Automotive Flooring Market Trends Indicate Growing Demand for Lightweight Materials

Posted on 2024-12-11 by researchinsights in Internet & Online // 0 Comments

The global automotive flooring market size was valued at USD 37.18 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2030. A significant rise in demand for vehicles from consumers globally due to improving lifestyle and income levels, growing focus on automotive interior and aesthetics, advancements in flooring materials, and increased emphasis on vehicle safety have contributed to market growth. The increasing global population and fast pace of urbanization are driving a surge in demand for automobiles. For instance, the International Organization of Motor Vehicle Manufacturers (OICA) estimates that more than 92.7 million vehicles were sold worldwide in 2023, which was an increase of 11.9% over the preceding year. This sharp rise in demand for passenger cars as well as commercial vehicles is driving the market for automotive flooring components.

The increasing demand for vehicle customization and personalization is fueling the adoption of premium flooring solutions, such as carpets and 3D & 7D floor mats. Apart from being aesthetically appealing, these products are also used to prevent metal floor rusting and provide better cushioning. Additionally, the incorporation of a good flooring material reduces road noise and chassis vibrations and enables sound dampening.The increasing emphasis on safety standards and regulations is driving demand for flooring materials that meet stringent safety requirements. For instance, in the United States, the Federal Motor Vehicle Safety Standard (FMVSS) No. 302 serves to specify the requirements for burn resistance of materials that are used in a vehicle’s occupant compartment. Additionally, the government has implemented the process of self-certification that requires each manufacturer selling automotive components to adhere to certain safety standards.

Gather more insights about the market drivers, restrains and growth of the Global Automotive Flooring Market

The rising popularity of electric and hybrid vehicles is creating new opportunities for innovative flooring solutions that address the unique requirements of these vehicles. For instance, they have a battery installed at the bottom, which needs to be properly insulated and protected to avoid any potential hazards to the occupants. Furthermore, untapped vehicle segments such as Light Commercial Vehicles (LCVs) have fueled a substantial demand for customized and durable floor mats, leading to market growth.

Technological advancements, such as the integration of innovative features, including ambient lighting, heating, and cooling systems into flooring, are creating new opportunities for this industry’s expansion.The automotive aftermarket, which includes the sale and installation of replacement parts and accessories, is experiencing steady growth. The demand for automotive flooring replacement products is a major driver for this market. Moreover, the economic progress of emerging nations, particularly in the Asia Pacific region, is driving the expansion of the automotive industry and associated markets, such as automotive flooring.

Regional Insights

Asia Pacific dominated the global market with a revenue share of 54.8% in 2023. This isattributed to the region’s large and steadily growing automotive industry, driven by the presence of leading automotive manufacturing hubs in countries such as China, Japan, India, and South Korea. Additionally, the growing middle-income population and increasing disposable income levels have led to a rise in vehicle ownership, further fueling the demand for automotive flooring solutions. For instance, the Society of Indian Automobile Manufacturers (SIAM) estimated that approximately 3.9 million passenger vehicles were sold in India in the financial year 2022-2023, which was significantly higher than the preceding year’s numbers. Similar observations were made in other regional economies, which has positively impacted the demand for automotive flooring in this region in recent years.

Key Companies & Market Share Insights

Some key companies involved in the automotive flooring market include IDEAL Automotive GmbH; TOYOTA BOSHOKU CORPORATION; and Kotobukiya Fronte Co., Ltd., among others.

IDEAL Automotive GmbH is a Germany-based manufacturer of automotive interiors with operations in over 15 locations worldwide. The company offers a variety of automotive interior coverings, such as floor mats with Thermoplastic Polyolefin (TPO) coating, latex coating, textile anti-slip coating, and floor covering with tufting, dilours, and nonwoven surfaces. In addition, the company also offers side trim panels, loading floors, trim tailgates, parcel shelves, and many other interior vehicle accessories.

Kotobukiya Fronte Co., Ltd. is a Japan-based manufacturer of fabric interiors for the automotive sector. The company offers floor carpet, trunk and luggage floor, dash engine room insulators, and other interior accessories for automotive. It further provides customizable floor mats, which aid in sound-insulating and waterproofing functions. The company primarily serves the Asia Pacific region, with manufacturing bases in China, Thailand, Indonesia, and Latin and North America.

Key Automotive Flooring Companies:

The following are the leading companies in the automotive flooring market. These companies collectively hold the largest market share and dictate industry trends.

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