As per a recent analysis by Future Market Insights (FMI), sales in the automotive load floor market are expected to grow at a CAGR of 5.0%, reaching a valuation of US$ 3.3 Bn by 2032.
The introduction of composite material load floors is a result of rapid innovation and growth in the automobile sector. Globally, composite load flooring is becoming more popular. This can be due to its light weight characteristics and improved luggage load carrying capability.
Manufacturers of vehicle load floors are improving their product portfolios by reducing the weight of products while increasing load carrying capability. They are developing composite materials for the fabrication of vehicle load flooring like timber floor. This material is low in weight and has a high load-bearing capacity.
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Sliding load floors are in high demand due to their ease of loading and unloading bulky and heavy freight in cars, which in turn is propelling sales in the automotive load floor market. Demand for automobile load flooring is expected to grow in tandem with the increasing personalization of passenger cars.
Further, durable extendable platform makes it easier to organize loads without having to climb into the back of a vehicle. Increasing demand for effective load bearing solutions in the automotive sector is expected to continue boosting sales over the forecast period. The automotive load floor market is predicted to grow due to rising demand from emerging countries such as China, India, and Brazil.
“Surging demand for lightweight components in passenger vehicles, along with increasing research and development efforts led by manufacturers to develop composite load floor materials will continue boosting the market over the forecast period,” says the FMI analyst.
Key Takeaways:
- By material type, the composites segment is projected to hold more than 29% of the total market share.
- In terms of operation, the fixed segment will account for nearly 77% of the total sales.
- Applications in the load floor segment are projected to hold more than 43% of the total market share.
- Based on the vehicle type, sales in the compact cars segment are command 40% of the total market share over the forecast period.
- The U.S. is expected to hold 83% of the North America automotive load floor market share in 2022.
- The China automotive load floor market is forecast to offer an incremental opportunity of US$ 536.4 Mn in over the assessment period.
- Germany will account for 25% of the Europe automotive load floor market share over the forecast period.
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Competitive Landscape
ABC Technology, Applied Component Technology, CIE Automotive, ASG Group Associates Ltd, Grudem, DS Smith, Gemini Group, Inc., Huntsman International LLC, IDEAL Automotive GmbH, Nagase & Co., Ltd., SA Automotive, UFP Technologies, Inc., Woodbridge Foam Corporation, Sonoco, Autoneum, Conform Automotive are some of the leading automotive load floor market players profiled by FMI.
Leading players are investing in research and development to launch new and innovative lightweight materials for load floors to improve performance. They are also investing in mergers, acquisitions, and collaborations to gain a competitive edge in the market. For instance:
- In September 2021, Huntsman Corp and KPX Chemical crated a joint venture known as KPX Huntsman Polyurethanes Automotive Co. Ltd.
More Insights into the Automotive Load Floor Market Report
The research report analyses the market demand trend for automotive load floor. The global market based upon COVID-19 impact, macroeconomic factors, market trends & market background. As per Future Market Insights research scope the automotive load floor market report is studied and analyzed on the following segments such as by material type (hardboard, fluted propylene, honeycomb propylene, composites), operation (Interior systems, cargo systems, load floor systems), application (fixed, sliding), vehicle type (compact, mid-size, luxury, SUV, LCV) & regions. The automotive load floor market report gives us qualitative and quantitative information about the companies.
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About FMI – Automotive and Transportation
The Automotive and Transportation division of FMI provides exclusive coverage and actionable insights about automotive and transportation industry encompassing automotive, aviation, shipping and marine, and railway sector. Market findings and competition intelligence of OEM, aftermarket, services and technology landscape have helped numerous industry stakeholders’ right from automakers, component manufacturers, channel partners and service providers in taking informed decisions and keeping them up-to-date with market behavior.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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