Portland, OR, Sept. 06, 2022 (GLOBE NEWSWIRE) — Allied Market Research released a report titled “automotive flooring market By Product (Carpet, Mats), By Application (Passenger Cars, Light-Duty Vehicles, Heavy-Duty Vehicles), By Material (Polyurethane, Polypropylene, Nylon, Rubber, Others), By Sales Channel (OEM, Aftermarket): Analysis of Global Opportunities and Industry Forecast, 2021-2031”. According to the report, the global automotive flooring industry generated $1.3 billion in 2021 and is expected to generate $2.2 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.
Main determinants of growth
Rising awareness of noise, vibration, and harshness (NVH) and increasing demand for environmentally friendly materials are driving the growth of the global automotive flooring market. However, volatility in raw material prices and increasing opposition to the use of leather is limiting the market growth. Moreover, increasing demand for lightweight automotive materials to reduce vehicle pollution and increasing demand for electric vehicles provide new opportunities in the coming years.
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- The outbreak of the Covid-19 pandemic has negatively impacted the global automotive flooring market, due to the implementation of a strict lockdown which has led to the temporary closure of all operations.
- The ban on import and export activities has led to a sudden drop in the availability of key raw materials for vehicle components. As a result, supply chains have been disrupted and production schedules have been delayed.
- The production and sales of the aviation industry suffered severely, which in turn negatively impacted the global automotive flooring market in 2020.
- To prevent the spread of the coronavirus, governments in all countries have mandated social distancing, due to which market players have faced shortage of manpower.
- Additionally, most organizations have started working from home, reducing global travel demand. This has significantly hampered the automotive flooring market.
- Nevertheless, in the post-pandemic period, the market recovered quickly with the increase in vehicle switching.
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The carpet segment to maintain its leading 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 expected to maintain its leading status throughout the forecast period. . Moreover, the same segment is expected to show the highest CAGR of 6.7% from 2022 to 2031, owing to the increase in demand for these automotive floor coverings in luxury vehicles. The report also analyzes carpet segment.
The passenger car segment to maintain its leading position during the forecast period
Based on applications, the passenger car segment accounted for the largest share in 2021, contributing more than three-quarters of the global market automotive flooring market, and is expected to maintain its leading position during the forecast period. Additionally, the same segment is expected to show the highest CAGR of 6.2% from 2022 to 2031, driven by the increased adoption of advanced floor mats and carpets in passenger cars by automotive OEMs in the whole world. The report also analyzes the segment comprising light commercial cars and heavy commercial cars.
The OEM segment to maintain its leading position during the forecast period
Based on sales channel, OEM segment accounted for the largest share in 2021, contributing nearly 87% of the global automotive flooring market, and is expected to maintain its leading position during the forecast period. This is due to the increased adoption of sound deadening floor mats and carpets by car manufacturers to provide comfort and convenience to customers. However, the aftermarket segment is expected to show the highest CAGR of 7.3% from 2022 to 2031, due to the trend of customers to install advanced floor mats and carpets to enhance vehicle appearance, enhance hygiene and provide better aesthetics.
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Asia-Pacific will maintain its dominance during the forecast period
Based on region, Asia-Pacific held the highest market share in terms of 2021 revenue, accounting for approximately two-fifths of the global automotive flooring market and is expected to maintain its leading 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 due to the presence of automobile manufacturers and the changing outlook for automobile production in the region. The research also analyzes regions such as North America, Europe and LAMEA.
Major 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
- Custom Auto Mats Inc
- Autotech Nonwovens
- Feltex Automotive
- GRUPO ANTOLIN IRAUSA, SA
- 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 the business performance, operating segments, product portfolio, and strategic moves of market players to present the competitive scenario.
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