Passenger Car Interior Genuine Leather and Synthetic Leather Market Size, Share, Growth, and Industry Analysis, By Types (Genuine Leather, Synthetic Leather), By Applications (Seats, Door Trims, Dashboards, Others) , and Regional Insights and Forecast to 2035

Passenger Car Interior Genuine Leather and Synthetic Leather Market Size

Global Passenger Car Interior Genuine Leather and Synthetic Leather Market size was valued at USD 9.23 billion in 2025 and is projected to reach USD 9.7 billion in 2026 and USD 10.19 billion in 2027. The market is further expected to touch USD 15.15 billion by 2035, exhibiting a CAGR of 5.08% during the forecast period [2026-2035]. Rising demand for premium passenger vehicle interiors, growing use of synthetic leather materials, and increasing consumer preference for comfortable seating systems are supporting market growth. Nearly 63% of passenger vehicle manufacturers are focusing on lightweight synthetic leather interiors, while around 37% of luxury vehicle buyers continue preferring genuine leather materials for advanced cabin styling and comfort features.

The US Passenger Car Interior Genuine Leather and Synthetic Leather Market is witnessing stable growth due to increasing sales of premium passenger vehicles and rising demand for customized automotive interiors. Nearly 46% of SUV buyers in the United States prefer synthetic leather seating because of easy maintenance and stain resistance. Around 39% of luxury passenger cars in the country use genuine leather dashboard and seat materials for enhanced comfort and interior appearance. Demand for eco-friendly synthetic leather materials has increased by approximately 33% due to growing environmental awareness among consumers. Electric vehicle manufacturers are also increasing the use of lightweight interior leather materials, supporting long-term market expansion across the US automotive industry.

Key Findings

• Market Size: Global market reached USD 9.23 billion in 2025, USD 9.7 billion in 2026, and USD 15.15 billion by 2035 at 5.08% CAGR.
• Growth Drivers: Nearly 63% demand comes from synthetic leather adoption, while 46% passenger buyers prefer low-maintenance and premium vehicle interior materials globally.
• Trends: Around 41% manufacturers focus on recyclable interiors, while 36% consumers prefer scratch-resistant and lightweight synthetic leather materials in passenger vehicles.
• Key Players: Eagle Ottawa, Bader, Benecke-Kaliko, Boxmark, Mayur Uniquoters & more.
• Regional Insights: Asia-Pacific holds 43% market share, Europe 27%, North America 22%, and Middle East & Africa 8% with growing premium vehicle demand.
• Challenges: Around 42% manufacturers face raw material supply fluctuations, while 31% companies experience higher operational pressure due to energy and logistics costs.
• Industry Impact: Nearly 47% electric vehicle manufacturers increased synthetic leather usage, while 35% consumers demand sustainable and lightweight passenger vehicle interiors globally.
• Recent Developments: Approximately 32% recyclable leather adoption increased, while 28% manufacturers improved low-emission processing technologies for automotive interior material production.

The Passenger Car Interior Genuine Leather and Synthetic Leather Market is evolving rapidly with rising demand for sustainable automotive interior materials and modern passenger comfort technologies. Nearly 58% of automotive companies are focusing on advanced synthetic leather materials due to better durability and low maintenance. Around 34% of vehicle buyers prefer customized interior stitching and decorative leather finishing for premium cabin appearance. Demand for antibacterial and heat-resistant interior materials has also increased by approximately 27% in passenger vehicles. Growing electric vehicle production and rising focus on lightweight automotive interiors continue creating strong opportunities for material innovation and interior customization across global automotive markets.

Passenger Car Interior Genuine Leather and Synthetic Leather Market Trends

The Passenger Car Interior Genuine Leather and Synthetic Leather Market is showing strong growth due to rising demand for premium car interiors, better seating comfort, and stylish dashboard materials. More than 62% of premium passenger cars now use synthetic leather interiors because of their lower maintenance and better durability. Around 48% of mid-size passenger vehicles are also shifting toward synthetic leather seat covers due to rising consumer preference for easy-clean materials. Genuine leather still holds strong demand in luxury vehicle interiors, with nearly 37% of luxury car buyers preferring natural leather finishes for seats and steering covers.

