CHICAGO, March 28, 2024 /PRNewswire/ -- The
report "Automotive Fabrics Market by
Vehicle Type (Passenger Cars, Light Commercial Vehicle, Heavy
Trucks, Buses & Coaches), Application (Floor Coverings,
Upholstery, Pre-Assembled Interior Companents, Tires, Safety-Belts,
Airbags)- Global Forecast to 2029", size is estimated to be
USD 40.5 billion in 2024 and is
projected to reach USD 51.4 billion
by 2029, at a CAGR of 4.9%, between 2024 and 2029.
The market is projected to grow because of the evolving
lifestyle across globe. Rising safety measures in automobile
application is one of the major drives for the market. With an
increasing awareness of passenger safety, automotive manufacturers
are incorporating advanced fabric materials that meet stringent
safety standards. These fabrics are engineered to improve occupant
protection by providing features such as fire resistance, impact
absorption, and durability. Additionally, the growing demand for
comfort and aesthetics in vehicle interiors further drives the
automotive fabric market, as consumers seek high-quality materials
that not only provide safety but also enhance the overall driving
experience.
Browse in-depth TOC on "Automotive Fabrics Market"
170 – Tables
50 – Figures
250 –
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Light commercial vehicles segment is projected to register
the highest CAGR, in terms of value, of the global automotive
fabrics market during the forecast period.
Light commercial vehicles segment is projected to grow at high
CAGR, in term of both value and volume, during the forecast period.
One significant factor driving the demand is the expanding
e-commerce sector, which necessitates efficient transportation
solutions for delivery services. Additionally, the rise of
urbanization and the increasing demand for urban logistics further
drives the demand for LCVs. These vehicles are a great option for
companies who operate in metropolitan areas because of their
cost-effectiveness, adaptability, and manoeuvrability. Furthermore,
advancements in technology has led to the development of more
fuel-efficient and environmentally friendly light commercial
vehicles, appealing to both businesses and regulatory bodies.
Safety-Belts is estimated to be the second-largest
application of automotive fabrics market, in terms of value, during
the forecast period.
The market for safety-belts is experiencing a significant
demand, propelled by the increasing focus on passenger safety
across multiple industries. The demand for safety-belts is
increasing due to stringent regulations that require all
automobiles to have safety restraints installed. Additionally,
increased awareness among consumers regarding the importance of
vehicle safety features further fuels this market growth. Also, the
rising number of automobiles on the road is another major driving
factor for automotive fabric in safety-belts application.
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Asia Pacific is estimated to
be the largest market for the automotive fabrics market, in terms
of value, during the forecast period.
Asia Pacific region is
experiencing a high demand for automotive products which is driven
by various factors. One major driver is the region's rapid economic
growth, leading to rising disposable incomes and an increasing
middle class population with greater purchasing power. As a result,
there is an increased demand for personal transportation,
particularly in highly populated urban areas where access to public
transportation may be limited.
The key players profiled in the report include Autoliv
Inc, (Sweden), Lear Corporation
(US), Toray Industries (Tokyo),
Hyosung Corporation (South Korea),
Teijin Limited (Japan), Indorama
Ventures Public Company (Thailand), Asahi Kasei Corporation
(Japan), Toyobo Co., Ltd
(Japan), Toyota Boshoku
Corporation (Japan), SEIREN Co.
Ltd. (Japan), and Suminoe Textile
Co., Ltd. (Japan) and others.
Browse Adjacent Market: Yarns, Fabric and Textile
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