Automotive Carpeting and Roofing Market to Expand at a CAGR of 5.9% from 2017 to 2025
Autoneum Holding Ltd., Faurecia, Lear Corporation, and Magna International Inc. are the topmost firms leading the global automotive carpeting and roofing market, with more than 50% of overall market share. Looking at this scenario, the automotive carpeting and roofing market is expected to project a highly consolidated landscape. Apart from investing in improving product quality, the key players are also indulging into product development, by adopting strategies for example collaboration and mergers and acquisitions so as to get an edge over their competitors in the global automotive carpeting and roofing market.
Several important players working in the global automotive carpeting and roofing market are substantially investing into market by private equity in the industry. The companies have become highly active, due to which they have a notable impact on automotive carpeting and roofing market. Owing to attempts by equity firms to buy and make methods, the market is likely to show positive results of the advantages in the coming years.
The global automotive carpeting and roofing market is prognosticated to expand at a CAGR of 5.9% within the forecast period from 2017 to 2025. In 2016, the market was valued worth US$13.51 bn. This figure is foreseen to surge with a valuation of US$22.66 bn by 2025 end.
On the basis of vehicle type, the global automotive carpeting and roofing market heavy commercial vehicles, passenger vehicles, and light commercial vehicles. Out of these, passenger vehicles segment is the highest consumer of automotive carpeting, roofs, and floor mats. The segment accounts for more than 56% percent of market share than the other segments classified as per vehicle type, in 2016. Geography-wise, Europe and Asia Pacific are the two more lucrative regions in the overall automotive carpeting and roofing market. Both the regions account for around 60% of the global share of the market in 2016. In the coming years, Asia Pacific is likely to register as a key region in the global automotive carpeting and roofing material market during 2017 to 2025.
Eco-friendly Living to Surge Demand in Global Market
Various factors such as rising use of nano-materials in automobile fabric, surging usage of green technologies in automobile leather materials, and several other technological advancements are making way for the growth of global automotive carpeting and roofing market. These advancements are credited to the increasing R&D activities. This shift in the reference is anticipated to provide lucrative opportunities to the players to invest in global automotive carpeting and roofing market. Besides, rising inclination towards environment friendly living, and using green technologies are estimated to reduce the harmful emission. This aims to make the vehicles more fuel efficient and cost-effective.
However, the variable production of different types of vehicles across the globe is affecting the growth of automotive carpeting and roofing market, negatively. Moreover, changes in vehicle production are foreseen to hamper the market demand in the span of forthcoming years. These are some of the factors pulling down the growth of global automotive carpeting and roofing market.
Nevertheless, due to growing scope in the developing nations of Asia Pacific region could reduce the effect of restraints in the global market. Besides, the surging demand for vehicles in the nations for example, Japan, India, and China is also propelling the growth of automotive carpeting and roofing market in future.