Vehicle makers are also focusing on eco-friendly interior materials. Nearly 44% of automotive manufacturers are increasing the use of recyclable synthetic leather materials in passenger cars. Demand for lightweight interior materials has increased by over 41%, helping improve fuel efficiency and vehicle performance. Asia-Pacific remains a leading production hub, contributing close to 53% of total passenger car interior leather manufacturing activities. Europe accounts for around 29% demand share due to high luxury vehicle production. More than 46% of consumers now prefer scratch-resistant and stain-resistant synthetic leather materials for long-term usability. Digital printing technology adoption in automotive leather interiors has crossed 32%, helping companies offer customized interior designs. Rising electric vehicle adoption is also supporting the Passenger Car Interior Genuine Leather and Synthetic Leather Market, with over 39% of electric passenger vehicles using advanced synthetic leather interiors for modern styling and sustainability goals.

Passenger Car Interior Genuine Leather and Synthetic Leather Market Dynamics

OPPORTUNITY

"Growing demand for premium vehicle interiors"

The increasing consumer preference for luxury and comfort inside passenger vehicles is creating major opportunities in the Passenger Car Interior Genuine Leather and Synthetic Leather Market. More than 58% of buyers now prefer premium seat materials in newly purchased passenger cars. Around 43% of compact SUV manufacturers are adding synthetic leather seats as standard features. Demand for ventilated and soft-touch leather interiors has increased by nearly 36% among urban consumers. Electric passenger vehicles are also creating fresh opportunities, as over 40% of EV makers are focusing on eco-friendly synthetic leather interiors. Customized interior styling demand has grown by approximately 31%, helping manufacturers expand product variety and design options across multiple vehicle categories.

DRIVERS

"Rising demand for durable and low-maintenance materials"

The Passenger Car Interior Genuine Leather and Synthetic Leather Market is strongly driven by increasing demand for durable and easy-to-maintain automotive interiors. Nearly 52% of passenger car owners prefer synthetic leather because it offers better stain resistance and lower cleaning effort. Around 47% of vehicle producers are replacing fabric interiors with synthetic leather materials to improve product lifespan and customer satisfaction. Heat-resistant leather demand has increased by almost 33% in warm climate regions. Luxury passenger car production growth has also supported market expansion, with more than 38% of luxury vehicles using high-grade genuine leather interiors. The rising focus on passenger comfort and modern vehicle appearance continues to support market demand globally.

RESTRAINTS

"High environmental concerns related to leather processing"

Environmental concerns linked with leather processing activities are creating restraints for the Passenger Car Interior Genuine Leather and Synthetic Leather Market. Nearly 35% of consumers are becoming more aware of pollution caused during leather treatment procedures. Around 28% of automotive brands are facing pressure to reduce chemical usage in leather manufacturing operations. Genuine leather processing also requires high water usage, leading to sustainability concerns in several production regions. More than 30% of consumers in urban markets now prefer animal-free interior materials. Strict environmental rules related to chemical emissions have affected nearly 26% of leather suppliers, creating operational limitations and higher compliance pressure for manufacturers across global automotive interior production chains.

CHALLENGE

"Rising raw material costs and supply chain disruptions"

The Passenger Car Interior Genuine Leather and Synthetic Leather Market is facing challenges due to increasing raw material costs and unstable supply chains. Nearly 42% of manufacturers have reported fluctuations in synthetic polymer supply used for artificial leather production. Transportation delays have impacted around 34% of automotive interior suppliers globally. Genuine leather availability has also become unstable because of changing livestock production patterns in different regions. More than 29% of companies are experiencing higher operational costs due to rising energy consumption in manufacturing facilities. Shortage of skilled workers in leather finishing and interior customization activities has affected approximately 24% of production operations, slowing delivery timelines and increasing manufacturing pressure across the market.

Segmentation Analysis

The Passenger Car Interior Genuine Leather and Synthetic Leather Market is segmented by type and application based on material usage, comfort demand, vehicle category, and interior styling preferences. The global Passenger Car Interior Genuine Leather and Synthetic Leather Market size was USD 9.23 Billion in 2025 and is projected to touch USD 9.7 Billion in 2026 to USD 15.15 Billion by 2035, exhibiting a CAGR of 5.08 % during the forecast period [2025-2035]. Genuine leather continues to see stable demand in luxury passenger cars because nearly 37% of premium buyers prefer natural leather textures for seating and dashboard designs. Synthetic leather holds higher usage in mid-range and electric passenger cars due to low maintenance and better flexibility, covering around 63% of total interior installations. By application, seats account for the largest usage share because more than 58% of passenger comfort features are directly linked to seating materials. Door trims and dashboards are also gaining demand because over 42% of vehicle manufacturers are focusing on stylish and lightweight interiors for modern passenger vehicles.

By Type

Genuine Leather

Genuine leather remains an important segment in the Passenger Car Interior Genuine Leather and Synthetic Leather Market due to its premium appearance, comfort, and long-lasting quality. Nearly 39% of luxury passenger cars use genuine leather for seats, steering covers, and dashboard finishing. Around 34% of consumers prefer genuine leather because of its natural texture and high-end feel. Demand is also increasing in customized vehicle interiors, where more than 28% of buyers request handcrafted leather designs and stitching patterns for passenger comfort and visual appeal.

Genuine Leather segment held a significant share in the Passenger Car Interior Genuine Leather and Synthetic Leather Market, accounting for USD 3.51 Billion in 2025, representing nearly 38% of the total market. This segment is expected to grow at a CAGR of 4.6% during the forecast period due to rising luxury vehicle demand, improved seat comfort, and increasing premium interior customization trends.

Synthetic Leather

Synthetic leather is witnessing strong demand in the Passenger Car Interior Genuine Leather and Synthetic Leather Market because of its affordable pricing, durability, and eco-friendly manufacturing process. More than 61% of passenger vehicle manufacturers now use synthetic leather in seats and door trims for better stain resistance and easy cleaning. Around 47% of electric vehicles use synthetic leather interiors to support lightweight vehicle production and sustainable material usage. Demand for scratch-resistant synthetic leather has also increased by nearly 36% in urban passenger car segments.

Synthetic Leather segment held the largest share in the Passenger Car Interior Genuine Leather and Synthetic Leather Market, accounting for USD 5.72 Billion in 2025, representing nearly 62% of the total market. This segment is projected to grow at a CAGR of 5.4% during the forecast period because of rising demand for low-maintenance interiors, recyclable materials, and cost-effective automotive seating solutions.

By Application

Seats

Seats represent the leading application segment in the Passenger Car Interior Genuine Leather and Synthetic Leather Market due to rising focus on passenger comfort and interior styling. Nearly 58% of automotive interior leather usage is connected to passenger seating systems. Around 46% of consumers prefer soft-touch seat materials with ventilation and heat resistance features. Synthetic leather seat demand has increased by approximately 41% because of stain resistance and easier maintenance in passenger vehicles. Luxury car makers are also increasing genuine leather seat installations for premium comfort experiences.

Seats application held the largest share in the Passenger Car Interior Genuine Leather and Synthetic Leather Market, accounting for USD 4.24 Billion in 2025, representing nearly 46% of the total market. This segment is expected to grow at a CAGR of 5.5% during the forecast period due to increasing passenger comfort demand, premium seat customization, and rising electric vehicle production.

Door Trims

Door trims are becoming an important application area in the Passenger Car Interior Genuine Leather and Synthetic Leather Market because vehicle manufacturers are improving interior appearance and passenger comfort. Nearly 31% of passenger cars now use synthetic leather door trims for scratch resistance and stylish finishing. Around 27% of automotive companies are adding padded leather trims in mid-range vehicles to improve interior quality. Lightweight synthetic materials are also helping reduce vehicle weight and improve fuel efficiency across passenger vehicle categories.

Door Trims application accounted for USD 1.94 Billion in 2025, representing nearly 21% of the total market. This segment is projected to grow at a CAGR of 4.9% during the forecast period due to increasing demand for decorative interior panels and improved passenger cabin design.

Dashboards

Dashboard applications are growing steadily in the Passenger Car Interior Genuine Leather and Synthetic Leather Market due to rising demand for premium dashboard finishes and soft-touch materials. More than 29% of passenger vehicles now include leather-covered dashboard sections to improve interior appearance and reduce vibration noise. Around 33% of luxury vehicles are using synthetic leather dashboards because of their flexibility and heat resistance. Consumer preference for customized dashboard stitching and modern cabin layouts has also increased by nearly 24%.

Dashboards application accounted for USD 1.48 Billion in 2025, representing nearly 16% of the total market. This segment is expected to grow at a CAGR of 4.7% during the forecast period because of increasing demand for premium dashboard styling and modern passenger cabin technology integration.

Others

Other applications in the Passenger Car Interior Genuine Leather and Synthetic Leather Market include steering wheel covers, armrests, gear knobs, and roof lining materials. Nearly 22% of passenger cars now include leather-wrapped steering systems for better grip and luxury appeal. Around 19% of automotive interior customization projects involve leather finishing for smaller cabin accessories. Demand for lightweight synthetic leather in armrests and side panels has increased by approximately 26% due to improved durability and lower maintenance requirements.

Others application accounted for USD 1.57 Billion in 2025, representing nearly 17% of the total market. This segment is projected to grow at a CAGR of 4.8% during the forecast period because of rising interior customization trends and increasing demand for premium passenger cabin accessories.

Passenger Car Interior Genuine Leather and Synthetic Leather Market Regional Outlook

The global Passenger Car Interior Genuine Leather and Synthetic Leather Market size was USD 9.23 Billion in 2025 and is projected to touch USD 9.7 Billion in 2026 to USD 15.15 Billion by 2035, exhibiting a CAGR of 5.08 % during the forecast period [2026-2035]. Regional demand is growing due to rising passenger vehicle production, luxury vehicle sales, and increasing preference for comfortable car interiors. Asia-Pacific holds the highest market share with 43% due to strong automotive manufacturing activities and growing electric vehicle demand. Europe accounts for 27% market share because of high luxury vehicle production and premium interior adoption. North America contributes 22% share because of rising SUV demand and advanced vehicle customization trends. Middle East & Africa holds 8% share due to growing urbanization and increasing demand for imported passenger vehicles with premium interior features.

North America

North America holds nearly 22% share in the Passenger Car Interior Genuine Leather and Synthetic Leather Market due to rising demand for premium passenger vehicles and SUVs. More than 49% of luxury passenger cars in the region use genuine leather seating systems and dashboard materials. Around 44% of consumers prefer synthetic leather interiors because of easier cleaning and better durability. Electric vehicle production growth has increased synthetic leather demand by approximately 36% across passenger vehicles. Automotive interior customization activities have also increased by nearly 29%, supporting demand for advanced leather finishing materials. North America Passenger Car Interior Genuine Leather and Synthetic Leather Market accounted for nearly USD 2.13 Billion in 2026 due to rising passenger comfort demand and increasing production of high-end vehicles.

Europe

Europe accounts for nearly 27% share in the Passenger Car Interior Genuine Leather and Synthetic Leather Market because of strong luxury vehicle production and premium automotive interior standards. More than 52% of luxury passenger vehicles manufactured in Europe use genuine leather interiors for seats and steering systems. Around 38% of automotive companies in the region are increasing usage of recyclable synthetic leather materials to support sustainability goals. Demand for lightweight interior materials has increased by approximately 33% in passenger vehicles to improve fuel efficiency. Consumer preference for customized leather dashboards and decorative trims has also increased by nearly 26%. Europe Passenger Car Interior Genuine Leather and Synthetic Leather Market accounted for nearly USD 2.62 Billion in 2026 due to increasing demand for premium passenger cabin designs and eco-friendly automotive interiors.

Asia-Pacific

Asia-Pacific holds the highest share of nearly 43% in the Passenger Car Interior Genuine Leather and Synthetic Leather Market due to strong automotive production activities and increasing passenger vehicle sales. More than 57% of passenger cars produced in the region use synthetic leather interiors because of cost efficiency and durability. Around 41% of electric vehicle manufacturers in Asia-Pacific are adopting eco-friendly synthetic leather materials for interior seating systems. Demand for premium passenger car interiors has increased by approximately 35% among urban consumers. Automotive interior customization services have also expanded by nearly 31% across major vehicle manufacturing countries. Asia-Pacific Passenger Car Interior Genuine Leather and Synthetic Leather Market accounted for nearly USD 4.17 Billion in 2026 due to rising automotive manufacturing capacity and increasing passenger comfort preferences.

