According to the report, the global automotive leather upholstery market is projected to surpass US$ 10.71 Bn by 2031, expanding at a CAGR of 4.58% during the forecast period. Consistent RD in the field of automotive textile material has led to the availability of a wide variety of materials with different prices and qualities, which is likely to boost the automotive leather upholstery market during the forecast period. The rise in the demand for premium and luxury vehicles that have dynamic vehicle interior is likely to fuel the automotive leather upholstery market across the globe.
For instance, after a global slowdown in the automobile industry, several governments have reduced taxes on automobiles to encourage sale of vehicles. Consumers’ preference for personal mobility continues to drive the demand for passenger cars. Consumers are inclined toward personal mobility than public mode of transportation. Globally, the transition of lower middle class population to upper middle class population and the increasing spending capacity of people are enabling more number of consumers to own a personal vehicle.
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Expansion of Automotive Leather Upholstery Market
The surge in trade volume, owing to the rising bilateral trade among countries is projected to boost the automotive leather upholstery market during the forecast period. China witnessed a rise in both general trade volume and proportion, escalating to 15.66 Trn Yuan. China trade volume accounted for 56.4% of the total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on vehicle type, the global automotive leather upholstery market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to the rise in the production of passenger vehicles across the globe. The increase in the adoption of the seating technology in passenger vehicles, including heated and ventilated seats, is estimated to offer lucrative opportunities for the automotive leather upholstery market players across the globe.
In terms of material, the genuine leather segment held a major share of the global automotive leather upholstery market in 2020, owing to an increase in the demand for luxurious vehicle across the region, which, in turn, is likely to propel the automotive leather upholstery market. Synthetic leather offers the same feel and comfort as genuine leather, and it is much cheaper.
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Regional Analysis of Automotive Leather Upholstery Market
In terms of region, the global automotive leather upholstery market has been segregated into North America, Europe, Asia Pacific, Middle East Africa, and Latin America. Asia Pacific dominated the global automotive leather upholstery market in 2020. It is anticipated to hold a leading share during the forecast period, due to rise in the production and sale of vehicles in China and countries in ASEAN. Followed by Asia Pacific, Europe also held a significant share of the global automotive leather upholstery market due to the rise in the demand for premium vehicles in the region.
Key Players in Automotive Leather Upholstery Market
Prominent players operating in the global automotive leather upholstery market include Alea Leather Specialist Inc./ Sunguard Group, BASF SE, Beijing Automotive Group, Chang’an Automobile Group, Classic Soft Trim, Dk Leather Corporation Berhad, FAW Group Corporation, Gst Autoleather Inc., Katzkin Leather Inc., Kuraray Co. Ltd., Lear Corporation, Toyota Boshoku Corporation, and Wollsdorf Leder Schmidt Co Ges.M.B.H.
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