Rockville, March 16, 2023 (GLOBE NEWSWIRE) — As per this new study by Fact.MR, a provider of market research and competitive intelligence, the global automotive upholstery market is forecasted to achieve a valuation of US$ 10 billion by 2033, rising at 7.1% CAGR by 2033.
Automotive upholstery is the material that covers the seats, liners, dashboards, and other components of an automobile. These product materials cover several interior components of a car. These materials are used on the interiors of vehicles and include the recovery, upholstering, and refurbishment of seats and other parts of a vehicle. The main necessity for the product is to protect the interiors of a car from abrasion, wear and tear, and damage caused by regular use. Moreover, it offers an appealing design and is utilized for decorative purposes. Automotive upholstery is utilized in a variety of sections of both passenger and commercial vehicles.
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The world’s rising population is driving the demand for both personal and commercial vehicles. This, combined with expanding urbanization and rising disposable income levels, is raising sales of luxury automobiles with improved features, premium upholstery, pleasant interiors, and enhanced safety features, hence propelling market expansion.
In recent years, increased demand for automobiles has resulted in an increase in production. Buying a car has become a necessity, with sales steadily rising over the years. The automotive upholstery market is projected to see significant revenue growth as vehicle sales increase. Customers are increasingly interested in premium automotive interiors, with a preference for lightweight automotive materials for upholstery.
Expanding public knowledge of the benefits of automotive upholstery, such as customization, durability, protection from environmental conditions, and ease of maintenance, is encouraging their broad acceptance in automobiles. Aside from that, many innovations and technological breakthroughs in the automotive industry are driving market participants to diversify their product portfolios and enhance sales.
Key Takeaways from Market Study
- The global automotive upholstery market amounted to US$ 5 billion in 2023.
- Global demand for automotive upholstery is predicted to rise at a CAGR of 7.1% from 2023 to 2033.
- The market is anticipated to reach a size of US$ 10 billion by 2033.
- North America accounted for 35% share of the worldwide market in 2022.
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The worldwide market is competitive and fragmented because of a few well-established local, regional, and international companies. Automotive upholstery companies are raising their R&D efforts to expand their product variety and customer base. Moreover, several start-ups in the global market are focusing on new developments.
- Lear Corporation acquired Kongsberg Automotive’s Interior Comfort Systems (ICS) business unit in October 2022. In addition, the company intends to broaden its product portfolio to include specialist comfort seating solutions to enhance vehicle performance and packaging.
- Toyota Boshoku Corporation announced the creation of new seats and other interior parts for Toyota Motor Corporation’s all-new Aqua, which features an expansive baggage compartment and motor core fitted headliners, in August 2021.
Key Companies Profiled
- BASF SE
- Borgers SE & Co. KGaA
- BASF Corporation
- Cha Technologies Group
- Hyosung Corporation
- Johns Manville
- Hollingsworth & Vose Company
- Freudenberg SE
- Seitec Co., Ltd
North America is dominating the global automotive upholstery market. The United States is supporting regional market growth due to the country’s rising demand for electric vehicles. Moreover, Japan and South Korea are contributing significantly to the Asia Pacific market due to increasing manufacturing and sales of vehicles. Furthermore, Germany is the leading market in Europe due to the growing demand for electric and premium vehicles.
Key Segments of Automotive Upholstery Industry Research
- By Material:
- Synthetic Leather
- Thermoplastic Polymers
- Automotive Textiles
- Smart Fabric
- By Application:
- Seat Covers
- Roof Liners
- Trunk Lines
- Sun Visors
- By Region:
- North America
- Latin America
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive upholstery market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on material (synthetic leather, thermoplastic polymers, leather, automotive textiles, smart fabric, plastic) and application (seat covers, carpets, roof liners, dashboards, trunk lines, sun visors), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
Key Questions Covered in the Automotive Upholstery Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Automotive Upholstery sales grow until 2033?
- Which are the factors hampering the Automotive Upholstery demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Automotive Upholstery Market during the forecast period?
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