Press release
Automotive Textiles Market Accelerates Growth to $35.94 Billion by 2028 at CAGR of 4.3% - Market Analysis, Size, Trends, Drivers, Opportunities And Forecast 2024-2033
Automotive Textiles Market Report
The Business Research Company presents an extensive market research report on the Automotive Textiles Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The automotive textiles market size has grown strongly in recent years. It will grow from $28.87 billion in 2023 to $30.33 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increased automotive production, demand for lightweight and fuel-efficient vehicles, focus on interior comfort and aesthetics, stringent automotive safety regulations, growth of electric vehicles.
The automotive textiles market size is expected to see steady growth in the next few years. It will grow to $35.94 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to rise in autonomous vehicle development, focus on noise reduction and insulation, circular economy initiatives, demand for antimicrobial textiles, increasing focus on carbon footprint reduction. Major trends in the forecast period include advancements in nanotechnology, collaborations between automakers and textile manufacturers, integration of smart textiles, customization and personalization, sustainability and eco-friendly materials.
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Key Market Players:
Major companies operating in the automotive textiles market report are Reliance Industries Limited, Continental AG, Johnson Controls, Lear Corporation, Asahi Kasei Corporation, Adient plc, DuPont de Nemours Inc., Toyota Boshoku Corporation, Autoliv Inc., Autoneum Holding AG, Borgers SE & Co. KGaA, Sage Automotive Interiors Inc., Global Safety Textiles GmbH, Shawmut Corporation, Bally Ribbon Mills, Ductmate Industires Inc., Arville Textiles Limited, Baltex Ltd., CMI Enterprises Inc., Jelliff Corp, Fabri-Tech Components Inc., Eleather Group, Adler Pelzer Group, Autotech Nonwovens Pvt. Ltd., Aunde S.A.
Market Drivers:
The growing automotive production is expected to boost the automotive textiles market going forward. Automotive encompasses the design, development, production, and maintenance of motor vehicles, including cars, trucks, motorcycles, and others. Automotive textiles enhance comfort, safety, aesthetics, and functionality, elevating the driving experience and contributing to the industry's growth. The growth in automotive production creates opportunities for the automotive textile industry to expand and innovate, meeting the evolving needs of the automotive sector. For instance, in May 2023, according to The European Automobile Manufacturers Association (ACEA), a Germany-based automobile manufacturers association, there were 85.4 million automotive vehicles produced worldwide in 2022, an increase of 5.7% compared to 2021. Therefore, the growing automotive production will drive the future automotive textiles market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/automotive-textiles-global-market-report
The automotive textiles market covered in this report is segmented -
1) By Textile Type: Leather, Polyester, Nylon, Vinyl, Polyvinyl Chloride (PVC), Other Types
2) By Product Type: Woven, Non-Woven, Composites
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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