The automotive interior leather market is poised for steady growth, with a projected Compound Annual Growth Rate (CAGR) of 4.5% between 2023 and 2033. By 2033, the market is expected to reach a market share of US$ 54.27 billion, compared to a valuation of US$ 34.94 billion in 2023.
Several factors are driving this growth, including high expenditure driving rapid development in the automotive sector. As consumer preferences continue to shift towards vehicles offering superior comfort and visual appeal, the demand for automotive interior leather is expected to rise. This trend is particularly prominent in midrange and premium passenger vehicles, where automotive interior leather is widely used to enhance the overall aesthetics and feel of the vehicle interior.
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Overall, the automotive interior leather market is set to experience steady growth over the forecast period, driven by increasing consumer demand for vehicles with enhanced comfort and visual appeal, especially in the midrange and premium segments.
Key Takeaways
- Over the historical period, the global market grew at a CAGR of 3.9%.
- By 2033, the global market is expected to be worth US$ 54.27 billion.
- In 2022, Asia Pacific had the highest proportion of revenue of more than 42%.
- In terms of revenue, the passenger vehicle segment surpassed the automotive interior leather marketplace with a share of more than 51.5% in 2022.
- The sum vehicle sales in the United States reached 16.60 million in January 2021, up from 16.30 million in December 2020, as reported by Trading Economics.
“Growing demand for replacement and aftermarket deployment of interior leather is expected to benefit the market substantially. This creates prospects for both newcomers and veteran competitors to gain traction. As a result, better custom demand solutions for drivers is anticipated to emerge” says FMI analyst.
Competitive Landscape
Some of the market’s strongest competitors are making investments in studies and research (R&D) in order to facilitate the provision of an extensive selection of leather manufactured in a variety of colors and substances for a variety of applications. Companies hope to keep up with the changing environment by doing so. For instance,
- Sage-ONF, a synthetic leather creator and vendor, began serial manufacturing of silicone artificial leather for automobile interiors in July 2022. In response to high demand from consumers, the sage-ONF plant has begun manufacturing in Shanghai, China.
- ILM organized an exclusive virtual forum in December 2021 that brought together important stakeholders from across the automobile leather distribution network to shed illumination on the key advancements as well as short to long-term circumstances that will impact the sector in the months and decades to come.
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Some of the leading companies operating 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
Global Automotive Interior Leather Market by Category
Material Type:
- Genuine Leather
- Synthetic Leather
- PU Leather
- PVC
Vehicle Type:
- Passenger Cars
- Compact
- Mid-Sized
- Sedan
- Luxury
- Van
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Application:
- Upholstery
- Dashboard
- Seat belts
- Air-bags
- Floor & trunk carpets
- Headliners
- Others
Sales Channel:
- OEM
- Aftermarket
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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