Automotive Upholstery Market to Reach $12.2 Billion by 2032 at 7.2% CAGR: Allied Market Research

Factors that drive the growth of the automotive upholstery market include an increase in production and sales of automobiles, along with the growing popularity of lightweight car's upholstery materials.

PORTLAND, Ore., June 11, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Upholstery Market by Material Type (Leather, Vinyl, Polyester, Nylon, and Others), Application (Seat Cover, Carpet, Dashboard, Others), Sales Channel (OEM and Aftermarket), and Vehicle Type (Passenger Cars and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the automotive upholstery market generated $6.3 billion in 2022 and is anticipated to generate $12.2 billion by 2032, witnessing a CAGR of 7.2% from 2023 to 2032.

Prime Determinants of Growth

The automotive upholstery market has experienced significant growth and transformation, driven by several factors such as the increase in production and sales of automobiles, the growing popularity of lightweight car's upholstery materials, and the rising demand for customization of vehicle interiors. However, the high cost of raw materials, coupled with the stringent government regulation and standards for environmental safety hampers market growth. In addition, technological advancements and innovations in bio-degradable materials, along with the surge in preference for synthetic leather present significant opportunities for market expansion.

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The polyester segment to maintain its leadership status throughout the forecast period

Based on material type, the polyester segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to its durability and strength benefits, along with the rising focus towards sustainability and reducing carbon footprint. However, the other segment is witnessing significant growth, as there is growing traction in specialty materials, along with the increasing innovations in synthetic leathers opening up new opportunities for the growth of this segment during the forecast period.

The seat cover segment to maintain its leadership status throughout the forecast period

Based on application, the seat cover segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to the surging demand for comfortable seats and seat covers, along with the rising demand for eco-friendly and sustainable upholstery materials. However, the dashboard segment is witnessing significant growth, due to the need for aesthetic vehicle interiors opening up new opportunities for the growth of this segment during the forecast period.

The OEM segment to maintain its leadership status throughout the forecast period

Based on sales channel, the OEM segment held the highest market share in 2022, and a CAGR of 7.0% during the forecast period 2023 to 2032, as OEMs work closely with automakers to develop customized upholstery solutions tailored to specific vehicle models and customer preferences. However, the aftermarket segment is witnessing the highest growth rate with a CAGR of 7.5%, owing to the rising vehicle and ownership trends that may deteriorate or require replacement, driving demand for aftermarket upholstery products and services.

The passenger cars segment to maintain its leadership status throughout the forecast period

Based on vehicle type, the passenger car segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to the rise in production of passenger cars especially in emerging economies, such as China and India, along with the changing consumer preferences and lifestyle trends for vehicle upholstery. However, the commercial vehicle segment is witnessing a CAGR of 8.0%, owing to growing competition among automotive brands and dealerships which can lead to innovation in upholstery to meet specific functional requirements beyond aesthetics and comfort.

Asia-Pacific to maintain its dominance by 2032

Based on region, the Asia-Pacific segment held the highest market share in 2022, growing at a CAGR of 7.5%, owing to the increase in the level of automotive production in countries, such as China, Japan, and India, along with the growing preference for comfort and aesthetics in the region. However, the Middle East & Africa is expected to garner a significant CAGR throughout the forecast period 2022-2032, owing to the technological advancements in upholstery material technology, along with the cultural preferences and traditions that influence the choice of upholstery materials and designs in the MEA region.

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Leading Market Players:

• Adient Plc
• BASF SE
• FORVIA Faurecia
• Freudenberg Group
• Grupo Antolin Irausa S.A.
• MarvelVinyls
• Sage Automotive Interiors
• SEIREN Co., Ltd.
• The Acme Group
• Toyota Boshoku Corporation

The report provides a detailed analysis of these key players in the automotive upholstery market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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