Automotive Fabrics Market Estimated to Reach $51.4 billion by 2029 Globally, at a CAGR of 4.9%, says MarketsandMarkets™

/EIN News/ -- Chicago, May 12, 2024 (GLOBE NEWSWIRE) -- The Automotive Fabrics Market is estimated to grow from USD 40.5 billion in 2024 to USD 51.4 billion by 2029, at a CAGR of 4.9%, as per the recent study by MarketsandMarkets™. Worldwide demand for automotive fabric is increasing due to several key factors. Stringent regulations and standards regarding safety, comfort, and environmental sustainability fuel the need for high-quality automotive fabrics. As automotive manufacturers strive to meet these requirements, there is a steady demand for advanced materials that offer improved safety features, durability, and aesthetic appeal.

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List of Key Players in Automotive Fabrics Market:

1. Autoliv Inc, (Sweden)
2. Lear Corporation (US)
3. Toray Industries (Tokyo)
4. Hyosung Corporation (South Korea)
5. Teijin Limited (Japan)
6. Indorama Ventures Public Company (Thailand)
7. Asahi Kasei Corporation (Japan)
8. Toyobo Co., Ltd (Japan)
9. Toyota Boshoku Corporation (Japan)
10. SEIREN Co. Ltd. (Japan)
11. Suminoe Textile Co., Ltd. (Japan)
12. Others

Drivers, Restraints, Opportunities and Challenges in Automotive Fabrics Market:

1. Drivers: Rising safety measures in automotive application
2. Restraints: Availability of substitute
3. Opportunity: Increasing production of different types of vehicles
4. Challenge: Strict HAP emission regulations monitoring automotive fabric market

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Key Findings of the Study:

1. Light commercial vehicles segment is projected to register the highest CAGR, in terms of value, of the global automotive fabrics market during the forecast period.
2. Safety-Belts is estimated to be the second-largest application of automotive fabrics market, in terms of value, during the forecast period.
3. Asia Pacific is estimated to be the largest market for the automotive fabrics market, in terms of value, during the forecast period.

Based on vehicle type, the automotive fabrics market is segmented as passenger cars, light commercial vehicles, heavy trucks, and buses & coaches. Passenger cars accounted for largest market share, in terms of value, in 2023. The production of fabrics with enhanced stain resistance, durability, and easy maintenance has been made possible by technological breakthroughs in the textile manufacturing industry, which has further fueled the popularity of these fabrics in passenger cars. The need for automotive fabric in passenger cars is expected to increase gradually over the coming years as automotive manufacturers continue to give high priority on the comfort, safety, and customizability of their vehicles.

Based on application, the automotive fabrics market is segmented as upholstery, floor coverings, airbags, pre-assembled interior components, tires, safety-belts and others. Floor coverings accounted for the largest market share in the automotive fabric market, in terms of value, in 2023. Buyers are demanding a more upscale and sophisticated driving experience, which is why interior comfort and design are becoming increasingly important in cars. Due to this, manufacturers are now using premium floor coverings that improve the interior appearance of the car while simultaneously offering better comfort and sound absorption.

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Based on region, Asia Pacific is the largest market for automotive fabrics, in terms of both value and volume, in 2023 due to the development of applications, growing awareness, economic growth and rising disposable incomes favorable government regulations, and growing demand for new and advanced vehicles. The demand for cars has also increased throughout the region due to government programs and infrastructure improvements targeted at enhancing transportation networks. Additionally, the requirement for commercial vehicles, such as trucks, LCVs and buses, to serve logistics and freight transportation demands has increased due to the expanding urbanization and industrialization in countries like China, India, and Southeast Asia.

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