An increase in sales of luxury automobiles is anticipated to fuel demand for leather upholstery for automobile interiors
Wilmington, Delaware, United States, March 15, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global Automotive Leather Upholstery Market stood at US$ 4.6 Bn in 2022 and is likely to reach US$ 7.0 Bn by 2031. The global market is projected to expand at a CAGR of 4.6% between 2023 and 2031.
Rise in consumer spending on premium vehicles and increase in demand for enhanced in-vehicle aesthetics are the major factors propelling the global Automotive Leather Upholstery Market. Furthermore, surge in sales of passenger vehicles across the globe is anticipated to propel the market for automotive leather upholstery in the near future.
Interior of an automobile can be designed with leather in a variety of ways, mostly for aesthetic reasons. The Automotive Leather Upholstery Market is also driven by expansion of aftermarket sales channels. Some of the leading companies in the automotive leather industry are boosting their R&D spending to come up with a range of leather products made in different colors for a number of applications. Market players are engaging in product innovation through partnerships and collaborations.
Design and interior comfort are essential characteristics to take into account while selecting a new vehicle. The two primary varieties of upholstery leather are full aniline and semi-aniline. Affordability, superior functionality, and low maintenance requirements are increasing the popularity of this automobile upholstery.
In comparison to other materials, automotive leather features higher abrasion- and stain-resistant, keeping the automobile clean, which lowers maintenance cost throughout the vehicle’s lifespan. These advantages are likely to drive market development in the near future.
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Leather is increasingly used in vehicles due to rise in demand for durable, premium-quality, and lightweight leather interiors, especially for seats. Leather upholstery improves aesthetic appeal of an automobile, while also making passengers and drivers travel more comfortably. Leather has a slew of benefits over other options such as textiles.
Compared to other materials, automotive leather is simpler to maintain. Its properties remain unchanged whether a vehicle is being heated, cooled, or ventilated. Moreover, leather enhances aesthetic appeal of vehicle’s interiors. These factors are projected to augment industry growth between 2023 and 2031.
Key Findings of Market Report
- In terms of application, the seat segment dominated the automotive leather upholstery industry in 2022. The segment is anticipated account for considerable market share during the forecast period. Leather is a common material of choice for car seats and other interior parts. Leather is becoming a more popular choice for car seats due to its strength, damp vibrations, softness, capacity to lower cabin noise levels, and ability to improve the aesthetic aspect of the vehicle.
Global Automotive Leather Upholstery Market: Growth Drivers
- Ownership of passenger automobiles is projected to increase in the near future due to rise in demand for personal mobility. Rather than taking public transportation, people are more likely to use their own vehicles. Increase in disposable income is likely to encourage consumers to purchase vehicles. According to industry experts, demand for passenger cars has increased across the global, which is expected to bolster industry expansion.
- Availability of a range of interior leather design options and rise in consumer spending on automobile accessories are expected to bolster global Automotive Leather Upholstery Market expansion. Increase in sales of high-end vehicles with improved features, premium upholstery, improved safety features, and plush interiors is ascribed to higher disposable income and rapid urbanization.
- Increase in customer understanding about the advantages of automobile upholstery is likely to drive market expansion. Leather upholstery can be utilized extensively in automobiles, as it is dependable, adaptable, and simple to maintain. Furthermore, developments and technical breakthroughs in the automobile industry are propelling demand for car leather upholstery.
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Global Automotive Leather Upholstery Market: Regional Landscape
- Europe is anticipated to lead the global industry from 2023 to 2031. Automobile parts are extensively exported from this region. Companies in Europe are spearheading development of cutting-edge technologies to produce various kinds of synthetic leather for use in the automobile industry. Therefore, the automotive leather upholstery industry in Europe is expected to grow at a rapid pace in the near future.
- Strong presence of luxury car manufacturers fuels expansion of the automotive leather upholstery segment in North America. Demand for automotive leather upholstery is increasing in the region, as passenger automobiles are becoming more popular among consumers. Surge in preference for high-end automobiles is likely to increase demand for elegant leather interiors in vehicles across North America.
Global Automotive Leather Upholstery Market: Key Players
Key players in the global Automotive Leather Upholstery Market are:
- Wollsdorf Leder Schmidt & Co. GmbH
- FAW Group Corporation
- Chang’an Automobile Group
- Alea Leather Specialist (Sunguard Group)
- Dk Leather Corporation
- GST Autoleather Inc
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Global Automotive Leather Upholstery Market: Segmentation
- Full Aniline Leather
- Semi-aniline Leather
- Pigmented Leather
- Steering Wheels
- Head Restraints
- Passenger Cars
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses and Coaches
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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