The global Automotive Textiles market worth USD 41.42 billion by 2030, growing at a CAGR of 4.2%
Growth in the production of automobiles, specifically in the Asia Pacific related to strict regulations, fuel the automobile textiles market growth in the coming years. Global automotive textiles market is anticipated to experience the growth on the basis of the increase in the production of automobiles in countries like Indonesia, India, Thailand and China. Moreover, the rise in usage of technical textiles in the industry of automotive to provide the applications is also estimated to boost the demand for automotive textiles market.
Improvement in the lifestyle of customer results in the increasing the demand for the personal vehicles that is estimated to drive the global automotive textiles market growth. Automotive textiles introduce the solutions with the engineering problems like tire reinforcement, air or gas filtration and more. Improvement in the models of vehicle and demand for comfort and luxury, global automotive textile market is trending. Although, competition and expensive production are projected to hinder the automotive textiles market growth.
Automotive textiles are mostly used for the interior of automobiles. Growth in the safety norms like standard no. 208 of Federal Motor Vehicle Safety Standards has encouraged the manufacturers of automobiles in installing the airbags and seat belts in vehicles have increased the demand for the automotive textiles. Moreover, members of state EEA and EU has introduced Euro VI to administer the emission of passenger vehicles has provoked the value for automotive textiles which is positively affecting the automotive textiles market growth.
Initiatives in the R & D for the development of superior and novel products of textiles are supposed to positively impact the growth of the global automotive textiles market. On the basis of monitoring, information related to emission control and the standards of safety is propelled to impact the global automotive textiles market critically.
Global automotive textiles market trends are increasing in the production of automobiles and rules of government for safety, is anticipated to surge the growth of global automotive textiles market. Other trends like industrialization and urbanization in the evolving economies of India and China are propelled to experience the substantial growth of automotive textiles market in the coming years. These trends are providing several opportunities for the participants of the automotive textile industry.
Growth in the level of disposable income and standard of living in the developing economies like India and China has participated in the development of automotive textiles market. Regions of the Middle East & Africa has generated avenues for many of the manufacturers.
Global automotive textiles market is segmented on the basis of application, product, and region. On the basis of application, automotive textiles market is divided into engine components, tires, upholstery, safety devices and more. On considering the product, automotive textiles industry is divided into composites, nonwoven, woven and more.
Geographically, regions involved in the development of automotive textiles market size are Europe, North America, Central America, South America, Asia Pacific, and Middle East & Africa. In 2017, automotive textiles market of Asia Pacific accounted for about 50% of demand. China, Japan, South East Asia, and Australia are projected to experience the growth in the consumption of automotive textiles in the coming years.
Key Segments in the “Global Automotive Textiles Market” are-
By Application, market is segmented into:
- Engine components
- Safety devices
By Product, market is segmented into:
By Regions market is segmented into:
- North America
- Central America
- South America
- Asia Pacific
- Middle East & Africa