Automotive Seat Industry
Automotive Seat Industry
The automotive seat market is expanding, driven by increased luxury vehicle sales, demand for lightweight frames, and climate-controlled technology.
WILMINGTON, DE, UNITED STATES, October 22, 2024 /EINPresswire.com/ -- The report offers a detailed analysis of top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, key segments, and changing market trends. As per the report, the global automotive seat market size was valued at $71,651.20 million in 2017, and is projected to reach $101,397.20 million by 2025, registering a CAGR of 4.3% from 2018 to 2025.The automotive industry is rapidly evolving due to globalization, with increased vehicle sales driven by improved manufacturing facilities in emerging countries like China, India, and Brazil. This growth in the automotive sector is a key factor boosting demand for automotive seats. Enhanced productivity in seat manufacturing is encouraging major players to invest and expand their offerings, particularly in electric and internal combustion engine segments. Moreover, rising disposable incomes and a surge in global passenger vehicle sales are further propelling demand for automobiles, consequently supporting the growth of the automotive seat market.
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Countries such as India, China, and Brazil are emerging as promising markets for the automotive sector, especially with the rising sales of electric vehicles. Increased awareness of the latest automotive technologies and the deployment of advanced seating solutions by major companies are expected to drive market growth. The trends in the automotive seat market are forecasted from 2018 to 2025. Recently, consumers have shown a preference for technologically advanced, autonomous seating options, leading to a greater use of automotive seat components and boosting overall market growth.
Additionally, the rising sales of luxury vehicles in developing nations, the growing demand for climate-controlled seat technology, and the need for lightweight seat frames are significant factors contributing to the growth of the automotive seat industry. Innovations in autonomous seating and advancements in the automobile sector have further fueled the production of automotive seats. Companies are also focusing on improvements in child seating, comfort, new materials, and cost-saving innovations, which enhance demand for automotive seats in the global market.
However, volatility in metal prices and a slowdown in automobile sales and production pose major challenges to the automotive seat market. Conversely, the rising demand for animal product-free vehicles and the growing popularity of autonomous vehicles are expected to create lucrative opportunities for market expansion.
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Rising sales of luxurious vehicles in developing countries, growing need for lightweight seat frame, and increasing demand for climate-controlled seat technology have fueled the growth of the global automotive seat market. On the other hand, volatility in the prices of metal and slowdown in the sales & production of automobiles hamper the growth to certain extent. Nevertheless, rising demand for animal products free vehicles and growing popularity of autonomous vehicles are expected to create multiple opportunities in the near future.
Based on vehicle type, the passenger car segment held three-fourth of the total market share in 2017 and is anticipated to retain its top status during the forecast period. Increase in demand for vehicles such as sedans, luxury sedans, and mid-range vehicles among others and rise in disposable income are expected to create an opportunity for fabric material for passenger vehicles which, in turn, has risen the requirement of automotive seats used in passenger cars.
Based on geography, the Asia-Pacific region garnered the highest revenue in 2017, accounting for around two-fifth of the total market share. Moreover, the same segment is also expected to grow at the highest CAGR of 3.8% during the study period. Rise in adoption of fabric material in automotive, focus on developing newer products, increase in vehicle sale, and government investments & initiative in emerging economies have driven the growth of the automotive seat market across Asia-Pacific region.
The key players analyzed in the automotive seat market report include Aisin Seiki Co., Ltd, Faurecia, GENTHERM, Lear Corporation, NHK SPRING Co., Ltd., Magna International Inc, TS Tech Co., Ltd. Adient plc, Tachi-s Co., Ltd., and Toyota Boshoku Corporation. The top-end strategies they adhere to have helped them cling onto their top status in the market.
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