ALBANY, New York, May 3, 2019 /PRNewswire/ -- The global automotive carpeting and roofing market features a moderately consolidated vendor landscape, Transparency Market Research (TMR) estimates. The prominent players including Faurecia, Autoneum Holding Ltd., Lear Corporation, and Magna International Inc., dominated the global automotive carpeting and roofing market in 2016 by accounting 50% of the overall market.
Besides investing in research & development (R&D) activities, the key players are trying to enter into the domain of mergers and acquisitions (M&A) in order to maintain their dominance in the global automotive carpeting and roofing market. Thanks to the investment and exploration activities, a major improvement in technologies and launching of new products launches is being encouraged. This is further expected to further increase competition in the market in the upcoming years.
TMR estimates, the global automotive carpeting and roofing market are estimated to swell at an impressive CAGR of 5.9% over the projected period from 2017 to 2025. With this stellar CAGR, the market is expected to attain a value of US$22.69 Bn by 2025-end from the value grabbed by the market in 2017 of US$13.51 bn.
Based on the vehicle type, the automotive carpeting and roofing market is dominated by the passenger vehicles segment by holding more than over 56% of the overall market in the year 2016. Additionally, the segment is expected to be dominant by the end of the forecast period. Based on the component, the market is dominated by the floor carpet segment owing to high demand for the advanced material for manufacturing the floor carpets; this is likely to help the segment to remain dominant over the forecast period.
Based on the region, Asia Pacific dominated the global automotive carpeting and roofing market followed by Europe. Both the regions cumulatively accounted for the 60% shares in the overall market in 2016.
Growing Demand for the Lightweight Material to Propel Market's Growth
The automotive carpeting and roofing market is getting benefited due to a rising demand for the advanced automotive or mainly the luxurious vehicles. High investment in the research of the hybrid and improvement of the electrical vehicles is boosting demand for advanced lightweight products such as carpets and roofing. The lightweight material enhances the fuel-efficiency and hence adoption of the lightweight materials for manufacturing the carpets and roofing is growing substantially. Thus, the manufacturers of passenger vehicles are demanding use of lightweight material in the vehicles. Further, growing disposable income of the mid-level earning people globally is encouraging sales of luxurious and autonomous vehicles. Additionally, growth of the global automotive carpeting and roofing market is directly dependent on the growth of automotive sales.
In addition, key players in the automotive carpeting and roofing market are offering new products manufactured from the low weight leather and Nano-materials. Additionally, they are increasingly investing to offer products that are more advanced which are expected to drive growth of the automotive carpeting and roofing market in the coming years. Moreover, the green fabric or the easily reusable or recyclable material used for manufacturing the automotive carpeting and roofing is also expected to propel market growth in the coming years.
Presence of the Private Equity Shares Facilities to Offer Opportunities for Growth
On the flipside, fluctuations in the automotive production coupled with uneven demand and production globally is restraining the automotive carpeting and roofing market. Nonetheless, growing investments through private equity in the sector offer lucrative opportunities and is likely to be lucrative over the forecast period. Numerous private equity shares and pursuing companies are helping to build healthy strategies in the global automotive carpeting and roofing market, which is likely to improve investment and offer a range of benefits over the forecast period.
This information is encompassed in the report by TMR, titled, "Automotive Carpeting and Roofing Market (Component - Floor Carpet, Trunk Trim, and Headliners/Sunshades; Material - Fabric, Rubber, Polyvinyl Chloride, and Foam; Vehicle Type - Passenger Vehicles, Light Commercial Vehicles, and Heavy Commercial Vehicles) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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