Middle East & Africa

Middle East & Africa accounts for nearly 8% share in the Passenger Car Interior Genuine Leather and Synthetic Leather Market due to increasing demand for imported luxury passenger vehicles and premium interior customization. Nearly 34% of high-end passenger vehicles in the region use genuine leather seat materials for comfort and luxury appearance. Around 28% of consumers prefer synthetic leather interiors because of heat resistance and easier maintenance in warm climate conditions. Demand for leather dashboard trims and steering wheel covers has increased by approximately 22% among premium vehicle buyers. Passenger vehicle customization services have also grown by nearly 19% in urban automotive markets. Middle East & Africa Passenger Car Interior Genuine Leather and Synthetic Leather Market accounted for nearly USD 0.78 Billion in 2026 because of rising urbanization and increasing preference for advanced passenger vehicle interiors.

List of Key Passenger Car Interior Genuine Leather and Synthetic Leather Market Companies Profiled

Investment Analysis and Opportunities in Passenger Car Interior Genuine Leather and Synthetic Leather Market

Investment activities in the Passenger Car Interior Genuine Leather and Synthetic Leather Market are increasing due to rising passenger vehicle production and growing demand for premium automotive interiors. Nearly 48% of automotive interior manufacturers are increasing investments in eco-friendly synthetic leather production facilities. Around 37% of vehicle makers are expanding partnerships with leather suppliers to improve material quality and long-term supply stability. Investments in recyclable automotive interior materials have increased by approximately 33% due to rising environmental awareness among consumers. More than 29% of companies are focusing on automated leather cutting and stitching systems to improve production efficiency and reduce material waste. Demand for electric vehicles is also creating new investment opportunities, with nearly 41% of EV manufacturers preferring lightweight synthetic leather materials. Advanced coating technologies for stain resistance and heat protection have attracted nearly 24% higher investment interest across passenger car interior manufacturing operations.

New Products Development

New product development activities in the Passenger Car Interior Genuine Leather and Synthetic Leather Market are growing rapidly due to changing passenger comfort preferences and demand for modern interior styling. Nearly 46% of automotive interior companies are developing scratch-resistant synthetic leather materials for passenger vehicle seating systems. Around 39% of manufacturers are introducing breathable leather materials with improved airflow for long-distance travel comfort. Heat-resistant synthetic leather product launches have increased by approximately 31% for vehicles operating in warm climate regions. More than 27% of companies are focusing on antibacterial and odor-resistant leather coatings for improved passenger hygiene. Smart leather materials with touch-sensitive controls integrated into seats and dashboards are also gaining attention, with adoption increasing by nearly 18%. Lightweight recyclable leather products continue to expand because over 35% of consumers now prefer sustainable passenger vehicle interiors.

Developments

• Eagle Ottawa: In 2024, the company expanded production of eco-friendly synthetic leather materials, increasing recyclable interior material usage by nearly 32% to support growing electric passenger vehicle demand and sustainable automotive interior manufacturing activities.
• Bader: In 2024, the company introduced advanced low-emission leather finishing technology that reduced chemical processing impact by approximately 28% while improving durability and scratch resistance for passenger car interiors.
• Mayur Uniquoters: In 2024, the company increased synthetic leather manufacturing capacity by nearly 24% to meet rising demand from passenger vehicle manufacturers focusing on low-maintenance and lightweight interior materials.
• Scottish Leather Group: In 2024, the company adopted energy-saving leather treatment systems that improved operational efficiency by around 21% and reduced water consumption during automotive leather processing operations.
• Dani S.p.A.: In 2024, the company launched premium antibacterial leather products for passenger vehicle seating systems, improving hygiene protection levels by approximately 26% across luxury automotive interior applications.

Report Coverage

The Passenger Car Interior Genuine Leather and Synthetic Leather Market report provides detailed coverage of market trends, growth factors, production activities, regional demand, competitive analysis, and material innovations across passenger vehicle interior applications. The report studies both genuine leather and synthetic leather segments used in seats, dashboards, door trims, steering systems, and other automotive interior components. Nearly 63% of the report focuses on synthetic leather adoption trends because of rising demand for recyclable and low-maintenance interior materials. Around 37% of the report highlights genuine leather usage in premium passenger vehicle categories.

The SWOT analysis included in the report explains major strengths, weaknesses, opportunities, and challenges within the market. One key strength identified is the growing demand for premium passenger vehicle interiors, supported by nearly 54% consumer preference for comfort-focused cabin designs. Another strength is increasing adoption of lightweight synthetic leather materials, improving fuel efficiency by approximately 22% in selected passenger vehicle categories. The report also identifies weaknesses such as environmental concerns linked with leather processing activities and rising raw material supply instability affecting nearly 31% of manufacturers.

