LONDON–(BUSINESS WIRE)–#AutoComponents–The global automotive floor carpet market is expected to post a CAGR close to 3% during the period 2019-2023, according to the latest market research report by Technavio.
The demand for electric vehicles is increasing every year, and the improvements in electric vehicle charging infrastructure and the reduction in battery prices will further increase the demand for electric vehicles in the coming years. Hence, some vendors that offer automotive floor carpets are working on developing a hybrid-acoustic technology, which has good heat absorption and noise insulation properties. For instance, in late 2017, Autoneum expanded its product portfolio for vehicle interiors with Hybrid-acoustics ECO for floor carpets, floor insulators, and inner dashes. The technology is based on a fibrous material that acts both as a heat absorber and floor insulator depending on the requirement. Thus, the rising demand for electric vehicles will boost the demand for hybrid-acoustic technology in floor carpets, which in turn, will increase the selling price of floor carpets leading to a significant increase in the market revenue.
As per Technavio, advanced manufacturing techniques for molded floor carpets will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive floor carpet market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Floor Carpet Market: Advanced Manufacturing Techniques for Molded Floor Carpets
The vendors operating in the global automotive floor carpet market are using advanced techniques that aid in the manufacture of molded floor carpets. Floor carpets used in modern vehicles are precisely manufactured in terms of fit and dimensions with minimum tolerance. The greater use of such techniques is expected to drive market revenue. Also, advanced machinery is being used to make molded floor carpets, which requires minimal human interaction and offers unique designs. Therefore, with such machinery and advances, the market for automotive floor carpet is expected to showcase a positive outlook during the forecast period.
“Currently, vendors operating in the global automotive floor carpet market are using advanced composite technologies, which is increasing the value proposition of floor carpets and their life cycle. Prominent vendors operating in this market have increased the use of high-quality, scratch-resistant polyurethane leather in floor carpets for entry-segment passenger vehicles. The use of cross-linked, environment-friendly, and odorless polyethylene has also increased in floor carpets. Hence, the use of such materials helps to add to the overall value proposition of the vehicle and helps in increasing their stability,” says a senior analyst at Technavio.
Global Automotive Floor Carpet Market: Segmentation Analysis
This market research report segments the global automotive floor carpet market by application (passenger vehicles and commercial vehicles), by type (non-woven and tufted) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA, respectively. However, during the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the growing demand for automobiles in the region.
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- Market segmentation analysis
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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