Global demand for automotive flooring market was valued at approximately USD 672.8 million in 2018 and is expected to generate revenue of around USD 959.5 million by end of 2025, growing at a CAGR of around 5.2% between 2019 and 2025.
Automotive Flooring Market
The report covers forecast and analysis for the automotive flooring market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the automotive flooring market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the automotive flooring market on a global level.
As per the report, the global demand for automotive flooring market was valued at approximately USD 672.8 million in 2018 and is expected to generate revenue of around USD 959.5 million by end of 2025, growing at a CAGR of around 5.2% between 2019 and 2025.
The global demand for automotive flooring is anticipated to grow at a rapid pace owing to the elevating production of automobiles. Moreover, the demand for automotive flooring market is projected to be driven by the surge in population. Furthermore, the escalated pace of urbanization is also expected to drive the target market in the coming years. Additionally, the launch of new models in the automotive sector is expected to be a major factor contributing to the growth of automotive flooring market.
Ascend in the need for safety and comfort around the globe is proposed to grow the automotive flooring market significantly in the forecast time span. However, the volatility in the prices of the raw material may hinder the growth of the automotive flooring market. The emerging economies worldwide are estimated to play the role of major opportunities in the automotive flooring market.
The automotive flooring market is segmented on the basis of type of material, product, application, and region. The automotive flooring market is sub-segmented into polyurethane, polypropylene, rubber, nylon, and others based on type of material. The characteristics such as flexibility and light-weight nature of nylon are expected to grow the automotive flooring market marvelously worldwide. Moreover, the immense strength-to-weight ratio is further estimated to propel the market for automotive flooring.
Based on product, the automotive flooring market is bifurcated into carpets and mats. The carpet segment of the automotive flooring market is anticipated to hold significant market shares in the coming years. The upsurge is projected owing to the facilities of heat, noise, and friction protection of the car. Moreover, the elevated demand for cars is expected to propel the automotive flooring market substantially in the forecast period.
Passenger cars, heavy commercial vehicles (HCV), and light commercial vehicles (LCV) constitute the application segment of the automotive flooring market. The rapid surge in demand and production of passenger cars in developing economies such as India, China, and Mexico is a major factor in large market share. Moreover, the rising demand for insulation of heat and noise is further proposed to trigger the passenger car segment in the forecast time span.
In Asia Pacific, the automotive flooring market is projected to lead the market owing to the rapid increase in population. The rise in population, in turn, gives rise to elevated demand which is further anticipated to grow the automotive flooring market in the forecast time. Moreover, increased production of automotive in economies of Asia Pacific such as China, India, Japan, and South Korea are anticipated to grow the target market in the coming years.
The automotive flooring market is competitive in nature, and the fluctuation in price range drives the target market. Some of the key players in automotive flooring market include DuPont, 3M Company, AGM Automotive LLC, and Low & Bonar, among others.