LOS ANGELES, Jan. 16, 2020 /PRNewswire/ -- The global automotive flooring market value is expected to garner around US$ 1.48 Bn by 2026. Automotive Flooring Market is growing at a CAGR of around 5.8% during the forecast period 2019 to 2026.
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Asia-Pacific dominated the global automotive flooring market in the year 2018. The region has experienced the potential growth owing to the presence of automotive flooringcompanies such as 3M, DuPont de Nemoursand Toyota Boshoku Corporation among others. The presence of a large customer base along with growing aftermarket industry is additionally accelerating the regional market growth. Moreover, stringent government regulations regarding vehicle safety and growing vehicle production and sales are expected to enhance the market growth in the global automotive flooring market in future. Strong economic growth in developing countries such as India, China, Indonesia, and Thailandand rise in consumer spending on vehicle accessories for enhancing the comfort level is further expected to boosts the demand for automotive flooring in Asia-Pacific. The Europe region is expected to exhibit a second-largest share in the automotive flooring market. R&D investments in automotive components and partsand growing adoption of luxury and premium vehicles, stringent government regulation to vehicle manufacturers to install light accessories and parts to meet low emission standardsin countries, such as Germany, the UK, France, Spain, and Italy, are expected to enhance the market growth in the global automotive flooring market during the forecast.
North America region is expected to exhibit highest CAGR in the automotive flooring market. Technological advancement in lightweight floor materials to improve fuel efficiency, presence of automotive flooring key players, and growing aftermarket industry in Mexico are the major driving factor for the region in the global market. Moreover, the National Highway Traffic Safety Administration (NHTSA) states the regulations for durability, performance in various heat environments, noise and odor release for automotive flooring increases its dominance in the global automotive flooring market in future.
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Growing demand for overall weight reduction in vehicles, increase in demand for fuel efficient vehicles, and increase in application areas of automotive flooringare the main drivers for the market growth of the global automotive flooringmarket over the forecast period. Furthermore, growing demand for customized automotive flooring and growing consumer focus towards aesthetic appeal and comfort level and growing automotive aftermarket industry further grows the demand for automotive flooring over the forecast the period. Moreover, technological advancement and increase in the number of applications, and growing demand for electric and autonomous vehicles are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.
However, volatile prices of raw material, limited color variants, growing environmental and health concerns are expected to hamper the growth of the global automotive flooring market during the forecast period.
Polypropylene segment have dominated the materialsegment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. The material segment further classified intopolyurethane, polypropylene, nylon, rubber, and others. Several guidelines and recommendations issued by regulatory authorities and enhance aesthetic appeal and durability with polypropylene material further expected to drive the demand for the segment. The manufacturers such as 3M, DuPont de Nemours, and Foss Performance Materials are the mainly investing in the development of polyurethane material for automotive flooring, which expected the lead the market in the coming years.
Aftermarket segment dominated the automotive flooring market on the basis of sales channelin the year 2018. The major factors that are driving the growth of this segment are growing demand for customized product with design alterations and growing consumer focus towards vehicle modification, and increase in number of service centers and private label shops drives the consumption ofautomotive flooring in aftermarket. This expected to enhance the dominance of the aftermarket in the global market over the forecast period.
Some of the leading competitors are Corry Rubber Corporation, Freudenberg Performance Materials, HP Pelzer Automotive System Inc., Derby Fabricating Solutions, LLC, and Apache Mills, Inc., TOYOTA BOSHOKU CORPORATION, DuPont, 3M, Magna International Inc., and AGM Automotive LLC, Low & Bonar, Autoneum Holding Ltd., and Faurecia SA.
Some of the key observations regarding automotive flooring industry include:
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