Automotive Interior Leather Market Set to Reach US$ 54.27 Billion by 2033 at a CAGR of 4.5% | Report by Future Market Insights, Inc.

The automotive interior leather market is anticipated to expand its roots at a steady CAGR of 4.5% between 2023 and 2033. The market is expected to have a market share of US$ 54.27 billion by 2033 while it is likely to be valued at US$ 34.94 billion in 2023.

The increasing preference for lightweight design and optimized efficiency, while also providing relaxation for the driver and passengers, is a major factor driving the growth of the automotive interior leather market. In response to the increasing demand for aesthetically pleasing vehicle interiors, automakers are using artificial leathers in vehicle interior parts such as steering wheels and door panels.

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Car seats, for instance, serve an important role in decreasing a vehicle's overall weight and expanding its fuel consumption. Furthermore, rising consumer preference for styling, ease, and security is projected to drive demand for automotive interior leather.

Future Market Insights (FMI), an ESOMAR-certified market research and consulting firm, offers insights into the major variables driving consumer interest in Global Automotive Interior Leather in its latest study.

Key Takeaways:

Over the historical period, the global market grew at a CAGR of 3.9%.
By 2033, the global market is expected to be worth US$ 54.27 billion.
In 2022, Asia Pacific had the highest proportion of revenue of more than 42%.
In terms of revenue, the passenger vehicle segment surpassed the automotive interior leather marketplace with a share of more than 51.5% in 2022.
The sum vehicle sales in the United States reached 16.60 million in January 2021, up from 16.30 million in December 2020, as reported by Trading Economics.

"Growing demand for replacement and aftermarket deployment of interior leather is expected to benefit the market substantially. This creates prospects for both newcomers and veteran competitors to gain traction. As a result, better custom demand solutions for drivers is anticipated to emerge" says FMI analyst.

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Competitive Landscape

Some of the market's strongest competitors are making investments in studies and research (R&D) in order to facilitate the provision of an extensive selection of leather manufactured in a variety of colors and substances for a variety of applications. Companies hope to keep up with the changing environment by doing so. For instance,

Sage-ONF, a synthetic leather creator and vendor, began serial manufacturing of silicone artificial leather for automobile interiors in July 2022. In response to high demand from consumers, the sage-ONF plant has begun manufacturing in Shanghai, China.
ILM organized an exclusive virtual forum in December 2021 that brought together important stakeholders from across the automobile leather distribution network to shed illumination on the key advancements as well as short to long-term circumstances that will impact the sector in the months and decades to come.

Some of the leading companies operating in the market are

Lear Corporation
Seiren Co., Ltd
GST AutoLeather Inc
BOXMARK Leather GmbH & Co KG
Bader GmbH & Co. KG
Katzkin Leather,Inc. 
Leather Resource of America
WOLLSDORF LEDER SCHMIDT & Co. Ges.m.b.H.
DK Leather Corporation
Scottish Leather Group Limited

Global Automotive Interior Leather Market by Category

Material Type:

Genuine Leather
Synthetic Leather
PU Leather
PVC

Vehicle Type:

Passenger Cars
Compact
Mid-Sized
Sedan
Luxury
Van
Light Commercial Vehicles
Heavy Commercial Vehicles

Application:

Upholstery
Dashboard
Seat belts
Air-bags
Floor & trunk carpets
Headliners
Others

Sales Channel:

OEM
Aftermarket

Region:

North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)

Author

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.