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2021
Automotive Bovine Leather Market

Automotive Bovine Leather Market by Vehicle Type (Passenger, LCV, and HCV), Application (Carpets, Floor Covering, Pre-Assembled Interior Components, Seats, and Other), Vehicle Energy Source (Gasoline, Diesel, Electric, and LPG): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12794
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Oct 2021 | 135 Views
   
Author(s) : Sonia Mutreja
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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Automotive Bovine Leather Market Outlook 2030 -

Bovine leather comes from animal hide and is not mixed with any artificial elements. In its natural and pure form, bovine leather can safely be considered real. Animal skin goes through a long tanning process before it can be used. It is a widely manufactured leather that is obtained from buffalo, cow, and calf-skin. Bovine leather is well-known for its texture, appearance, comfort, and durability. Moreover, leather produced from cowhide offers good resistance against water and dirt, is easy to maintain, and relatively inexpensive, owing to easy availability. Key players operating in the bovine leather market are estimated to witness rising demand for bovine leather goods during the forecast period, owing to the launch of new bovine leather that are expected to prompt customers to spend more. Manufacturers are focused on their main strategy of acquisitions, expansions, and collaborations with automotive companies to gain significant share of the market. Additionally, manufacturers emphasize on driving consumer engagement by investing in product, marketing, and in-store and online experience. The market in Asia Pacific is projected to expand at a significant growth rate during the forecast period, as the region is home to a large youth population especially in India and China. Moreover, the leather industry contributes significantly to the economy of India.

Market scope and structure analysis:

Report Metric

Details

 Market size available for years

 2020–2030

 Base year considered

 2020

 Forecast period

 2021–2030

 Forecast units

 Value (USD)

 Segments covered

 Vehicle Type, Application, Vehicle Energy Source, and Region

 Regions covered

North America (U.S., Canada and Mexico), Europe (Germany, U.K, France, Russia and rest of Europe), Asia-Pacific (China, Japan, India, South Korea and rest of Asia-Pacific), LAMEA (Latin America, Middle East and Africa)

 Companies covered

Circa of America, LLC, Rancourt & Co. Shoecrafters, Russell Moccasin Co., Caleres, Inc. (Allen Edmonds Corporation), Hermes International, Jack Georges, American Saddlery Inc., Garrett Leather Corp, Tanner Goods Inc., and The Frye Company

 

COVID-19 Impact analysis

The global automobile sector has faced the severe challenges during the COVID-19 pandemic as the production houses got closed, inventories started overflowing, and the demand completely subsided. Services across the globe have halted due to the ban on transportation. Airlines and ships stopped operating in many countries, which made cargo transportation impossible. This is estimated to result in huge losses to automotive bovine leather market. Automobiles makers, consumer electronics, and pharmaceuticals in various countries rely on China and other developed countries for the supply of several raw materials. However, due to the pandemic, this got severely affected. The supply chain has been broken for a very long while now due to lockdown and the demand has completely subsided, which are estimated to take a very long time to revive.

Top Impacting Factors

  • Rise in sales of luxurious vehicles in developing countries, rise in demand for comfort, and rise in standard of living are driving the growth of the market.
  • Increase in opposition for the use of leather is expected to hamper the growth of the market.
  • Rising disposable income, and growing popularity of autonomous vehicles can be seen as an opportunity for the market investments.

The automotive bovine leather market trends are as follows:

Increase in opposition for the use of leather

Leather production impacts the environment in a negative manner as chemicals and toxins used on leather after manufacturing release harmful fumes that pollute water resources and increase air pollution. Furthermore, the use of different chemicals during leather processing produces wastes in solid, liquid, and gaseous forms. In addition, solid waste produced in the leather industry includes animal skin trims, animal hairs, flesh wastes, buffing dust, and keratin wastes. Increase in preference for natural material-based fabrics as compared to leather for use in vehicles restrains the growth of the market. Therefore, brands, such as Zara, Marks & Spencer, Prada, Hugo Boss, and Armani, have been banned in Spain and the country focuses on natural leather production. In addition, SLG manufacturer brands have focused on developing new eco-friendly systems for manufacturing leather. Thus, the opposition for the use of leather is expected to hamper automotive bovine leather market.

Rise in sales of luxurious vehicles in developing countries

Majority of luxurious vehicles are generally equipped with leather seats, which provide premium quality seats and look to the vehicle. Therefore, there is growth of automotive bovine leather in developing regions. For example, China has witnessed significant rise in the sales of luxury vehicles over the past few years. On an average, almost one-third of luxury vehicles are sold in China, in terms of value. Furthermore, India is also one of the world’s largest passenger car market in terms of volume, with luxury cars just accounting for around 1% of vehicles sold in 2017. However, vehicle manufacturers, both luxury and non-luxury segments, foresee a high potential for sales growth in the country and are focusing to invest further in this fast-growing market. The growth rate of luxury vehicles was in the range of 14%-20%. Therefore, growth in sales of luxury vehicles in developing countries such as China and India is expected to increase the demand for premium quality automotive bovine leather in the same region. Thus, such steps from the developing regions and latest innovation in bovine leather specially for the premium vehicles are creating a demand for the automotive bovine leather market.

Key segments covered:

Segments

Sub-segments

 Vehicle Type

  • Passenger
  • LCV
  • HCV

 Application

  • Carpets
  • Floor Covering
  • Pre-Assembled Interior Components
  • Seats
  • Other

 Vehicle Energy Source

  • Gasoline
  • Diesel
  • Electric
  • LPG

 Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • UK
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa


Key benefits of the report:

  • This study presents the analytical depiction of the automotive bovine leather market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive bovine leather market.
  • The current market is quantitatively analyzed from 2020 to 2030 to highlight the market growth scenario.
  • The report provides a detailed automotive bovine leather market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the automotive bovine leather market research report:

  • Which are the leading market players active in the automotive bovine leather market?
  • What would be the detailed impact of COVID-19 on the market?
  • What current trends would influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the automotive bovine leather market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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