The global automotive fabrics market is anticipated to witness a stagnant growth of 3.6% CAGR over the projection period from 2022 to 2032. The market is predicted to reach a valuation of US$ 35,775.63 Mn in 2022 and will surpass US$ 50,954.8 Mn in revenue by the end of 2032.
Throughout the historical period from 2017 to 2021, regional governments across developed regions such as Europe and North America, have strengthened their grip over vehicle manufacturers with several mandatory vehicle safety measures. These regulations have escalated the demand for automotive fabrics in tires and airbags with subtle growth rates. In addition to that, the surging disposable income of the majority of populations across several developing economies such as India and China have elevated vehicle fleets across the globe over the last few years. This factor is projected to benefit the automotive fabrics market players.
Deployment of strict vehicle safety measures is expected to be adopted in numerous developing nations, which is predicted to offer robust growth opportunities to key players operating in the global automotive fabrics market over the forthcoming years from 2022-2032.
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Key Takeaways
According to FMI's evaluation, the automotive fabrics market is predicted to surge at a fast pace due to its increasing use of airbags. The automotive fabrics market is expected to be led by the airbags segment on the basis of application. Growth is majorly attributed to the rising demand for advanced automotive safety equipment.
The surging implementation of stringent safety regulations for the use of airbags in automobiles is yet another factor expected to push the demand for automotive fabrics globally. The expansion of the automotive industry is at a high pace which will help in the outreach of the automotive fabrics market throughout the forecast period.
The demand for airbag fabric is propelling due to the rising need for vehicles and vice versa. Demand for airbag fabrics is majorly being propelled by multiple factors such as increasing production of automobiles due to rising disposable income, surging setup of airbags per car, the introduction of more rigorous safety standards, and urgent need for low-cost fabrics in emerging economies.
Widespread adoption of environment-friendly automotive fabric materials including polyester, which is considered to be one of the most cost-effective and recyclable fabrics, is projected to drive the global automotive fabrics market in the next decade. Non-woven fabrics are witnessing rising demand due to their widespread usage for vehicle carpets and floor coverings is another vital factor that would augur well for the global market.
Recycled polyethylene terephthalate is utilized to create non-woven automotive carpets, which helps in promoting sustainability and resource efficiency, while simultaneously decreasing the environmental pollution. During the forecast period, this factor is anticipated to boost the demand for non-woven fabrics and propel revenue growth in the automotive fabrics market.
Demand for fabrics across the globe has seen significant growth as several automotive manufacturers are increasing at a rapid pace and witnessing consistent growth in terms of vehicle sales. Furthermore, the implementation of stringent regulations associated with vehicle safety standards by regional governments is anticipated to bode well for the automotive fabrics market in the next decade.
Competitive Landscape
Key manufacturers of automotive fabrics are rapidly engaging in the expansion of their geographic and market presence in order to efficiently cater to the ever-increasing demand for the product. Prominent manufacturers in the market are focusing on the expansion of their geographic presence through acquisitions and mergers of regional small or medium-level players to remain dominant in the automotive fabrics market. In addition to that, various other key manufacturers are concentrating on collaborations and mergers to get an edge over the market.
More Insights into the Automotive Fabrics Market
The U.S. is expected to dominate the global automotive fabrics market by accounting for the largest consumers in the global landscape. The growth is attributed to high disposable income and the rising per capita expenditure of Americans would create a surging demand for automobiles across the country. As per FMI analysis, the U.S. is projected to share about 14.8% of the global automotive fabric market share.
Automotive Fabrics Market Outlook by Category
By Product Type:
Woven Fabric
Non – woven Fabric
Knitted Fabric
By Sales Channel:
OEM
Aftermarket
By Application:
Airbags
Floor Covering
Belts & Hoses
Tires
Car Roof
Safety-Belts
Pre-Assembled Interior Component (PRIC)
Upholstery
Others
By Vehicle Type:
Compact Passenger Cars
Mid-Sized Passenger Cars
Premium Passenger Cars
Luxury Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles