The current valuation of the automotive straps market in 2022 is US$ 5.84 Billion and it is projected to grow at a promising CAGR of 4% within the period between 2022-2032 to reach a valuation of US$ 11 Billion.
Market Valuation (2022)
US$ 5.84 billion
Market Valuation (2032)
US$ 11 Billion
Straps are used across various industries for holding, reinforcing or fastening an items. Straps could be made from a wide range of materials primarily plastics, depending upon the purpose and tensile strength required.
The materials can be bonded by a variety of methods: sewing, pressing, hooking, and injection molding etc. In automotive industry straps are employed in luggage compartment, car interiors, seating systems and transportation. In luggage set-ups straps are commonly used for fastening purposes.
Contrary pull straps made with high grade webbing materials are being empirically used for towing, hauling and carrying vehicles. These days high standards of interior designs and functionality can be seen in modern vehicles, and straps forms an integral part of this structure. Not only they are being used as safety belts but also used for tightening and positioning seats, tethering airbags, retaining spare tires etc.
The market is full of diverse elastic and non-elastic straps for vehicle interiors. Automotive straps are available in variegated designs and forms owing to the purpose it satisfies. The global market for straps used in automotive industry is anticipated to see a decent CAGR over the forecast period.
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Due to the global expansion of the automotive industry, the criticality of automotive straps has increased. It is pertinent to ensure the highest standards to ensure consumer satisfaction and compliance with safety regulations.
Due to high market competition, consumers show a preference for high-quality automotive straps that are affordable. This has made it difficult for new entrants to gain a level playing field in the market. The industry is dominated by industry giants such as Erickson, Taurus, and Grunt.
The use of automotive straps for land transportation is finding increased utility. Similarly, it also finds application in towing vehicles. Innovations in the automotive straps industry have aided in the development of innovative products garnering consumer attraction.
High competition, driven by rising consumer demands for affordable, highly efficient products, continues to burden the automotive straps market.
Europe’s highly advanced automotive sector is one of the global leaders in the market for automotive straps. This is also fostered by the long-term presence of automotive giants such as Mercedes Benz in the region.
North America’s robust automotive sector is expected to continue the growth of the market for automotive straps in the region. There is rising adoption of new-age technology-enhanced vehicles in the region such as Tesla.
Expansion of the OEM and other automotive manufacturers in the Asia-Pacific region provides a promising growth outlook for the region during the forecast period. This is primarily driven by government policies that incentivize the manufacturing of automotive components in the region.
The rising adoption of electric vehicles in countries like China and India due to stringent emission guidelines is expected to bring greater market growth.
The continuous growth in automobile sales across the globe is anticipated to be the primary factor driving the global automotive straps market in the forecast period. With advancement in automotive logistics and growth in transportation sector the need for pull straps used for automobile carriage purposes is presumed to rise.
Alongside, the growth in tourism and logistics industry across the world will drive the demand for straps used for fixing luggage in car boots. Accompanying this the rising demand for multifunctional and beautiful car interiors is also expected to fuel the market for straps used in automotive interiors.
At the same time the ever changing consumer needs and some technological advancement might counter effect the growth in the conventional straps market.
In terms of geography, the global automotive straps market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan.
The APEJ nations (especially China) are expected to significantly contribute in the growth of global automotive strap market. With avid economic growth in the Asian nations, rising FDI, cheap labor cost; the growth in automobile manufacturing/transportation as well as consumption is destined to show an impressive increment, in-turn increasing their share of pie in the global automotive straps market.
Furthermore owing to the large number of car owners and innumerous logistic activities, North America and European markets are anticipated to protectively hold their majority share in the forecast period. In essence, the global growth in transportation and automotive sector will escalate the global automotive straps market across all the covered regions.
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Some of the key players in the automotive straps market are JUMBO-Textile GmbH & Co., Maypole Ltd, Zilmont SRA, Damar Webbing Solutions Limited, Erickson Manufacturing Ltd., Sturges Manufacturing Inc., MISC Products Inc., etc.
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The market is likely to register a CAGR of 4% through 2032.
The market is currently valued at US$ 5.84 Bn in 2022.
The market is likely to grow to a valuation of US$ 11 Bn by 2032.
Asia Pacific is likely to be a leading market during the forecast period.