New Product Launches and Joint Ventures To Boost Automotive Flooring Adoption Globally
30 Jul 2022
Automotive interiors are predicted to take a center stage in the global automotive industry as buyers focus on exquisite cabin experience and flooring. The evolution of new vehicles such as electric vehicles will have a lasting impact on interior layouts. Growing demand for visually appealing flooring and eco-friendly materials in vehicle flooring will drive the global market trends. According to the Allied Market Research Report, the global automotive flooring market is estimated to generate $2.2 billion by 2031.
Key players in the global automotive flooring market are implementing strategies such as the launching of new products for providing durability, longevity, and aesthetic value to automotive flooring. Moreover, strategic partnerships have helped in delivering more robust and eco-friendly automotive flooring solutions and accounted substantially for the automotive industry size. Furthermore, the joint ventures and collaborations will help the industry players in bringing improvement in their supply chain activities and assist them in maintaining a balance between the demand and supply of products. Moreover, the investment strategy has proved beneficial for market players as it has helped in expanding their customer base, creating value for their products, and reinforcing the positioning of their products in the automotive sector. Large-scale investments made by various governments across the globe in the development of automotive flooring products will offer new growth avenues for the global automotive flooring industry. Following are some of the activities taking place across the global automotive flooring industry.
Strategic partnerships and joint ventures are projected to play a key role in leveraging the growth of the global automotive flooring market. Auria Solutions and Feltex Automotive, major suppliers of automotive flooring and acoustics parts, announced a joint venture. The strategic move is intended for manufacturing automotive interiors such as flooring systems, fiber-based automotive components, dash insulators, and acoustic products. The initiative will help in the integration of vehicle manufacturing and engineering capability of Auria Solutions with the raw material capability of Felex Automotive.
New product launches have helped players in the global automotive flooring market in expanding their product lines. Duraamen Engineered Products, Inc., a provider of seamless flooring systems for automotive, launched Kraftig, a self-leveling urethane modified concrete floor coating. The new product launch is aimed at offering tough and seamless floor coating that is abrasion resistant and eco-friendly. Earlier, the firm also introduced Lumiere, a tough metallic epoxy floor system resisting abrasions, hot tire pick-up, and scratches. The product is used in automotive flooring as it is highly durable.
Continuing with the trend of product launches, Tata Motors, an Indian automotive manufacturer, launched four new models on top trims of its SUV Nexon. The strategic move will help players in the global automotive flooring market to follow the suit and expand their product portfolio. Furthermore, these business strategies will help market players not only in expanding their business across the globe but contribute significantly to the global automotive flooring market revenue
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.