Growing incidence in the number of car sales, strict government policies regarding vehicle safety features, consumer preference for improved vehicle aesthetics are the major drivers of the automotive flooring market.
Market Size – USD 768.6 billion in 2019, Market Growth – CAGR of 6.9%, Market Trends – The rising trend of improved passenger comfort.
The global automotive flooring market is expected to reach USD 1.32 billion by 2027. The fast growing automotive industry across the globe is expected to drive the overall market growth. Additionally, growing customer preferences for improved passenger comfort and vehicle aesthetics are expected to fuel the market growth over the forecast period.
The increase in the use of insulating mats and related items in passenger cars for mat safety, comfort and aesthetics is expected to drive demand for the product soon. During the forecast period, the growing importance of noise reduction and thermal insulation is also expected to have a positive effect on product demand. Aesthetic design and ease of maintenance are features that are expected to boost the popularity of automotive flooring.
The demand for floor mats in automobiles for floor protection is directly proportional to vehicle demand. Growing vehicle production in Asia-Pacific is expected to drive product demand, mainly due to the presence of developing countries. The global automotive flooring market is driven by players implementing strategies such as better growth plans, successful alliances, product launches, joint ventures, diversified branding, investments, mergers and acquisitions and R&D.
The impact of COVID-19:
The COVID-19 pandemic is likely to interact to some extent with industry production. Significant industry players are uncertain about the market outlook and continue to change their approaches to support this difficult situation. The pandemic has had a serious impact on the auto industry, and most major automakers have had to shut down both production and other operations. Labor shortages in many parts of the world are attributed to frequent shutdowns. Foreign exchange, exports and imports are impacted by COVID-19 and demand in the industry has subsequently decreased significantly. Major companies in the market are looking to liquidate inventory and focus on maintaining cash. In the wake of this grim pandemic, the industry will still have a chance to grow as consumers become more concerned about safety and health, focusing on the adoption of environmentally friendly and fuel efficient cars. fuel. Real consumer discretionary income will potentially shrink and vendors are looking to find creative ways to meet consumer demands at dramatically reduced prices.
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Major participants include DuPont, Toyota Boshoku Corporation, The 3M Company, AGM Automotive LLC, Faurecia SA, Apache Mills, Inc., Derby Fabricating Solutions, LLC, HP Pelzer Automotive System Inc., Corry Rubber Corporation, Freudenberg Performance Materials, among others.
Other key findings from the report suggest
- The introduction of various technologies in the development of automotive flooring is expected to provide new growth prospects for market players in the near future.
- The boom in the global automotive flooring market is propelled by major factors such as longevity, clean interiors, increased durability and low maintenance have led to the increasing penetration of the product in automotive applications.
- All major market players have invested heavily in R&D initiatives in recent years, contributing to the invention of multiple innovative products. Major players plan to expand their product range through strategic mergers and acquisitions of small and medium-sized companies. An intense rivalry between the players is therefore expected in the coming years.
- In 2018, Godfrey Hirst Group (Australia) i.e. acquired by Mohawk Industries, Australia’s largest carpet manufacturer, to expand its global operations. Godfrey Hirst’s expertise in production, marketing and distribution complements Mohawk’s current hard surface distribution and enhances its product line.
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For the purposes of this report, the reports and data have been segmented into the global automotive flooring market on the basis of product type, material, application and region:
Product Type Outlook (Revenue, USD Billion; 2019-2027)
Material Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Particular Cars
- Heavy duty vehicles
- Light commercial vehicles
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Key Benefits of Automotive Floor Coatings Report:
- Identification and analysis of market size and competition
- Qualitative and quantitative analysis of market data
- Data validated by industry experts after extensive primary and secondary research
- In-depth regional analysis of the Automotive Flooring industry
- Profiling of key players with their company overview, business strategies, agreements and partnerships, and product portfolio
- SWOT and Porter’s Five Forces analysis for an in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, constraints, challenges, risks and limitations
In conclusion, all aspects of the Automotive Flooring Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market based on market drivers, limitations and its future prospects.
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