Global Automotive Floor Mats Market is expected to Witness a CAGR of 4.8% During the Forecast Period (2017-2027)
26 April 2019
SEATTLE, April 26, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the automotive floor mats market is projected to exhibit an impressive CAGR of 4.8% over the forecast period (2017 – 2027).
Key Trends and Analysis of the Automotive Floor Mats Market:
The global automotive flooring market was valued at US$ 7.91 million in 2017. The increasing automobile production is expected to be a key driver for the market growth during the forecast period. Moreover, increasing need for comfort and safety in vehicle cabins is also expected to boost demand for automotive floor mats.
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Automotive floor mats are the interior accessories of an automobile, which will be generally included while purchasing the new vehicle. Automotive floor mats are available in various sizes, shapes, designs and materials in the market. The vehicle mats may feature spikes, grooves or the locking caps to capture the dust, water or dirt. The automotive floor mats market has witnessed significant material developments in manufacturing different products such as mats and carpets. Increasing replacement of automotive rubber floor mats with polyurethane mats is one of the major factor leading to high demand for polyurethane and rubber hybrid automotive floor mats in over the forecast period. Moreover, significant demand for customized aftermarket carpeting solutions in order to enhance aesthetic value of passenger cabins is also expected to boost growth of the market.
The global automotive floor mats market is segmented on the basis of product type, application, sales channel, and region. The product type includes rubber mats, plastic mats, textile mats, and other mats (customized mats and leather mats). Among product type, the textile mats segment is expected to exhibit the highest CAGR over the over the forecast period. This is owing to increasing use of textile mats in passenger car, due to their durability and flexibility.
Among application, Heavy Commercial Vehicles (HCVs) segment held the dominant position in the market in 2017, and is expected to retain its position throughout the forecast period. This is owing to increasing production and demand for HCVs in developing countries such as China, India, Mexico, Indonesia, and Brazil. Increasing demand for automobiles in developing countries can be attributed to rapid industrialization, increasing working population, as well as growing middle-income level groups.
Asia Pacific held dominant position in the global automotive floor mats market in 2017, and is projected to maintain its dominance during the forecast period. This is owing to increasing automotive production in counties such as China, India, and South Korea and growing need for passenger comfort and safety in vehicles. For instance, according to Organisation Internationale des Constructeurs d'Automobiles (OICA), 4.49 million vehicles were produced in India in 2016, which later reached to 4.78 million units in 2017.
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Key Market Takeaways:
- The market is expected to witness a CAGR of 4.8% during the forecast period (2017–2027), owing to increasing automobile production and adoption of floor mats in the automotive sector
- Increasing demand for passenger vehicles, evolving automobile aftermarket services as well as changing consumer preference towards ride quality and comfort are some major factors driving growth of the automotive floor mats market during the forecast period. Moreover, stringent government regulations and fluctuating raw material prices pose several challenges to new entrants in automotive floor mats market, which in turn is restraining the market growth.
- Some of the key players operating in the global automotive floor mats market include, 3M, Auto Custom Carpet Inc., Autotech Nonwovens Pvt Ltd., Conform Automotive, Feltex, GAHH LLC, RACEMARK International, LLC, Lloyd Mats Inc., German Auto Tops Inc., Lear Corporation (Masland Corporation), Low & Bonar PLC, Suminoe Textile Co., Ltd., Toyota Boshoku Corporation, Walser GmbH, MacNeil Automotive Products Limited (WeatherTech), Husky Liners, Inc. (Truck Hero, Inc.), and Lund International, Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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