Automotive Headliners Demand in Premium Cars Set to Rise at above 5% CAGR through 2031 Fact.MR's New Study - Seite 2
Increasing sales of luxury vehicles have been encouraging growth in the automotive headliners market. Driven by surging disposable income, prospects across emerging countries are expected to remain highly lucrative. Additionally, as a result of the launch of car-sharing concepts such as Ola and Uber, autonomous cars, high-end driver services, and tactile experience, the demand for automotive headliners is higher than ever.
According to the global EV outlook 2020 report, electric car sales surpassed 2.1 million in 2019. Coupled with this, investment towards capacity expansion by leading companies will present conducive environment for the growth of the market. For instance, Alcantara had recently announced its plans for spending US$350 million over the next few years to expand its production facilities. Likewise, Toray in Japan had announced its plans for increasing its Ultrasuede production by nearly 60%. Furthermore, Ultraseude got a major impetus in October 2020 when Toyota announced incorporating its material in Lexus models.
These developments have proven crucial for overall market expansion. Investment trends are expected to continue after a temporary period of lull due to COVID-19 outbreak, connoting positive growth opportunities for the market in the near term assessment period.
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Who is winning?
Competition within the moderately competitive automotive headliners market is likely to soar in the coming years. In response to increasing competition, manufacturers are expected to focus on product launches and expansion of their footprint.
- Oracle Lighting launched StarLINER ColorSHIFT Fiber Optic hardtop headliner in October 2020
- International Automotive Components (IAC Group) has announced plans for expanding its presence in the U.K. in July 2019. Their goal is set to be achieved via expansion of their Elmdon-based headliner manufacturing facility
- Grupo Antolin is among players to focus on product launch. In September 2020, it launched its new range of retractable sun visors, which are slated to include proprietary modular headliner designs for premium car offerings by Tesla and Jaguar
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