Automotive Headliners Demand in Premium Cars Set to Rise at above 5% CAGR through 2031 Fact.MR's New Study
NEW YORK, Jan. 20, 2021 /PRNewswire/ -- The interior comfort of automobile is set to emerge as a key differentiator for car-makers as autonomous vehicles inch close to becoming mainstream. Innovations undertaken by the industry aimed at offering better sustainability, durability, and space-savings are among key factors enabling growth in the automotive headliners market. Fact MR in a new study has forecast the market to report 6.3% Y-o-Y growth in 2021. Driven by the rising demand to provide passengers with better comfort, the demand for automotive headliners is poised to surge enabling growth at over 6.5% CAGR between 2021 and 2031 within the market.
Despite revision of growth forecasts amid COVID-19, Fact MR has maintained a positive outlook for the market, thanks to improving vehicle sales across a few lucrative pockets, including China and India. According to data revealed by the China Passenger Car Association, the sales of passenger vehicles have reportedly improved in August 2020. The study also reported that retail sales of passenger cars reached 1.7 million units in August, rising by 8.9%.
In the coming years the market will witness greater opportunities with the advent of novel options including natural fiber, urethane, and polyester that offer reliability of conventional technologies besides improvements in terms of structure, recyclability, and acoustic performance.
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- Overall forecast for the market remains positive as Fact MR forecasts its valuation to surpass US$ 8.4 Bn in 2021
- The U.S. being one of the leading markets for automotive will continue exhibiting high demand for headliners. It is expected to account for above 85% of automotive headliners sold in North America
- U.K. will register nearly 4% Y-o-Y growth between 2021 and 2031
- Spain and Italy will emerge as highly lucrative markets for automotive headliners sales in Europe
- India, China, and South Korea will be among leading markets for automotive headliners in Asia Pacific excluding Japan
"Despite consolidation, competition within the market is forecast to surge in response to which market players will continue focusing on product launches. Besides this, they will investment in design and material improvements is expected to rise, which will bode well for the market in the long run," said a lead analyst at Fact MR.