According to the study published by Evolve Business Intelligence, the global Automotive Textile market is expected to grow from $ 40,031.0 Billion in 2019, which is expected to reach $ 47,559.6 Billion by 2027, growing at the CAGR of 3.59% from 2020 to 2027. Some of the major factors impacting the overall growth of the automotive textile market include growing environmental concerns and growing demand for vehicle safety coupled with enhanced comfort. One of the factors hindering the growth of the market is high raw material and development costs. However, the Digitalization of intervention services is expected to register the significant opportunity to market
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Analyst’s View
According to Evolve Business Intelligence, “the COVID-19 pandemic has negatively impacted the global automotive textile market. Due to temporally shut down in several activities by government hamper the production activity across all sectors, including the automotive industry, manufacturing units across the globe have halted their production, which is likely to affect the purchase of vehicles equipment like an automotive textile market.”
Adient to hold the highest market share in Automotive Textile
The Automotive textile market has witnessed several new additions to the number of players offering the product. Some of these players are Adient Plc, Lear Corporation, Toyota Boshoku, Suminoe Textile. Lear Corporation joins United Nations Global Compact Initiative and Toyota Boshoku developed Seats, Interior Components, and others used in Toyota’s New Yaris Cross.
The Automotive textile market report published today includes market revenue generated through the sale of product types such as woven, non-woven, composites. The report also includes the analysis of the market based on vehicle type such as passenger cars, light commercial vehicles, heavy trucks, buses & coaches. The report also includes the analysis of the market based on applications such as floor covering, upholstery, pre-assembled interior component, tires, safety belts, airbags, and others.