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Automotive Textiles Market Is Poised To Grow Tremendously Owing To High Demand For Advanced Safety Features in Lightweight And Heavyweight Vehicles Till 2024 | Million Insights

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Automotive Textiles Market Is Poised To Grow Tremendously Owing To High Demand For Advanced Safety Features in Lightweight And Heavyweight Vehicles Till 2024 | Million Insights

September 05
05:14 2019
Automotive Textiles Market Is Poised To Grow Tremendously Owing To High Demand For Advanced Safety Features in Lightweight And Heavyweight Vehicles Till 2024 | Million Insights

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According to new report available with million insights, the global automotive textile industry is growing exponentially in order to gain more demand, providing numerous opportunities for market players to invest for research and development in the market.

The global Automotive Textiles Market is expected to value at USD 31.75 billion by 2024. Automotive textiles industry is subject to witness a substantial growth due to the increasing demand for advanced safety features in both lightweight and heavyweight vehicles, and mandatory administrative regulations for incorporation of safety measures, majorly in the developed economies such as U.S. and the UK. Factors responsible for sustained market growth, in the recent years, include large number of production lines in automotive manufacturing from Asia Pacific region and rising number of vehicles sales each year across the globe.

Additionally, increasing investment by leading industry players to promote adoption of automotive textiles is expected drive the growth of automotive textile market over the forecast period. Increasing vehicle manufacturing in Asia-Pacific region and growing penetration of automotive sector in both developing and developed economies are predicted to foster market expansion in the upcoming years. However, lack of awareness among users about benefits of automotive textile solutions and higher initial cost of the products are expected to restrain market growth to a certain extent.

Full Research Report On Global Automotive Textiles Market Analysis available at: https://www.millioninsights.com/industry-reports/automotive-textiles-market

Increasing demand for advanced textiles and large number of application in automotive across Asia Pacific region are expected to favor market growth. Rising awareness regarding large-scale use of automotive textiles due to its properties such as environmental-friendly and bio-degradability are estimated to fuel the growth of automotive textile industry over the forecast period. Other factors responsible for amplifying market value of automotive textiles are easy availability, and variety of clothing materials with range of stylish designs, bright colors, and attractive prints.

Numerous governmental initiatives promoting use of woven textiles instead of artificial fibers are estimated to boost the market demand for automotive textiles in near future. Additionally, stringent governmental laws and regulation prevalent in the respective regions in regards to the environmental impact of artificial textiles are positively affecting market performance over the last few years.

However, regulations such as anti-dumping duties on the large-scale import of automotive textiles and raw materials are hampering market performance to a certain extent. Furthermore, variations in prices of raw materials and price suppressions prevailed on imports of automotive textiles are restraining market growth. The increase in the overall manufacturing of automotive textiles Asia-Pacific countries such as China, Taiwan, and India are leasing to an oversupply in these countries.

The automotive textiles market is broadly categorized into four major segments based on the application type such as upholstery, tires, safety devices and engine components. The upholstery devices is considered as one of the fastest growing segment in the automotive textiles industry with substantial revenue generation in the last few years. Growing popularity of automotive textiles in the upholstery segment is attributed to the higher market penetration. The safety devices segment has also witnessed substantial growth due to the growing user awareness and stringent government regulation regarding adoption of safety features in the vehicles.

Automotive textile market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in automotive sector, increase in the number of research & development activities in the region and existence of well-established industrial infrastructure. Asia-Pacific region is predicted to hold major market share in the automotive textiles with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with rapid industrialization, robust growth of automotive sector, favorable government laws & regulations, and significant investment by leading industry players considering potential growth opportunities in the region.

The key players in the automotive textile industry are Trevira Co., E. I. du Pont de Nemours and Company, Sage Automotive Interiors, Inc., Baltex Ltd., Reliance Industries Ltd., Auto Textile S.A, Global Safety Textiles Co., SMS Auto Fabrics, Inc., Autoliv Co., Lear Co., Johnson Controls, Inc., Suminoe Textile Co., Ltd., ASGLAWO Technofibre, Inc., and CMI-Enterprises, Inc.

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Market Segment:

Automotive Textiles Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
    • Woven
    • Nonwoven
    • Composites
    • Others

Automotive Textiles Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
    • Upholstery
    • Tires
    • Safety Devices
    • Engine Components
    • Others

Automotive Textiles Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 – 2024)
    • North America
        • U.S.
    • Europe
        • Germany
        • France
        • UK
    • Asia Pacific
        • China
        • India
        • Japan
    • Middle East & Africa
    • Central & South America

Related Reports of This Category Available at Million Insights:  https://www.millioninsights.com/industry/textiles

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