U.S. Leather Aftermarket Growth Driven by Interior Demand
The U.S. automotive and aircraft leather aftermarket is projected to reach a valuation of US$ 7.8 Bn in 2021. Rising demand for high-quality, lightweight, and durable leather for automotive and aircraft interiors is expected to push sales at 3.6% CAGR, with the market valuation reaching US$ 11.1 Bn in 2031.
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Automotive and aircraft interior genuine leather is designed to provide comfort and to improve the visual appeal of the interiors. It also leaves the vehicle with a remarkable appearance and feel. It is used widely in midrange and premium passenger vehicles and in business class aircraft.
The interior of a vehicle and aircraft that adds to the aesthetic appeal, is also a major factor that influences consumer buying decision. Longer operational life and extended warranties are some factors aiding the growth of the market.
Leather manufacturers are providing customization to meet the changing consumer requirements. This provides the end-user with a large selection of leather types to pick from, ranging from basic to advance.
As per FMI’s analysis, the automotive in end-use segment is anticipated to dominate the U.S. automotive and aircraft interior genuine leather aftermarket. Growth can be attributed to strong presence of key automotive and aviation players in the U.S., along with rapid adoption of new technologies to manufacture more efficient and durable leather. These trends will continue augmenting growth of the market over the assessment period.
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Key Takeaways:
- By end-use, the automotive segment is expected to account for more than half of total market share in 2021.
- In terms of applications, sales in the passenger cars segment are projected grow at a 3.6% CAGR through 2031.
“The introduction of latest technologies in automotive seating such as climate-controlled seats in electric and hybrid vehicles is expected to boost demand. In addition to this, growing preference for lightweight vehicles is expected to bode well for the market in the forthcoming years,” says an FMI analyst.
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Competitive Landscape
Leading players operating in the U.S. automotive and aircraft interior genuine leather aftermarket include Lear Corporation., WOLLSDORF LEDER SCHMIDT & Co. Ges.m.b.H, Bader GmbH & Co. KG., Leather Resource Of America Inc., Katzkin Leather, Inc., Hydes Leather, Carroll Leather., Alea Leather Specialist Inc, Danfield Inc, Townsend Leather Company, Inc, Perrone Aerospace, Moore and Giles, Spectra Interior Products and others.
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