Automotive Interior Leather Market Analysis 2020: By Keyplayers Elmo Sweden AB, D.K Leather Corporation, Scottish Leather Group Limited, GST AutoLeather Inc., Eagle Ottawa LLC, Leather Resource of America Inc., Elmo Sweden AB, Bader GmbH & Co. KG., and WO

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Market Overview

The automotive interior leather is used in the upholstery and interior of a vehicle, in order to enhance the feel and appearance of the vehicle. The passenger and driver can actually experience the texture and feel of the leather. It is an essential part of the automotive industry, which is used to enhance the esthetics of the vehicle since it can cover the infotainment center, controllers, and steering. Apart from appearance, automotive leather is used to sustain various types of fatigue such as wear & tear and scratches. The automotive interior leather is different from furniture leather as less fat liquors are used in the production of automotive interior leather, in order to make it more resistant to stretching and bagging. Moreover, automotive interior leather is adequate protection from the sun's UV rays.

The global Automotive Interior Leather Market was to accounted for US$ 29,441.6 Mn in terms of value and 741.4 Mn sq meter in terms of volume in 2019 and is expected to grow at CAGR of 5.2% for the period 2019-2027

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Competitive Section

Key players operating in the global automotive interior leather market are Elmo Sweden AB, D.K Leather Corporation, Scottish Leather Group Limited, GST AutoLeather Inc., Eagle Ottawa LLC, Leather Resource of America Inc., Elmo Sweden AB, Bader GmbH & Co. KG., and WOLLSDORF LEDER SCHMIDT & Co. Get.m.b.H.

Market Dynamics- Drivers

1. Increasing demand for lightweight leather is expected to drive growth of the global automotive interior leather market during the forecast period

The global market is actively shifting towards the use of lightweight leather products. Since there is a high demand for lightweight automotive vehicles, the leather industry is focused on providing similar products. Lightweight vehicles are more fuel-efficient and contribute to reduced emissions. Moreover, constant research and development activities in the fuel economy of the automotive vehicle show a direct correlation between fuel efficiency and vehicle weight. This correlation has compelled manufacturers to reduce the weight of automotive vehicles and to opt for lightweight leather products in automotive vehicle body panels. Therefore, these factors are expected to drive the global automotive interior leather market growth over the forecast period. For instance, in 2016, Elmo Sweden AB introduced Elmolite II- an ultra-light luxury type of leather, for their automotive leather business.

2. Growing demand for hybrid and electric vehicles is expected to propel the global automotive interior leather market growth over the forecast period

Increasing the implementation of strict environmental regulations and emission control norms has increased the demand for Hybrid Electrical Vehicles (HEVs) powered by a combination of IC engines and electric motors are gaining traction. High demand for novel weather solutions such as thermo cool leather, anti-soiling leather, and antimicrobial & antibacterial leather is expected to drive the global automotive interior leather market growth in the near future. Furthermore, leading carmakers are competing to introduce climate-controlled automotive seats in hybrid vehicle models, which can convert electricity to heat or cool vehicle seats. Some of these are already integrated into a small percentage of electric and hybrid cars available in the market.

Market Opportunity

1. Sustainable leather production can provide major growth opportunities

Integration of green technology in the automotive industry is a growth opportunity for growth and can help market players to increase their share and expand business revenue. The global automotive interior leather market is following the automotive industry by adopting green technology for production of automotive leather. For instance, in 2015, BOXMARK Leather GmbH & Co KG introduced GREEN - a sustainable leather for automotive, living, sea and air applications. The sustainable leather developed by BOXMARK Leather GmbH & Co KG uses full vegetable tanning agents and novel recovery of oiling & fillers from previous waste products to manufacture leather.

2. Product innovation can offer lucrative business opportunities

Key companies in the market are focused on product innovation, in order to offer novel products in the market. Although the majority of players in the auto upholstery market focus on traditional colors and materials, a spectrum of materials, finishes and customization options available can provide massive opportunities. For instance, in September 2015, Lear Corporation purchased a property in Detroit, the U.S. to establish an innovation and design center. The company will work with the College for Creative Studies (CCS) to conduct R&D on fabrics & leather to produce next-generation vehicle interiors.

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Market Trends
1. Increasing demand for automotive interior leather in passenger vehicles segment
On the basis of vehicle type, the passenger vehicle segment is expected to account for significant share in the global automotive interior leather market during the forecast period. This is owing to increasing demand from emerging economies and rising per capita income. According to Coherent Market Insights' analysis, the passenger vehicle segment continues to rise and is mainly driven by the substantial growth in China, which represents over 25% of global car sales. Other emerging markets, such as South Korea and India are also expected to expand at a healthy rate over the forecast period. Moreover, there is increasing demand for leather, both genuine and synthetic, from OEMs - especially for application in the luxury and premium cars segment.

2. Rising demand for fake/synthetic leather
Majority of premium car owners recommend the synthetic leather since it is a better alternative to real/genuine leather. Fake/synthetic leather trim was introduced as a cheap substitute for real leather. It is now being keenly sought after by various customers, especially by customers who prefer environmental-friendly vehicles.

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