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According to the report, the global automotive textile market is expected to grow from $ 40,031.0 billion in 2019, and is expected to reach $ 47,559.6 billion by 2027, with a CAGR of 3.59% from 2020 to 2027. The global textile industry has shown promise, especially across Asia. This is largely due to the upward trend in automobile production in the region. In addition, favorable safety regulations have been imposed over the years which has enabled the continued growth of technical textiles within this industry as these materials can be used to provide better protection for drivers and passengers.
The market is hampered by strong competition.
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Recently released research report on Global Automotive Textiles Market by Evolve Business Intelligence examines the industry against the background of key market aspects including market size and forecast, market share in terms of revenue and volume , the main players and the SWOT analysis. The market is analyzed on the basis of 4 distinct indications in the chapter on market dynamics: drivers, restraints, key trends and challenges. The sum total of these sections will help you understand what strategies will be the best to adopt in order to thrive in this industry over a few short years. Quantitative analysis includes our actual results from this research study where we have provided additional insight into what our readers can do to seize new opportunities or plan against threats that may hamper the market.
The COVID-19 pandemic has resulted in a disruption in the supply chain resulting in lower demand or supply shortages in the Automotive Textile market. Travel restrictions and social distancing measures have led to a sharp drop in consumer and business spending and this trend is expected to continue for some time. The trend and end user preferences have changed due to the pandemic and have caused manufacturers, developers and service providers to adopt various strategies to stabilize the business.
The new normal
As businesses recover from the COVID-19 pandemic, they face a new set of priorities. Throughout this crisis, they were forced to deal with changing situations and often failed to achieve their ultimate goals. Now that a cure has been found and the pandemic is fading, they will need to recover from this epidemic by setting new goals for themselves to be successful in the future.
In terms of the impact of COVID 19, the Automotive Textile Market report also includes the following data points:
• Impact of COVID19 on the size of the automotive textile market
• Trend and preferences of end user / industry / applications
• Government policies / regulatory framework
• Strategy of the main actors to fight against negative impact / post-COVID strategies
• Opportunity in the automotive textile market
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Some of the major automotive textile players with high market share include Lear Corporation, Adient plc, Toyota Boshoku, Suminoe Textile. These players use acquisition and collaboration as a key strategy to gain significant market share in order to compete with market leaders.
The main players presented in the report are:
• Lear Company
• Adient plc
• Toyota Boshoku
• Suminoe textile
• Seiren Co. Ltd
• SRF SA
• Sage automotive interiors
• Antolin Group
Market segmentation by product with emphasis on market share, consumption trend and growth rate of Automotive Textile Market:
Market segment by application with emphasis on market share, consumption trend and growth rate of Automotive Textile Market:
o Floor covering
o Pre-assembled interior component
o Seat belts
Market segment by Vehicle Type with an emphasis on market share, consumption trend and growth rate of Automotive Textile Market:
o Passenger vehicles
o Light commercial vehicles
o Heavy trucks
o Buses and coaches
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Global geographic coverage of automotive textiles:
• North America
o United States
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia-Pacific
• Rest of the world
o South America
o Middle East and Africa
North America holds the largest share of the market due to favorable government regulations and rapid industrialization and urbanization.
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