LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global premium vehicle upholstery market predicts a CAGR of above 2% during the period 2018-2022.
The report segments the global premium vehicle upholstery market by vehicle type, including passenger vehicle and commercial vehicle and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global premium vehicle upholstery market, according to Technavio automotive researchers:
- Increase in disposable income and healthy financial environment: a major market driver
- Increasing trend of omnichannel marketing in automotive: emerging market trend
- The Americas dominated the global premium vehicle upholstery market with 40% share in 2017
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Increase in disposable income and healthy financial environment: a major market driver
Increase in the per capita disposable income of the general population is driving the global premium vehicle upholstery market. This has directly boosted the purchasing power of people across the globe. The US is the sole superpower and most technologically powerful economy, globally. Additionally, the unemployment rate in the US has been trending downward (decreasing) is the last five years, thereby indicating progress in the US economy.
Affordability is a major factor contributing towards the high penetration of premium vehicles in emerging countries. The rise in dual earnings has enabled people to buy premium products rather than necessity products. Thus, the increasing disposable income is a key factor driving the growth of the global premium vehicle upholstery market.
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Increasing trend of omnichannel marketing in automotive: emerging market trend
There should be a balance between the demand for the premium vehicles and the suitable supply of vehicles. Adoption of various distribution channels can increase the supply of premium vehicles. Online marketing and omnichannel distribution are some of the supply methods that could aid in the higher penetration rate of premium vehicles. Omnichannel distribution adopts both online platform and offline mode for sales.
According to a senior analyst at Technavio for research on auto accessories, “Omnichannel marketing is one of the fastest growing methods implemented to eliminate the limitations in both online and offline platforms. In offline shopping, it is not possible to view a wide range of products, whereas, in online shopping, the touch and feel of the product is missing. Omnichannel distribution helps in eliminating this limitation. This distribution channel works well with manufacturers from Europe or America and helps them to enter a selectively open economy like China, where the demand for premium vehicles is high but the possibility of buying is limited.”
Global market opportunities
In terms of regional dominance, APAC led the global premium vehicle upholstery market, followed by EMEA and the Americas in 2017. In APAC, emerging countries have the highest production of premium vehicles, which is the major reason for its dominance. In the Americas, the demand for premium vehicle upholstery market in the Americas is expected to increase for premium SUVs.
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