New York, United States, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a research report published by Spherical Insights & Consulting, Global Automotive Artificial PVC Leather Market Size to grow from USD 1,250 million in 2021 to USD 1,630 million by 2030 at a Compound Annual Growth Rate (CAGR) of 3% during the forecast period. The growing market for the automobile industry in emerging coteries and the benefits given by artificial leather over traditional are essential reasons for supporting the growth of automotive artificial leather. Also, increased acceptance of PVC leather supports the growth of automotive artificial Leather. Europe is expected to grow the fastest during the forecast period.
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The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an essential role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Seat Leather segment accounts for the largest market size during the forecast period.
Based on the type, the automotive artificial PVC leather market is categorized into Seat Leather, Door Panel Leather, and Instrument Panel Leather. The seat leather segment accounts for the largest market size during the forecast period. Within this market sector, the seat leather segment had a dominant position. PVC is preferred over other materials for seat leather because of its longevity, resilience, resistance to UV rays, high sheen, and low maintenance requirements. The low cost of PVC is another factor that pushes the usage of the material in low-end automobiles. PVC fulfills functions at a low price point without sacrificing aesthetics, which makes it an attractive option.
Browse key industry insights spread across 198 pages with 102 market data tables and figures & charts from the report “Global Automotive Artificial PVC Leather Market Size, Share, and COVID-19 Impact Analysis, By Type (Seat Leather, Door Panel Leather, and Instrument Panel Leather), By Application (OEM and Aftermarket), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2030” View a detailed Table of Content here
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The Aftermarket segment to hold a higher CAGR during the forecast period
Based on application, the automotive artificial PVC leather market is categorized into OEM and Aftermarket. The aftermarket segment to hold a higher CAGR during the forecast period. The application sector of the market is controlled almost entirely by the aftermarket. The affordability of PVC has led to its widespread use in the aftermarket industry. For instance, the leather on the seats of a truck can be refinished for between USD 1,500 and USD 2,000, whereas purchasing leather as part of the truck’s original equipment would cost at least USD 5,000 more. The possibility of customization is another factor contributing to the allure of PVC artificial leather in the aftermarket segment.
Asia-Pacific to hold a higher CAGR during the forecast period.
The Global Automotive Artificial PVC Leather Market has been segmented into five major regions: Asia-Pacific, Europe, APAC, Latin America, and MEA. Europe is estimated to account for the highest market share in 2021. The expansion of this region is being led by China, with significant contributions also coming from Japan and India. The ease with which the most recent technology may be accessed, the abundance of resources that are now available, and the increasing market share of luxury automobiles in China are some of the essential drivers that are driving market expansion in this region. Japan, India, Bangladesh, and China have all seen substantial improvements in their capacity to manufacture motor vehicles, coinciding with rising living standards and higher rates of economic expansion. The robust presence of many original equipment manufacturers and aftermarket companies in Asia-Pacific increases the market growth.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global automotive artificial PVC leather market include Bedecks Kaliko, Kyowa Leather Cloth, Canadian General Tower (CGT), Vulcaflex, Scientex Berhad, Achilles USA, Inc., Mayur Uniquoters, Fujian Polytech Technology, Leo Vinyls, MarvelVinyls, Premier Polyfilm Limited, Polyfabs, HR Polycoats, and Wellmark Co., Ltd. And Other Prominent Key Players.
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