Automotive floor mats provide protection to vehicle floors from dirt, debris, and moisture. These mats are made from various materials like rubber, plastic, leather, and acrylonitrile butadiene styrene among others. They are available in various styles, colors, and textures to suit the interiors of different types of vehicles including passenger cars, light commercial vehicles, and heavy commercial vehicles.
The global automotive floor mats market is estimated to be valued at US$ 12.23 Bn in 2023 and is expected to exhibit a CAGR of 4.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing vehicle production driven by demand is one of the major factors driving the growth of the global automotive floor mats market. As per data published by International Organization of Motor Vehicle Manufacturers, global vehicle production increased from around 92 million units in 2017 to over 95 million units in 2018 recording a growth of over 3%. This increase in vehicle production has augmented the demand for floor mats from automotive OEMs. Another factor fueling the market growth is increasing consumer preference for luxury and customized floor mats to enhance interiors of their vehicles. Manufacturers are innovating in materials and designs of floor mats to cater to diverse consumer requirements. However, availability of cheap counterfeit products may hinder the growth of the market to some extent.
SWOT Analysis
Strength: The automotive floor mats market has strong growth potential due to rising automobile production across the globe. Automotive floor mats provide protection to vehicle floors from water, mud, dirt, and other debris, thus enhancing the interiors. Many manufacturers offer innovative floor mat designs with advanced features.
Weakness: Raw material price fluctuations can increase the overall production cost. Some consumers still prefer using regular mats instead of buying designer or customized floor mats.
Opportunity: Growing demand for premium and luxury vehicles opens up opportunities for manufacturers to introduce high-end floor mats with various designs and textures. Developing economies are witnessing a rise in per capita income and spending on vehicles, which will propel the automotive floor mats demand.
Threats: Intense competition among existing players may lead to a price war. Shift towards electric vehicles may impact the sales of conventional floor mats in the long run.
Key Takeaways
The Global Automotive Floor Mats Market Demand was valued at US$ 12.23 billion in 2023 and is projected to reach US$ 17.56 billion by 2030, registering a CAGR of 4.5% during the forecast period. The global automotive floor mats market is expected to witness high growth.
The Asia Pacific region currently dominates the market due to the large vehicle production base in China, India, and Japan. Countries like China, India, and Japan are the fastest growing markets for automotive floor mats in the region.
Key players operating in the automotive floor mats market are 3M, Auto Custom Carpet Inc., Autotech Nonwovens Pvt Ltd., Conform Automotive, Feltex, GAHH LLC, RACEMARK International, LLC, Lloyd Mats Inc., German Auto Tops Inc., Lear Corporation (Masland Corporation), Low & Bonar PLC, Suminoe Textile Co., Ltd., Toyota Boshoku Corporation, Walser GmbH, MacNeil Automotive Products Limited (WeatherTech), Husky Liners, Inc. (Truck Hero, Inc.), and Lund International, Inc.
Get More Insights Here
https://www.articlefloor.com/the-global-avocado-oil-market-is-estimated-to-propelled/
Comments
0 comment