Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Automotive Floor Mats Market - Insights
The automotive floor mats market is expected to witness significant growth over the forecast period. This is owing to increasing preference for lighter, more efficient, and aesthetically-pleasing automotive floor mats in the automotive industry. Although automotive mats are one of the highest-selling accessories in terms of volume, their low average selling price does not offer high revenue and profit. Automotive floor mats that are custom-fit offer edge-to-edge protection and add to the aesthetic quotient of the vehicle. According to Coherent Market Insights’ analysis, the global automotive floor mats market was valued US$ 7.91 million in 2017, and is expected to witness 4.1% growth rate to reach US$ 8.23 million by 2018. This growth is attributed to increasing automobile production worldwide. For instance, according to Organization Internationale des Constructeurs d'Automobiles (OICA), 4.49 million vehicles were produced in India in 2016, which later reached to 4.78 million units in 2017. Furthermore, increasing preference for comfort and safety among the populace in vehicles is expected to boost demand for automotive floor mats during the forecast period.
Increasing adoption of variety of automotive floor mats such as rubber mats, plastic mats, and textile mats in the automotive sector is also expected to boost the market growth. According to the Coherent Market Insights’ analysis, the automotive floor mats market is expected to witness significant growth by 2026, due to increasing demand for automotive vehicles in emerging economies of Asia Pacific such as China and India. For instance, according to India Brand Equity Foundation (IBEF), June 2018, the passenger car vehicle market in India is expected to reach 10 million units by 2020. Moreover, according to report published by World Economic Forum, in April 2016, the global number of cars on roads is expected to double by 2040, wherein the number of passenger cars is projected to reach two billion mark by 2040.
Figure 1. Global Automotive Floor Mats Market Share (%), by Region (2017 & 2026)
Source: Coherent Market Insights, 2018-19
Asia Pacific accounted for the largest share in automotive floor mats market in 2017
Asia Pacific is expected to be the largest and fastest growing market for automotive floor mats during the forecast period, owing to high production of commercial and passenger vehicles in the region. According to Organization Internationale des Constructeurs d'Automobiles (OICA), China accounted for 29.8% of the world’s total automotive production in 2017 and Japan accounted for 10% of the world’s total automobile production in the same year.
Asia Pacific accounted for a major share in the global automotive floor mats market in 2017, owing to growing automotive industry in the region. According to China’s Ministry of Industry and Information Technology (MIIT), automotive sales in China reached US$ 28 million in 2016, and the country was ranked first worldwide for the eight consecutive year.
Figure 2. Global Automotive Floor Mats Market Share (%), By Product Type (2017 & 2026)
Source: Coherent Market Insights, 2018-19
The textile mats segment is expected to exhibit the highest CAGR over the over the forecast period. This is owing to increasing use of textile mats in passenger car as they offer high durability and flexibility. Moreover, the textile mat segment also held dominant position in the market in 2017 and it is expected to retain its dominance over the forecast period. The segment is expected to witness significant growth in emerging economies such as India and China in Asia Pacific, owing to increasing production of passenger cars in the region.
Furthermore, rubber mats offer better oil resistance, noise & vibration insulation, and absorption in automobiles, owing to high-density and consistency of rubber. This in turn is expected to significantly boost growth of the rubber mats segment in the automotive floor mats market during the forecast period.
Some of the key players operating in the global automotive floor mats market include, 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.