product (Carpet, Mat, and Cargo Liners), Design (Flat Automotive Mats and Molded Automotive Mats), and Sales Channel (Original Equipment Manufacturer (OEM) and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2030.
Aircraft Floor Panels Market by Material (Aluminum Honeycomb, Nomex Honeycomb, and Others), End User (OEM, and Aftermarket), and Aircraft Type (Very Large Body Aircraft, Wide Body Aircraft, Narrow Body Aircraft, General Aviation, Regional Aircraft, and Military Aircraft): Global Opportunity Analysis and Industry Forecast, 2019-2030.
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