Press release
Strong Growth Ahead: Automotive Fabric Market Size To Grow At Arecord 6% Cagr By 2029
Automotive Fabric Market
How Big Is the Automotive Fabric Market Size Expected to Be by 2034?
The market for automotive fabric has seen steady growth in the past few years. The market cap, which is expected to be $36.94 billion in 2024, is forecasted to rise to $38.5 billion in 2025 with a compound annual growth rate (CAGR) of 4.2%. Factors contributing to the growth during the historic phase were inclined towards interior aesthetics, rising vehicle production, consumer demands for comfort and safety regulations, and options for customization.
In the coming years, the market for automotive fabric is expected to experience substantial growth, reaching the value of $48.57 billion by 2029 with a compound annual growth rate of 6.0%. This predicted growth during the forecast period can be owed to several factors such as vehicle electrification, the use of connectivity features, simplified interior designs, sustainability initiatives, improved safety features and interior ambient lighting. Noteworthy trends for the forecast period encompass smart fabrics, materials that are sustainable and recyclable, antimicrobial fabrics, fabrics with texture and pattern, haptic feedback fabrics, and materials that are vegan and free from cruelty.
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What Are the Emerging Segments Within the Automotive Fabric Market?
The automotive fabric market covered in this report is segmented -
1) By Fabric Type: Polyester, Vinyl, Leather, Nylon, Other Fabric Types
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
3) By Application: Carpets or Floor Covering, Upholstery, Pre-Assembled Interior Components, Tires, Safety-Belts, Airbags, Other Applications
Subsegments:
1) By Polyester: Woven Polyester, Non-Woven Polyester, Blended Polyester
2) By Vinyl: PVC Vinyl, PU Vinyl
3) By Leather: Genuine Leather, Synthetic Leather, Suede Leather
4) By Nylon: Woven Nylon, Non-woven Nylon, Blended Nylon
5) By Other Fabric Types: Cotton, Acrylic, Wool, Specialty Fabrics
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What Long-Term Drivers Are Shaping Automotive Fabric Market Trends?
The automotive fabric market is set to be driven by an anticipated rise in vehicle demand. With global economies consistently improving, there has been an elevation in living standards, consequently boosting buying power. Furthermore, in the wake of the COVID-19 pandemic, a preference for a more secure means of transportation that encourages social distancing prompted a surge in automobile growth. The escalating requirement for automobiles spells a similar increase in demand for automotive fabrics, which provide maximum comfort, safety, and security to passengers while travelling. For instance, a study by OICA (International Organization of Motor Vehicle Manufacturers) reveals an increase in worldwide car sales, reaching 56 million in 2021 from 53 million in 2020. Similarly, commercial vehicle sales also rose from 24 million in 2020 to 26 million in 2021. Hence, the growing demand for both passenger cars and commercial vehicles propels the expansion of the automotive fabric market.
Who Are the Top Competitors in Key Automotive Fabric Market Segments?
Major companies operating in the automotive fabric market include Acme Mills Pvt Ltd., Suminoe Textile Co. Ltd., Arvind Limited., Grupo Antolin Irausa SA, Heathcoat Fabrics Limited., Lear Corporation, Martur Automotive Seating Systems, Navbharat Textile Industries Ltd., Seiren Co. Ltd., Sage Automotive Interiors Inc., Toyoda Boshoku Asia Co. Ltd., Aunde Faze Three Autofab Ltd., Haartz Corporation, Tenowo GmbH, Hari Krishna Exports Pvt Ltd., Shandong Exceeding Auto Interior Parts Co. Ltd., Adient plc, Takata Corporation, Faurecia SA, Yanfeng Automotive Trim Systems Co Ltd., Moriden America Inc., Trevira GmbH, Joyson Safety Systems Holdings Limited, Mitchell Group Usa Private Limited., The Prestige Companies Auto Upholstery, Jhanji Textiles Pvt Ltd., Acme Leather LLP, Santoni S. p. A., Classic Soft Trim Inc., Seton Company Inc., Bader GmbH & Co. KG
What Automotive Fabric Market Trends Are Gaining Traction Across Different Segments?
A key trend that is increasingly becoming popular in the automotive fabric market is the rise of recycled fabrics. These fabrics are created by converting waste materials into new fibers, which are then woven into fabric. The mounting concerns over the environmental impact of waste incineration, significant industrial discharges from textile mills and use of raw materials have led the market to shift its focus towards more sustainable materials. For example, Lear Corp., an American firm that specializes in the production of automotive seating and electrical systems, launched ReNewKnit in October 2022. This is a premium, fully recyclable warp-knitted fabric that has enhanced functionality. Lear Corp's ReNewKnit, a first-of-its-kind fabric in the automotive textile industry, can be completely recycled at the end of its lifespan.
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Which Regions Are Becoming Hubs for Automotive Fabric Market Innovation?
Asia-Pacific was the largest region in the automotive fabric market in 2024. The regions covered in the automotive fabric market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Fabric Market?
2. What is the CAGR expected in the Automotive Fabric Market?
3. What Are the Key Innovations Transforming the Automotive Fabric Industry?
4. Which Region Is Leading the Automotive Fabric Market?
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