Globalization of the automobile industry and rising demand for automotive interior customization are expected to remain chief driving factors of the global automotive interior leather market size. According to Future Market Insights (FMI), the global automotive interior leather market is estimated to grow at 4.1% CAGR through 2031.
The COVID-19 pandemic crisis has severely affected the global economic growth, resulting in disruptions in the supply chain networks. Subsequently it has affected the market leading to sluggish growth in 2020. However, the market is expected to recover as economic activities resumes post the containment of pandemic.
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According to FMI, sales within the passenger cars segment will recover after taking a massive hit amid COVID-19 in 2020. Despite this, temporary period of lull passengers will account for a little below 70% of leather sold for automotive interior in 2021.
The research examines prevailing demand and supply trends within the automotive interior leather. It presents a comprehensive overview based on in-depth research. Some of the key findings of the report are discussed below:
Key Takeaways of Global Automotive Interior Leather Market Study
- Automotive interior leather market is expected to expand at a CAGR of ~4.1% during the forecast period of 2021-2031
- The U.S. will account for over 84% of automotive interior leather sold in North America
- The U.K. is expected to register above 4% Y-o-Y growth in 2021 after witnessing significant drop in sales in 2020
- Germany and France will exhibit positive growth after registering negative sales amid COVID-19
- Within East Asia, China will remain the dominant market, trailed by Japan and South Korea
“Manufacturers are focusing on product innovation and besides offering improved sustainability. In the coming years they are likely to gain from the rising demand for passenger cars. Also, consumers’ preference for the sustainable products and better comfort are the key factors enabling growth in the market. Overall the expansion of the automotive industry will continue creating lucrative opportunities for the market,” said an FMI analyst.
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Some of the key players in the market are Lear Corporation, Seiren Co., Ltd, GST AutoLeather Inc, BOXMARK Leather GmbH & Co KG, Bader GmbH & Co. KG, Katzkin Leather,Inc. , Leather Resource of America, WOLLSDORF LEDER SCHMIDT & Co. Ges.m.b.H. , DK Leather Corporation, Scottish Leather Group Limited.
These players have comparatively higher market presence in the global market, and have longstanding relationships with a number of leading end users, giving them an upper hand among their peers.
Global Automotive Interior Leather Market by Category
- Genuine Leather
- Synthetic Leather
- PU Leather
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Seat belts
- Floor & trunk carpets
- North America
- Latin America
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Key Questions Answered in the Report
- Which is the most lucrative market for Automotive Interior Leather? China currently leads the global market for automotive interior leather. Sales in China will be over one fifth of total demand throughout the forecast period.
- Which are the top-selling Automotive Interior Leather material type? Synthetic leather is highly sought-after in vehicle production. The demand for PU leather is expected to remain high in the near future, especially due to its increasing use across passenger vehicles.
- Which Vehicle Type is Exhibiting high demand for Automotive Interior Leather? Automotive interior leather is widely used in passenger cars. Its usage in compact and luxury cars is anticipated to remain key factor impacting the overall market growth.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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