U.S. :
+1-206-701-6702
UK :
+44-020-8133-4027
JAPAN :
+81-50-5539-1737
INDIA :
+91-848-285-0837
Press Release: Automotive Interior Bovine Leather Market is expected to Exhibit a CAGR of 3.8% during The Forecast Period (2021 - 2028)
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.
Bovine leather is the most common source of leather. The surface skin of a bull or cow is utilized in processing bovine leather. Bovine leather is excellent for its appearance, texture, durability, and comfort. Leather from cows is relatively easy to maintain. It is resistant to dirt and water. Bovine leather is very popular in automotive interior applications, due to its affordability.
The demand for luxury cars with premium leather such as bovine leather is expected to increase significantly in countries such as the U.S. and Canada, owing to their high per capita income. For instance, according to the World Bank data, the U.S. and Canada accounted for US$ 63,690 and US$ 47, 590 per capita income in 2018. Due to high per capita income, the consumers in North America region have potential to purchase cars with premium leather such as bovine leather.
Market Players such as Eagle Ottawa LLC and Carroll Leather are focusing on strategic expansions and product launches to cater to the increasing demand for premium leather. For instance, in April 2015, Carroll Leather launched a new leather lineup known as 'PERSPECTIVE'. A high-end product lineup provides a smooth, soft, and translucent finish.
However, slow production and sales rate of automobiles globally could have a negative impact on regional players in the global automotive interior bovine leathers market.
Global Automotive Interior Bovine Leather Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including infrastructure, retail, manufacturing, logistics, and others. To combat COVID-19 pandemic, several governments across the globe such as U.S., France, India and Italy have imposed nationwide lockdown to restrict the spread of COVID-19 disease.
Moreover, the spending pattern of people across the globe have also changed owing to the COVID-19 pandemic. According to CMI’s study, consumers have increased their spending on healthcare products, groceries, and home entertainment systems and reduced their spending on other luxury products. Furthermore, demand from end-use industry i.e. automotive industry has also decreased sharply.
Europe is expected to hold dominant position in the Global Automotive Interior Bovine Leather market during the forecast period.
Statistics:
Europe held dominant position in the global Automotive Interior Bovine Leather market in 2019, accounting for 31.8% share in terms of value, followed by Asia Pacific, and North America.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 5,689.9 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR: | 3.8% | 2028 Value Projection: | US$ 7,834.50 Mn |
| Geographies covered: |
|
||
| Segments covered: |
|
||
| Companies covered: |
Major companies operating in the global automotive interior bovine leather market are: Bader GmbH & Co. KG, Bovine Leather, GST Autoleather Co. Ltd., Classic Soft Trim, Ctl Leather Inc., Eagle Ottawa, Llc (Lear Corporation), and Gruppo Mastrotto spa |
||
| Growth Drivers: |
|
||
| Restraints & Challenges: |
|
||
Figure 1: Global Automotive Interior Bovine Leather Market Share (%), By Region, 2019
On the basis of region, Europe was the dominant in the global Automotive Interior Bovine Leather market in terms of value, followed by Asia Pacific and North America, respectively. The growth of the region is mainly attributed to the increasing demand for sports cars with premium leather is expected to propel the interior bovine leather market.
The automotive industry in Asia Pacific region is expected to show significant growth during the forecast period 2021-2028, owing to the increasing population and need for mobility. According to CMI’s study 2020, Asia Pacific region accounted for 60% of the total population across the globe in 2019. In addition to this, consumers in Asia Pacific region are shifting their preference from economic cars to mid-priced and luxury cars with premium seating arrangements such as seat covers of premium bovine leathers, according CMI study.
Among the vehicle type, the passenger segment is expected to dominate the market during the forecast.
The passenger segment holds the highest market share, and is expected to retain its market share over the forecast period. The segment is driven by rising consumer preference for luxury cars and the increasing per capita income of consumers.
Figure 2: Global Automotive Interior Bovine Leather Market Value (US$ Mn), 2017 - 2028
The global Automotive Interior Bovine Leather market was valued at US$ 5,689.9 Mn in 2019 and is expected to reach US$ 7,989.2 Bn by 2028 at a CAGR of 3.8% between 2021 and 2028.
Bovine leather is the most common source of leather. The surface skin of a bull or cow is utilized in processing bovine leather. Bovine leather is excellent for its appearance, texture, durability, and comfort. Leather from cows is relatively easy to maintain. It is resistant to dirt and water. Bovine leather is very popular in automotive interior applications, due to its affordability.
Market Dynamics
Most automakers have started to position and re-brand their respective car models with aesthetic and stylish interior features, which has increased the adoption of automotive interior bovine leather. Consumers prefer affordable interior leather products that are easy to maintain without compromising on looks. This is a key factor supporting growth of the automotive interior bovine leather market.
Various interior features that were previously available in premium and luxury cars are now being introduced in mid-sized and compact cars in order to stand apart from car models offered by other competitors and also, to strengthen their product portfolio.
However, wide availability of low-end and low-cost materials in the aftermarket is hindering the growth of the global automotive interior bovine leathers market.
Market Taxonomy
This report segments the Global Automotive Interior Bovine Leather Market on the basis of application, vehicle type, and region. On the basis of application, the Global Automotive Interior Bovine Leather Market is segmented into Upholstery/Seat Covers, Doors, Dashboard and Headliners, Floor & trunk carpets, Steering Wheel and Others. On the basis of vehicle type, the Global Automotive Interior Bovine Leather Market is segmented into Passenger Vehicles (Economic, Mid Price, and Luxury), Light Commercial Vehicles, Heavy Commercial Vehicles. On the basis of region, the Global Automotive Interior Bovine Leather Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA).
Key features of the study:
Detailed Segmentation:
*Browse all the market data tables and figures on “Global Automotive Interior Bovine Leather Market- Forecast to 2028”
*Browse market data tables and figures on “Global Automotive Interior Bovine Leather Market-forecast to 2028”
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
Sales Office (U.S.) : Coherent Market Insights Pvt Ltd, 1001 4th Ave,
#3200 Seattle, WA 98154, U.S.
Asia Pacific Intelligence Center (India) : Coherent Market Insights Pvt Ltd, 203, 2nd Floor,
Bremen Business Center, Aundh, Pune,
Maharashtra 411007, India.
UK :
+44-020-8133-4027
JAPAN :
+81-50-5539-1737
This website is secured Origin CA certificate on the server, Comodo, Firewall and Verified Sitelock Malware Protection
US :
INDIA :
UK :
JAPAN :
Contact Us
