Market Synopsis
The global automotive interior leather market, according to MRFR, was valued at nearly USD 26,000 million in 2015 and is expected to secure USD 32 billion by 2023 at CAGR of 5.1 %.
Market Highlights
Increasing spending capacity and rapid development in the manufacture of automobiles are pushing the market to growth. A vehicle’s interior, which contributes to a vehicle’s cosmetic appeal, is also a significant factor affecting car purchasing decision.
Low cost, longer operating life and extended warranties are some of the factors that help market growth while high initial investment and unsuitable effluent disposal act as barriers to the insulated leather market. Those factors drive business growth. Increasing consumer preference for upgrading vehicles with leather upholstery has further encouraged market growth. This, in turn, comes with major implications not only for the giants of the automotive industry, but also for the new entrants who are struggling to make it big in this turbulent market environment. But offering enhanced usability compels brands to reassess their strategies for customer experience. Therefore, automakers are widening their scope to include the facets of automotive utility and usability, with emphasis on the automotive interiors.
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In the global automotive space, lightweight materials and designs have always managed to capture the attention of consumers. Ressource efficiency for lightweight materials has been and will continue to be the focus of work. As the ‘lightweighting’ trend continues to expand its roots in the automotive interiors market, demand for lightweight leather has revived at a significant pace. Additionally, government-imposed regulations and standards for incorporating lightweight materials propel the adoption of lightweight materials, with no exception being interior leather.
On the other hand, the use of leather for automotive interiors has faced a strong backlash from growing concerns about animal welfare, strongly supported by consumers shifting away from leather and leather based products. Accordingly, the entry of viable alternatives, such as vinyl, underlines the fact that non-leather materials can also excellently imitate leather’s feel and appearance. Market feelings, however, remain firmly inclined toward leather, for its unrivaled comfort and sophisticated aesthetic appeal. Vinyl is highly likely to present strong competition to leather banking on gradually developing proclivity among consumers for non-leather materials. However, the possibility of leather being completely outperforming in vinyl remains uncertain. It would be fascinating to see what new grades of interior leather for cars would make their debut in the coming years, which would assist in underpinning the ‘leather monopoly’ in the automotive interior materials scenario.
Key Players
The key players of global automotive interior leather market include Toyota Boshoku Corporation (Japan), Toyoda Gosei Co., Ltd. (Japan), Lear Corporation (U.S.), and Faurecia S.A. (France), Johnson Controls Inc (U.S.),Gst Autoleather, Inc.(U.S.), BASF SE (Germany), DK Leather Corporation Berhad (Malaysia), Alea Leather Specialist Inc / Sunguard Group (U.S.) and Grammer AG (Germany)
Segmentation of the market
The global market for automotive interior leather is segmented into material, vehicle type and application.
On the basis of material it is segmented as Synthetic Leather, Genuine Leather and others.
On the basis of Vehicle type it is segmented as passenger vehicle and commercial vehicle.
On the basis of application it is segmented as upholstery, seats, dashboard, cockpit, steering wheel, and others.
Regional Analysis
Due to the increasingly increasing automotive industry, Asia-Pacific is expected to remain the largest market, owing to the involvement of manufacturers in developing nations like China and India. Some of the factors that help in the growth of the market are the increasing need to own a car and the improvement of living standards. In addition, rapid economic growth and rising population are driving demand for interior automobile materials in countries like India.
The U.S. has seen steady growth in North America, and is one of the world’s leading automotive interior materials markets.
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To view the original version on ABNewswire visit: Automotive Interior Leather Market 2020-2023 | COVID-19 Impact, Size, Application, Share, Trends, Segments, Analysis by Top Players, Growth, Revenue and Forecast
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