Opportunities covered in the report include expanding electric vehicle production and increasing use of eco-friendly automotive interior materials. More than 42% of EV manufacturers are focusing on recyclable synthetic leather products for sustainable vehicle interiors. The report also highlights challenges including higher energy costs, transportation delays, and shortage of skilled workers affecting approximately 25% of automotive leather production operations. Regional analysis in the report covers North America, Europe, Asia-Pacific, and Middle East & Africa, together representing 100% of global Passenger Car Interior Genuine Leather and Synthetic Leather Market activities. The report further studies company profiles, product launches, investment trends, technological developments, and future growth opportunities across the global automotive interior industry.

Future Scope

The future scope of the Passenger Car Interior Genuine Leather and Synthetic Leather Market remains strong due to rising passenger vehicle demand, premium interior customization, and increasing use of sustainable automotive materials. More than 61% of passenger vehicle manufacturers are expected to increase synthetic leather usage because of lightweight properties and lower maintenance requirements. Around 44% of consumers are likely to prefer recyclable and eco-friendly interior materials for long-term sustainability goals. Demand for luxury seating systems with heat resistance and ventilation features is expected to rise by approximately 36% across premium passenger vehicles.

Electric vehicle production will continue supporting future market growth, with nearly 47% of EV manufacturers focusing on advanced synthetic leather interiors for modern cabin designs. Smart interior technologies integrated with leather surfaces are also expected to expand, as around 23% of automotive companies are developing touch-sensitive dashboard and seat materials. Passenger vehicle customization demand is projected to increase by approximately 34%, encouraging manufacturers to offer more color options, stitching patterns, and decorative leather finishes.

Future developments in antibacterial coatings, stain-resistant surfaces, and breathable synthetic leather materials are expected to improve passenger comfort and interior durability. Nearly 29% of automotive interior suppliers are focusing on research activities related to biodegradable synthetic leather alternatives. Asia-Pacific is expected to remain a major production center because of expanding passenger vehicle manufacturing activities and rising middle-class vehicle ownership. Europe and North America are also likely to witness growing demand for premium leather interiors due to increasing luxury vehicle production and higher consumer spending on advanced passenger comfort features. Continuous investment in sustainable production methods and lightweight automotive interior technologies will further support long-term expansion of the Passenger Car Interior Genuine Leather and Synthetic Leather Market.

Passenger Car Interior Genuine Leather and Synthetic Leather Market Report Coverage

REPORT COVERAGE	DETAILS
Market Size Value In	USD 9.23 Billion in 2026
Market Size Value By	USD 15.15 Billion by 2035
Growth Rate	CAGR of 5.08% from 2026 - 2035
Forecast Period	2026 - 2035
Base Year	2025
Historical Data Available	Yes
Regional Scope	Global
Segments Covered	By Type : Genuine Leather Synthetic Leather By Application : Seats Door Trims Dashboards Others
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Frequently Asked Questions

• What value is the Passenger Car Interior Genuine Leather and Synthetic Leather Market expected to touch by 2035?

  The global Passenger Car Interior Genuine Leather and Synthetic Leather Market is expected to reach USD 15.15 Billion by 2035.

• What CAGR is the Passenger Car Interior Genuine Leather and Synthetic Leather Market expected to exhibit by 2035?

  The Passenger Car Interior Genuine Leather and Synthetic Leather Market is expected to exhibit a CAGR of 5.08% by 2035.

• Who are the top players in the Passenger Car Interior Genuine Leather and Synthetic Leather Market?

  Eagle Ottawa, Bader, Benecke-Kaliko, Midori Auto leather, Boxmark, Kyowa Leather Cloth, Pangea, CGT, JBS Couros, Archilles, Mingxin Leather, Wollsdorf, Vulcaflex, Okamoto Industries, Scottish Leather Group, Dani S.p.A., Couro Azul, Mayur Uniquoters, Haining Schinder, Elmo Sweden AB

• What was the value of the Passenger Car Interior Genuine Leather and Synthetic Leather Market in 2025?

  In 2025, the Passenger Car Interior Genuine Leather and Synthetic Leather Market value stood at USD 9.23 Billion.

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