PUBLISHER: The Business Research Company | PRODUCT CODE: 1470319
PUBLISHER: The Business Research Company | PRODUCT CODE: 1470319
Automotive flooring refers to the materials used to cover the interior floor of a vehicle, such as cars, trucks, vans and SUVs (sport utility vehicle). These flooring options are available in various materials, textures and styles, catering to different preferences and applications.
The automotive flooring market consists of sales, by entities (organizations, sole traders and partnerships), of automotive flooring products that are designed to protect the original surface of the car from dirt, wear and corrosion. These products are used to keep the vehicle clean and it also gives aesthetic appeal to the vehicle's interior.
The global automotive flooring market was valued at $1,078.56 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 3.00%.
Growth In Production Of Passenger And Commercial Vehicles
During the historic period, the growth in production of passenger and commercial vehicles supported the growth of the automotive flooring market. Increased automobile production promoted auto spare parts and other safety products demand from the original equipment manufacturers (OEMs) in the automotive market. For example, according to the Society of Indian Automobile Manufacturers (SIAM), an India-based not-for-profit national body, sales of passenger vehicles increased by 13.2% in the fiscal year 2021 to 3.07 million from 2.71 million in the year 2020. Additionally, according to Invest India, an India-based national investment promotion and facilitation agency, the automobile industry in India produced a total 22.93 million vehicles including passenger vehicles, commercial vehicles, three wheelers, two wheelers and quadricycles from April 2021 to March 2022. Also, in July 2022, according to Pandaily, a China-based tech media, the sales volume of commercial vehicles was 168,000, up 49.4% year-on-year. Also, in May 2021, demand for new commercial vehicles in Germany increased by 46.4% over the previous year. Therefore, growth in production of passenger and commercial vehicles positively impacted the growth of the automotive flooring market during the historic period.
Focus On Developing Innovative And Advanced Products
Innovative product development is a key trend in the automotive flooring market. Major companies operating in the automotive flooring market are developing new, innovative products to strengthen their product portfolio. For instance, in December 2023, Rugged Valley, a New Zealand-based interior car accessories manufacturing company, announced the introduction of its newest collection of car floor mats, which are engineered to deliver unmatched inside vehicle protection and elegance. The new line of mats is designed to accommodate a variety of car makes and models. These premium automobile floor mats are made to last under the most demanding circumstances, protecting the inside of your car from damage. Additionally, in May 2023, Minimizer, a US-based branded heavy-duty truck aftermarket accessories manufacturing company, launched Part Number 10006831, its new range of medium-duty PACCAR floor mats based on the original equipment manufacturers (OEMs) brand-new lineup of medium-duty trucks. Minimizer floor mats have an elevated edge and are laser-measured to keep things from slipping through, offering the longest-lasting and best-fitting floor mats in the heavy-duty industry.
The global automotive flooring market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 78.6% of the total market in 2022.
Automotive Flooring Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global automotive flooring market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for automotive flooring? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The automotive flooring market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider automotive flooring market; and compares it with other markets.