The global automotive flooring market is expected to reach USD 947.4 million by 2025, according to a new report by Grand View Research, Inc. The rapidly growing automotive industry across the globe has been and is expected to drive the overall market growth. Further, the changing consumer preferences towards enhanced passenger comfort and vehicle aesthetics is anticipated to propel market growth over the forecast period.
The increasing use of insulating mats and related products for carpet protection, comfort, and aesthetics in passenger cars is expected to drive the product demand in the near future. The growing importance of noise reduction and thermal insulation is also expected to have positive impacts on the product demand during the forecast period.
The demand for floor carpets in automobiles for the protection of floor is directly proportional to the demand for vehicles. The increasing production of LCV and HCV in Asia Pacific is expected to drive the product demand in commercial vehicles, mainly on account of the presence of a large number of major OEMs in economies such as China and India.
The industry is expected to witness the highest growth in the mats product segment, expected to grow at a CAGR of 6.0% during the forecast period, in terms of revenue. The presence of key manufacturers with a massive geographical reach such as ACC, AGM Automotive, and 3M Company, with a gamut range of carpets and mats, is expected to drive the overall industry demand over the forecast period.
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Further key findings from the report suggest:
The automotive flooring market was valued at USD 608.0 million in 2016 and is expected to grow at a CAGR of 5.2% during the forecast period on account of the increasing global vehicle production.
The polyurethane material segment accounted for the largest share of industry revenues in 2016, and is also expected to witness the highest growth over the forecast period at a CAGR of 6.0%, attributable to the increasing use of the material for the manufacture of auto components.
Carpets accounted for the largest share among products, and this segment is slated to grow at a CAGR of 5.0% during the forecast period, mainly driven by automotive production and the growing need for advanced carpeting solutions for NVH reduction and sound damping.
The automotive flooring market in Asia Pacific dominated the global industry, and is slated to witness growth to the tune of 5.9% during the forecast period, primarily on account of the rapidly-growing automotive production in the region.
The key strategies adopted by the industry players include acquisitions and distribution agreements. For instance, AGM Automotive Inc. acquired Durmont Austria, a textile manufacturer involved in the production of carpets for commercial building and automotive applications.
Grand View Research has segmented the automotive flooring market on the basis of material, product, application, and region:
Automotive Flooring Material Outlook (Revenue, USD Million; 2014 - 2025)
Automotive Flooring Product Outlook (Revenue, USD Million; 2014 - 2025)
Automotive Flooring Application Outlook (Revenue, USD Million; 2014 - 2025)
Automotive Flooring Regional Outlook (Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa
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