A new market research report projects, steadfast growth prospects for the automotive interior leather market revenues. The global market value of automotive interior leather was ~$29.7bn in 2018, which is anticipated to see a moderate rise at four percent CAGR during the period of assessment, 2019-2029.
While the growth in demand for leather to be used for automotive interiors is majorly driven by the continued quest for enduring, high-quality synthetic leather, sophisticated aesthetics also remains one of the sought-after features among car owners. This, according to the study, will shape the automotive interior leather market.
A mass shift away from animal-based products is envisaged to hold a significant impact on the sales of leather within automotive industry, in the long run. Although the use of leather for automotive interiors has been under the scrutiny, of late, the fact that it still remains the consumers’ choice would sustain short-term market growth. Would non-leather materials debuting and establishing in the industry arrest market growth in future, remains to be seen.
By material, the synthetic type of automotive interior leather segment is expected to hold prominent value shares of the global automotive interior leather market. This has majorly resulted from the increasing consumption of synthetic automotive interior leather and characteristic features such as protection from sun damage, bad weather, and standing water.
On the basis of application, the upholstery segment is expected to consume majority share of the global automotive interior leather market value. This is driven by the increasing uses of leather in the upholstery in all type of vehicles.
Significant Opportunistic Potential Spotted in South Asia’s Market
Regions such as South and East Asia are projected to generate substantial growth opportunities in the forecast period owing to the rise in the number of vehicle consumers, increasing urban population, and sales of automobile, and vehicle parc in these regions.
China is one of the prime countries in the East Asia, which makes a prominent share in the market due to the presence of several interior leather manufacturers in the country. Chinese market is likely to boost the growth of the East Asia automotive interior leather market. India and ASEAN countries in the South Asia, are projected to boost the automotive interior leather market owing to the rise in disposable income of major population and prominent factors such as urbanization.
The North American market is likely to be one of the prominent markets in the global automotive interior leather market due to the increasing use of leather by OEMs and demand for automotive interior leather by automobile customers for personal and commercial applications in vehicles. Moreover, regions such as Latin America and MEA are also expected to witness a healthy CAGR during the forecast years. The report also includes all the major countries in every region. All relevant macroeconomic and forecast factors are considered while studying the automotive interior leather market size.
The report highlights some of the prominent market players, who have established themselves as leaders in the global automotive interior leather market. Some of the examples of key players in the global automotive interior leather market are Lear Corporation, Ges.m.b.H. Scottish Leather Group, GST AutoLeather, Bader & Co, Boxmark Leather & Co, and Wollsdorf Leder Schmidt & Co. Elmo Sweden, among others.
The global automotive interior leather market is significantly consolidated with some players holding prominent shares of the market. These players are offering automotive interior leather under their popular brands such as Louis Vuitton, Tom Ford, Gucci, and Dior Homme, among others.