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.
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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.
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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.