USD 1.38 billion
Report ID:
SQMIG25C2094 |
Region:
Global |
Published Date: April, 2024
Pages:
223
|Tables:
91
|Figures:
76
Automotive Flooring Market size was valued at around USD 1.38 billion in 2022 and is expected to rise from USD 1.46 billion in 2023 to reach a value of USD 2.29 Billion by 2031, at a CAGR of 5.8% during the forecast period (2024–2031).
The rise in automotive manufacturing on a global basis is anticipated to be one of the major factors propelling the global automotive flooring market expansion during the forecast period. Additionally, it is anticipated that product demand will increase due to the growing demand for higher standards of comfort and safety in automobile passenger cabins. Significant material advancements for the production of various products, like carpets and mats, have recently been observed in the automobile flooring business. Nylon dominates the industry as a whole, with rubber, polyurethane, and polypropylene following. Over the forecast period, the industry is anticipated to grow as a result of the expanding use of these materials in the production of advanced flooring products and auto parts.
The market for polyurethane is anticipated to expand significantly and is likely to do so at high rates during the forecast period as a result of the rising use of PU in the production of insulating carpets and PU foam for sound deadening in passenger and commercial vehicles. Because of its low density, light weight, chemical resilience, and thermal stability, polypropylene is the most often used thermoplastic. Over the forecast period, the market for the material is anticipated to be driven by the rising use of PP in automotive applications for noise and friction insulators, carpet fibers, bumpers and gas tanks.
The presence of numerous large manufacturers integrated across the most important links in the value chain makes the automobile flooring market extremely competitive. Additionally, there is little risk of new competitors entering the market due to a number of factors. New entrants in the industry face a number of difficulties due to the requirement for large initial capital investments, the existence of numerous product manufacturers in important regions of North America, Europe, and Asia Pacific, and the existence of strict regulations regarding fuel economy, safety, noise emissions, and vehicle safety.
US Automotive Flooring Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.38 billion
Largest Segment
Carpets
Fastest Growth
Mats
Growth Rate
5.8% CAGR
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The global automotive flooring market is segmented based on material, product, application, and region. Based on material, the market is segmented into polyurethane, polypropylene, nylon, rubber, and others. Based on product the market is bifurcated into carpets, and mats. In terms of application, the market is segmented into cars, LCV, and HCV. Based on region the global automotive flooring market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.
Automotive Flooring Market Analysis by Product
The carpets segment's revenue contribution to the overall industry was highest in 2022. In order to keep the interior of the automobile quiet and comfortable, floor carpets are employed to shield it from friction, heat, and noise generated by the vehicle's construction. To increase overall ride quality, internal noises, particularly engine noises and vibrations, must be absorbed.
The rise in vehicle production on a global scale is anticipated to have a substantial impact on the overall demand for carpets in the automotive sector, fueling the expansion of the product segment. The need for customized carpeting solutions to improve the visual value of passenger cabins has also been rising significantly in the automotive industry.
Mats are expected to see a faster CAGR of 6.0% throughout the anticipated time frame. The increase can be attributed to both the rise in popularity of noise-canceling mats and the shift in automakers' priorities towards improving comfort, durability, and ride quality.
Automotive Flooring Market Analysis by Material
The nylon category contributed the most to industry revenue in 2022 and is projected to continue the same in the coming years. Cast items have a superior strength-to-weight ratio, high heat & impact resistance, and optical clarity. Due to its flexibility, light weight, strength, and lower price, nylon fiber is the most frequently used material type for automotive flooring. Throughout the forecast period, this market segment is anticipated to expand at a CAGR of 4.6%.
Due to the growing usage of PU in the production of flooring products and vehicle components, polyurethane, which already holds a sizable market share, is anticipated to expand at a CAGR of 6.0% over the course of the projection period. The need for polyurethane is anticipated to increase over the projected period as a result of its superior chemical and mechanical qualities and rising need for noise-insulating materials.
Most interior and external components, including films, textiles, coatings, and seat materials, are made of polypropylene. The demand for this material in the flooring industry is anticipated to be driven by its superior material qualities when compared to rubber and nylon, as well as the related inexpensive costs.
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North America is likely to register the fastest growing rate during the forecast period on account of the recovery of the U.S. automotive industry and increase in car production in countries such as Mexico and the U.S. This region is further expected to grow at a CAGR of about 6%, with Mexico acting as the key contributor.
Asia-Pacific emerged as the dominant region for the global automotive flooring market. With a projected CAGR of 5.9% over the course of the projection period, this regional market is also anticipated to continue to experience the largest growth. The growth of this regional sector is anticipated to be driven by the rising automotive production in China, India, and South Korea, as well as the expanding demand for improved passenger comfort and safety in automobiles.
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Automotive Flooring Market Drivers
Growing Demand for High-quality and Durable Automotive Flooring Materials
Automotive Flooring Market Restraints
Stringent Regulations
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There are many players working in the extremely competitive market for automobile flooring. The competition is based on factors such as price, quality, innovation, and customer service. These players are constantly investing in research and development to introduce innovative and sustainable flooring materials to gain a competitive advantage. They are also adopting strategies such as mergers and acquisitions, collaborations, and partnerships to expand their market presence and strengthen their product portfolios.
Top Player’s Company Profiles in Automotive Flooring Market
Automotive Flooring Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates and Analyzes the Data collected by the help of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global automotive flooring market analysis, we found that the Increasing automotive manufacturing activities throughout the globe is anticipated to be one of the major factors propelling market expansion during the forecast period. Additionally, it is anticipated that product demand will increase due to the growing demand for higher standards of comfort and safety in automobile passenger cabins. Significant material advancements for the production of various products, like carpets and mats, have recently been observed in the automobile flooring business. Nylon dominates the industry as a whole, with rubber, polyurethane, and polypropylene following. Over the forecast period, the industry is anticipated to grow as a result of the expanding use of these materials in the production of advanced flooring products and auto parts.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.38 billion |
Market size value in 2031 | USD 2.29 Billion |
Growth Rate | 5.8% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Automotive Flooring Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Flooring Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Flooring Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Flooring Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25C2094