Global Premium Vehicle Upholstery Market 2018-2022
About Premium Vehicle Upholstery
Automotive upholstery is a furnishing covering found in many parts of the interiors of automobiles. It is also known as a trimmer, coach trimmer, or motor trimmer.
Technavio’s analysts forecast the global premium vehicle upholstery market will post a revenue growth of more than USD 10 billion by 2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global premium vehicle upholstery market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Premium Vehicle Upholstery Market 2018-2022
Technavio recognizes the following companies as the key players in the global premium vehicle upholstery market: Adient, Faurecia, Feltex, Lear, and TOYOTA BOSHOKU.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing trend of omnichannel marketing in automotive. The increasing demand for the premium vehicles needs to be balanced with the suitable supply of vehicles. The supply of premium vehicles can be increased by adopting various distribution channels. Online marketing and omnichannel distribution are some of the supply methods that could increase the penetration rate of premium vehicles.”
According to the report, one driver in the market is increase in disposable income and healthy financial environment. The global premium vehicle upholstery market is driven by a rise in the per capita disposable income of the general population. This has directly boosted the purchasing power of people across the globe. The US is the sole superpower and most technologically powerful economy, globally. Additionally, the unemployment rate in the US has been trending downward (decreasing) is the last five years, thereby indicating progress in the US economy.
Further, the report states that one challenge in the market is volatility in the prices of raw materials. The fluctuation in the prices of raw materials is another major challenge faced by vendors in the global premium vehicle upholstery market. The production of PU foams and PE foams requires raw materials such as benzene, toluene, and other chemicals, which are acquired from the oil and gas industry.