Automotive Interior Leather Market will Register a CAGR of 4.1% through 2031

 

Globalization of the automobile industry and rising demand for automotive interior customization are expected to remain chief driving factors of the global automotive interior leather market. According to Future Market Insights (FMI), the global automotive interior leather market is estimated to be valued at ~US$ 29.9 Bn in 2021.

The COVID-19 pandemic crisis has severely affected the global economic growth, resulting in disruptions in the supply chain networks. Subsequently it has affected the market leading to sluggish growth in 2020. However, the market is expected to recover as economic activities resumes post the containment of pandemic.

According to FMI, sales within the passenger cars segment will recover after taking a massive hit amid COVID-19 in 2020. Despite this, temporary period of lull passengers will account for a little below 70% of leather sold for automotive interior in 2021.

The research examines prevailing demand and supply trends within the automotive interior leather. It presents a comprehensive overview based on in-depth research. Some of the key findings of the report are discussed below:

Key Takeaways of Global Automotive Interior Leather Market Study

·         Automotive interior leather market is expected to expand at a CAGR of ~4.1% during the forecast period of 2021-2031

·         The U.S. will account for over 84% of automotive interior leather sold in North America

·         The U.K. is expected to register above 4% Y-o-Y growth in 2021 after witnessing significant drop in sales in 2020

·         Germany and France will exhibit positive growth after registering negative sales amid COVID-19

·         Within East Asia, China will remain the dominant market, trailed by Japan and South Korea

 “Manufacturers are focusing on product innovation and besides offering improved sustainability. In the coming years they are likely to gain from the rising demand for passenger cars. Also, consumers’ preference for the sustainable products and better comfort are the key factors enabling growth in the market. Overall the expansion of the automotive industry will continue creating lucrative opportunities for the market,” said an FMI analyst.

Who is Winning?

The global automotive interior leather market is fairly fragmented, in which the leading players account for nearly one fifth of the market value share. The influx of small and regional players is expected to make competition within the market fiercer over the forecast period.

Some of the key players in the market are Lear Corporation, Seiren Co., Ltd, GST AutoLeather Inc, BOXMARK Leather GmbH & Co KG, Bader GmbH & Co. KG, Katzkin Leather,Inc.  , Leather Resource of America, WOLLSDORF LEDER SCHMIDT & Co. Ges.m.b.H. , DK Leather Corporation, Scottish Leather Group Limited. These players have comparatively higher market presence in the global market, and have longstanding relationships with a number of leading end users, giving them an upper hand among their peers.

For more Information:

https://www.futuremarketinsights.com/reports/automotive-interior-leather-market

 

 

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