by Automotive floor mats are aftermarket accessories that are placed on the floor of vehicles to protect the interior carpets from dirt, dust, water, mud and other debris. Floor mats are available in different materials such as rubber, plastic, leather and vinyl. Rubber floor mats are the most commonly used as they are durable and prevent slippage. They are designed to fit perfectly in vehicles and are also removable and washable. The growing automotive industry has led to a rise in vehicle sales which is driving the demand for floor mats. Consumers prefer installing floor mats to keep their vehicle interiors clean and protected. Enhancing the aesthetics and utility of vehicles has become important for creating a premium feel.
The global Automotive Floor Mats Market is estimated to be valued at US$ 12.23 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the automotive floor mats market is the introduction of smart and eco-friendly materials. Manufacturers are focusing on developing floor mats using recycled plastic, rubber and other sustainable materials. These mats are not only environment-friendly but also provide all the key attributes of conventional mats such as absorbency and protection. Some players have also started offering smart floor mats that can detect moisture, report tire pressure and monitor driver fatigue. These high-tech mats enhance safety and convenience. With growing awareness about eco-products, the demand for sustainable floor mats is expected to increase significantly.
Porter’s Analysis
Threat of new entrants: Low capital requirement and availability of used car floor mats pose low threat to existing players.
Bargaining power of buyers: Buyers have high bargaining power due to availability of various brand options and easy availability of used floor mats.
Bargaining power of suppliers: Suppliers have low bargaining power due to presence of many raw material suppliers and substitutes.
Threat of new substitutes: Rubber, vinyl and plastic floor mats are major substitutes but automotive floor mats are preferred for its durability.
Competitive rivalry: Intense competition exists among major players due to their worldwide presence and wide range of brand offerings.
Key Takeaways
The Global Automotive Floor Mats Market Size is expected to witness high growth. The global Automotive Floor Mats Market is estimated to be valued at US$ 12.23 Mn in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023 to 2030.
Regional analysis: The Asia Pacific region is expected to grow at the fastest pace during the forecast period due to rapid growth in vehicle production and sales in major countries like China and India. Countries like Japan and South Korea also contribute significantly to regional growth.
Key players: Key players operating in the automotive floor mats market are 3M, MAPEI S.p.A., Fosroc, Inc., Sika AG, Evonik, Chembond Chemicals Limited, ACC Limited, Flowcrete Group Ltd., SWC Brother Company Limited, and Cera-Chem Pvt. Ltd. 3M is one of the dominant players offering varied brand of floor mats.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
