The automotive fabrics market is anticipated to reach a substantial value of $51.4 billion by 2029, as indicated in an exclusive report by MarketsandMarkets™. Entitled “Automotive Fabrics Market by Vehicle Type,” the report forecasts a significant growth from the current size of $40.5 billion in 2024, to an estimated $51.4 billion by 2029, with a compound annual growth rate of 4.9%. This upward trajectory is attributed to evolving lifestyles and a heightened emphasis on safety measures within automobile applications.
A primary driver for this market expansion is the growing awareness of passenger safety. Automotive manufacturers are increasingly incorporating advanced fabric materials to meet rigorous safety standards, aimed at enhancing occupant protection through features such as fire resistance, impact absorption, and durability. Consequently, there is a mounting demand for comfort and aesthetics in vehicle interiors, as consumers seek high-quality materials that enhance both safety and driving experience.
In terms of vehicle types, the report projects that the light commercial vehicles (LCVs) segment will demonstrate the highest compound annual growth rate in both value and volume during the forecast period. One significant driving force behind this demand is the expansion of the e-commerce sector, which necessitates efficient transportation solutions for delivery services. Furthermore, the rise of urbanization and the escalating demand for urban logistics further bolsters the LCV market, particularly due to their cost-effectiveness, adaptability, and manoeuvrability. Additionally, advancements in technology have led to the development of more fuel-efficient and environmentally friendly LCVs, appealing to both businesses and regulatory bodies.
The demand for safety-belts in the automotive fabrics market is also experiencing noteworthy growth, driven by the increased focus on passenger safety across various industries. This demand is further propelled by stringent regulations mandating the installation of safety restraints in all automobiles, as well as heightened consumer awareness regarding the significance of vehicle safety features.
According to the report, the Asia Pacific region is projected to emerge as the largest market for automotive fabrics, fuelled by rapid economic growth, increasing disposable incomes, and a growing middle class population with augmented purchasing power.
Key players in the automotive fabrics market encompass Autoliv Inc, Lear Corporation, Toray Industries, Hyosung Corporation, Teijin Limited, Indorama Ventures Public Company, Asahi Kasei Corporation, Toyobo Co., Ltd, Toyota Boshoku Corporation, SEIREN Co. Ltd., and Suminoe Textile Co., Ltd.
It is worth noting that MarketsandMarkets™ has received recognition as one of America’s top management consulting firms by Forbes, thus solidifying its position as an authoritative source for market insights and forecasts.
The discernments of this report underscore the remarkable growth potential of the automotive fabrics market, fuelled by evolving consumer lifestyles and a heightened emphasis on safety across the industry. As the demand for comfort, safety, and aesthetics in vehicle interiors continues to soar, the automotive fabrics market is poised for substantial growth in the foreseeable future.