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Automotive Textiles Market: Demand, Growth Challenges, Industry Analysis And Forecasts To 2033
Automotive Textiles Market
Automotive Textiles Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $35.94 billion In 2028 At A CAGR Of 4.3%.
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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Automotive Textiles Market Major Segments
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
Key Driver - Automotive Production Surge And The Acceleration Of The Automotive Textiles Market
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.
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Prominent Trend - Sustainability And Innovation In The Automotive Textiles Market
Product innovations are a popular trend in the automotive textiles market. Major companies operating in the automotive textiles market are focused on product innovations to meet specific demands and sustain their position in the market. For instance, in May 2022, Sumitomo Chemical Co. Ltd., a Japan-based chemical company, and Newlight Technologies Inc., a US-based technology company, started joint development of polypropylene (PP) compounds for use in autos and textile applications using AirCarbon, a carbon-negative biomaterial created by microorganisms from methane. Newlight Technologies will develop new grades of AirCarbon for usage in the automotive and textile industries as part of this collaborative development effort.
Automotive Textiles 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.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the automotive textiles market in 2023. The regions covered in the automotive textiles market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Textiles Market Report Structure
3. Automotive Textiles Market Trends And Strategies
4. Automotive Textiles Market - Macro Economic Scenario
5. Automotive Textiles Market Size And Growth
…..
27. Automotive Textiles Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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