Future Market Insights, Dubai: The global automotive interior leather market will grow steadily at a CAGR of over 4% CAGR in the years from 2021 to 2031 driven by weight and emission reduction initiatives within the automotive sector. Investments towards product development including anti-bacterial, anti-soiling, and temperature resistance in leather interiors and upholstery are major influencers that will support sales prospects in the coming decade. Also, customized offerings in terms of material and aesthetics will generate niche opportunities in the near future.
“The automotive interior leather market has witnessed a significant shift towards synthetic/artificial offerings, owing to convenience and lower production costs. The rising importance of artificial leather in the automotive sector is leading to an increase in investments, which in turn will drive product penetration,” says the FMI study.
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Automotive Interior Leather Market – Leading Takeaways
Genuine leather products will hold major market share on the owing to higher penetration in luxury cars, despite cheaper alternatives.
Light commercial vehicles will reflect significant growth opportunities on the back of demand for public transport offerings.
China and India remain high potential markets owing to automotive production facilities in the region.
United States to generate key growth opportunities on the back of developments in the EV sector.
Automotive Interior Leather Market – Growth Factors
Strong demand for synthetic leather offerings for mass production of vehicles is a factor supporting demand.
Government support initiatives towards electric and hybrid vehicles are generating sales opportunities.
Growing base of car owners and cheap labor costs, in emerging economies support growth in the industry.
Automotive Interior Leather Market – Constraints
Growing vegan and vegetarian populations, and the growing gap between demand and supply for hide is holding back market prospects.
Global slowdown of automotive production is anticipated to hamper the worldwide demand for leather interiors.
Expected Impact on Market by Coronavirus Outbreak
The global automotive interior leather market was adversely impacted by the ongoing coronavirus pandemic. Extensive lockdown restrictions on industrial activity and a significant slump in automotive sales during the pandemic have been major factors hurting the demand for leather interiors for automotive.
On the other hand, the automotive sector is projected to reflect a gradual recovery through 2021 and forwards, with governments taking efforts towards stimulating the global economy. Also, the transition towards electric vehicles in the coming decade will generate major opportunities for growth, enabling steady sales prospects for manufacturers.
Explore data on the automotive interior leather market with 153 figures, 35 tables and the ToC. You will also find market segmentation on https:/www.futuremarketinsights.com/reports/automotive-interior-leather-market
Some of the leading manufacturers participating in the moderately fragmented automotive interior leather market include Scottish Leather Group Ltd., Lear Corporation, DK Leather Corporation, Seiren co. Ltd., Wollsdorf Leder Schmidt & Co. Ges.m.b.H., GST AutoLeather Inc., Leather Resource of America, BOXMARK Leather GmbH & Co KG, Katzkin Leather Inc., and Bader GmbH & Co. KG among others.
Automotive OEM manufacturers are increasingly investing in customizable offerings for varied interior components in a bid to improve on material and aesthetic characteristics, particularly for high end automotive sector offerings.
For instance, Rolls Royce has revealed its Koa Phantom with dove grey interior leather, including a bespoke, handcrafted, starlight headliner with more than 1,400 fiber optic lights depicting constellations in February 2021. In March 2021, General Motors has unveiled a design for in-built gaming consoles and infotainment systems for two-seater configurations with leather accessory panels. In July 2020, 3D Frontline unveiled a new leather car seat cover stitched with first-string PU leatherette for tear and UV resistance characteristics.
More on the Report
In its report, FMI’s has provided in-depth insights on the automotive interior leather market. The market is segmented in terms of material type (genuine leather), vehicle type (passenger cars, light commercial vehicles, and heavy commercial vehicles), application (upholstery, dashboard, seat belts, air-bags, floor & trunk carpets, headliners, and others), and sales channel (OEM and aftermarket), across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
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