The analysts forecast global automotive carpeting and roofing market to grow at a CAGR of 3.81% during the period 2018-2022. The latest trend gaining momentum in the market is Automotive industry smart cabin innovations.
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The automotive vehicle interior design and technology has tremendously advanced in the past decade.
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The use of low-quality, hard plastics in entry-level vehicles has been eliminated with an increased focus on interior designing. Automotive innovators are focusing on transforming the interior of a vehicle to be like the living room of future with the arrival of autonomous technology.
Major key players in the global automotive carpeting and roofing market: Freudenberg & Co., AGM Automotive, HAYASHI TELEMPU, Feltex Carpets, Faurecia, and Lear
According to the automotive carpeting and roofing market report, one of the major drivers for this market is Growing sales volume of automobiles. The global automotive market is projected to grow during the forecast period.
The revenues in the global automotive carpeting and roofing market directly depend on the number of vehicles sold globally. The growth of the automotive industry is driven by developing nations like China, Japan, India, Brazil, and Mexico.
Developed regions, such as North America and Europe are also contributing to the overall growth of the automotive industry with a high proportion of luxury sedans and performance vehicle sales.
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Further, the automotive carpeting and roofing market report states that one of the major factors hindering the growth of this market is Fast-paced material research and development. A slight change in composition or addition of an element to enhance the material's property are easiest ways to innovate with insulation material.
The global automotive carpeting and roofing market is witnessing rapid innovation of cabin insulation material. This is a challenge for any material supplier.
The suppliers to tier-1 or tier-2 manufacturers patent their material innovations and manufacturing techniques. This restricts the growth of vendors and increases OEMs' dependency on a single supplier for certain requirements.
This monopolistic market dynamic harms the growth of the market.
Key questions answered in this automotive carpeting and roofing market report:
What will the market size be in 2022 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?