LONDON--(BUSINESS WIRE)--The global automotive floor carpet market is expected to post a CAGR of nearly 3% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing adoption of electric vehicles has triggered the demand for hybrid-acoustic materials to make vehicles light and fuel-efficient These materials also improve operating range, energy efficiency, and driving comfort in electric vehicles. The rising demand for electric vehicles is driving the penetration of hybrid-acoustic technology in floor carpets. This is resulting in an increase in the selling price of floor carpets, thereby contributing to market growth.
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As per Technavio, the advanced manufacturing techniques for molded floor carpets will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Floor Carpet Market: Advanced Manufacturing Techniques for Molded Floor Carpets
Vendors in the market are adopting advanced techniques to precisely manufacture molded floor carpets in terms of fit and dimensions with minimum tolerance. For instance, several vendors are using high-speed cut pile machine to produce tufted floor carpets. The machine automates the manufacturing processes to deliver high quality and efficiency. The adoption of such advanced manufacturing techniques is expected to boost market growth during the forecast period.
“Apart from advanced manufacturing techniques, growing recycling of floor carpets and new developments in the automotive floor carpet market are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive Floor Carpet Market: Segmentation Analysis
This market report segments the global automotive floor carpet market by application (passenger vehicles and commercial vehicles), type (non-woven and tufted) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the growing demand for automobiles in China, India, and China.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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