Automotive Flooring Industry Poised For Strong Growth: Market Size To Reach $1.6 Billion By 2028 As Per The Business Research Company’s Automotive Flooring Global Market Report 2024

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LONDON, Jan. 30, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Automotive Flooring Global Market Report 2024, the automotive flooring market has experienced robust growth, elevating from $1.25 billion in 2023 to $1.32 billion in 2024, marking a Compound Annual Growth Rate (CAGR) of 5.1%. This upward trajectory in the historic period is attributed to material innovation, heightened emphasis on safety and comfort, design and aesthetics, environmental sustainability, and the influence of global economic trends.

Continued Growth Anticipation:

Anticipating sustained strength, the automotive flooring market is projected to reach $1.6 billion in 2028, with a CAGR of 4.9%. The anticipated growth in the forecast period is fueled by several factors, including the shift towards electric vehicles (EVs), a rising focus on autonomous vehicles, market globalization with regional preferences, sustainability, environmental concerns, and evolving consumer lifestyles and preferences.

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Key Trends in the Forecast Period:

Major trends influencing the automotive flooring industry in the forecast period include the influence of consumer behavior, a focus on environmental sustainability, emphasis on aesthetic design and luxury, prioritization of comfort and ergonomics, and innovative material development. These trends reflect the dynamic nature of the industry, responding to the evolving demands and preferences of consumers.

Rising Demand for Electric Vehicles:

An emerging trend with significant implications for the automotive flooring market is the escalating demand for electric vehicles. The unique design requirements of electric vehicles necessitate specialized flooring solutions to accommodate electric drivetrains, battery systems, and other specific components. According to the Global Electric Vehicle Outlook 2023 by the International Energy Agency (IEA), the total number of EVs is expected to surge from around 30 million in 2022 to approximately 240 million in 2030, representing an average annual growth rate of about 30%. The increasing demand for electric vehicles is poised to be a major driver for the automotive flooring market.

Segmentation Overview:

  1. Product: Carpet, Mats
  2. Material: Polyurethane, Polypropylene, Rubber, Nylon
  3. Distribution Channel: OEM (Original Equipment Manufacturer), Aftermarket
  4. Application: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles

Segment Spotlight: The carpet market was the largest segment in 2023, constituting 75.60% or $947.81 million of the total automotive flooring market.

Get A Free Sample Of The Global Automotive Flooring Market Report

Stakeholders in the automotive flooring industry, including manufacturers, distributors, and investors, can leverage this comprehensive market report to gain strategic insights. The automotive flooring market report serves as a valuable resource for understanding market dynamics, identifying growth opportunities, and aligning strategies with the evolving landscape of the automotive flooring market. Insights into product segments, material preferences, distribution channels, and application trends empower industry players to make informed decisions and stay ahead in this dynamic automotive flooring market.

Automotive Flooring Global Market Report 2024 by The Business Research Company provides insights on the automotive flooring market size, automotive flooring market segments, automotive flooring market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.

The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.

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