Automotive Headliners Demand in Premium Cars Set to Rise at above 5% CAGR through 2031: Fact.MR's New Study
NEW YORK, Jan. 20, 2021 /PRNewswire/ -- The interior comfort of automobile is set to emerge as a key differentiator for car-makers as autonomous vehicles inch close to becoming mainstream. Innovations undertaken by the industry aimed at offering better sustainability, durability, and space-savings are among key factors enabling growth in the automotive headliners market. Fact MR in a new study has forecast the market to report 6.3% Y-o-Y growth in 2021. Driven by the rising demand to provide passengers with better comfort, the demand for automotive headliners is poised to surge enabling growth at over 6.5% CAGR between 2021 and 2031 within the market.
Despite revision of growth forecasts amid COVID-19, Fact MR has maintained a positive outlook for the market, thanks to improving vehicle sales across a few lucrative pockets, including China and India. According to data revealed by the China Passenger Car Association, the sales of passenger vehicles have reportedly improved in August 2020. The study also reported that retail sales of passenger cars reached 1.7 million units in August, rising by 8.9%.
In the coming years the market will witness greater opportunities with the advent of novel options including natural fiber, urethane, and polyester that offer reliability of conventional technologies besides improvements in terms of structure, recyclability, and acoustic performance.
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Key Takeaways
- Overall forecast for the market remains positive as Fact MR forecasts its valuation to surpass US$ 8.4 Bn in 2021
- The U.S. being one of the leading markets for automotive will continue exhibiting high demand for headliners. It is expected to account for above 85% of automotive headliners sold in North America
- U.K. will register nearly 4% Y-o-Y growth between 2021 and 2031
- Spain and Italy will emerge as highly lucrative markets for automotive headliners sales in Europe
- India, China, and South Korea will be among leading markets for automotive headliners in Asia Pacific excluding Japan
"Despite consolidation, competition within the market is forecast to surge in response to which market players will continue focusing on product launches. Besides this, they will investment in design and material improvements is expected to rise, which will bode well for the market in the long run," said a lead analyst at Fact MR.
Increasing sales of luxury vehicles have been encouraging growth in the automotive headliners market. Driven by surging disposable income, prospects across emerging countries are expected to remain highly lucrative. Additionally, as a result of the launch of car-sharing concepts such as Ola and Uber, autonomous cars, high-end driver services, and tactile experience, the demand for automotive headliners is higher than ever.
According to the global EV outlook 2020 report, electric car sales surpassed 2.1 million in 2019. Coupled with this, investment towards capacity expansion by leading companies will present conducive environment for the growth of the market. For instance, Alcantara had recently announced its plans for spending US$350 million over the next few years to expand its production facilities. Likewise, Toray in Japan had announced its plans for increasing its Ultrasuede production by nearly 60%. Furthermore, Ultraseude got a major impetus in October 2020 when Toyota announced incorporating its material in Lexus models.
These developments have proven crucial for overall market expansion. Investment trends are expected to continue after a temporary period of lull due to COVID-19 outbreak, connoting positive growth opportunities for the market in the near term assessment period.
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Who is winning?
Competition within the moderately competitive automotive headliners market is likely to soar in the coming years. In response to increasing competition, manufacturers are expected to focus on product launches and expansion of their footprint.
For instance:
- Oracle Lighting launched StarLINER ColorSHIFT Fiber Optic hardtop headliner in October 2020
- International Automotive Components (IAC Group) has announced plans for expanding its presence in the U.K. in July 2019. Their goal is set to be achieved via expansion of their Elmdon-based headliner manufacturing facility
- Grupo Antolin is among players to focus on product launch. In September 2020, it launched its new range of retractable sun visors, which are slated to include proprietary modular headliner designs for premium car offerings by Tesla and Jaguar
Find More Valuable Insights on Automotive Headliners Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global automotive headliners market, presenting historical demand data (2016-2021) and forecast statistics for the period of 2021-2031. The study divulges compelling insights on the automotive headliners market based on material (foam-backed cloth, cotton-napped cloth, synthetic cloth, and perforated cloth), headliner type (hardtop and soft-top), vehicle (compact, mid-sized, premium, luxury, LCV, and HCV), and sales channel (OEM and aftermarket), across six major regions of the world.
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About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automotive team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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SOURCE Fact.MR
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