Growth Opportunities And Latent Adjacency In Automotive Seats Market

The Automotive Seats Market is projected to reach USD 73.03 billion by 2025 from USD 61.41 billion in 2018, at a CAGR of 2.51%, during the forecast period. Increasing global vehicle production, especially passenger cars and SUV/MPV segments, rising premium vehicles sales with premium features, luxury and comfort are together expected to drive the automotive seats market, during the forecast period.

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Increasing vehicle production, especially SUV/MPV segment, coupled with increasing demand for premium vehicle sales loaded with luxury and comfort, are projected to fuel the demand for bucket seats with advanced technologies (heated, massage, ventilated, memory, and powered) and leather/synthetic trim materials.

The increase in vehicle production, especially in SUV/MPV and premium vehicles segments, and rising average time spent in traffic have spurred the demand for more comfortable and luxurious seats
The automotive seats market is projected to grow at a CAGR of 2.51% during the forecast period, to reach a market size of USD 73.03 billion by 2025, from USD 61.41 billion in 2018. Increased sales of full-size SUV/MPV segment vehicles and premium vehicles are identified as the key drivers for this market. Alternatively, the high cost of the advanced and modular seats as compared with normal seats and keeping balance between low-cost production and customer-perceived value can hinder the growth of the market.

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Genuine leather segment is projected to grow at the highest rate in the automotive seats market, by trim material, over the forecast period

The genuine leather trim material segment is estimated to be the fastest market, during the forecast period owing to the increased premium vehicles sales globally. As per MarketsandMarkets analysis, the global premium vehicle sales grew by 5.22% between 2015 and 2016. Developed regions such as North America, Europe, and a few Asian countries such as Japan and South Korea are key markets for these vehicles. Also, the penetration of E, F, and SUV-D & SUV-E segment cars in the US was nearly 45-48% in 2017. Similarly, in the UK, it was nearly 25-30% during the same period. Most of the vehicles from these segments have genuine leather seats as a standard feature. A few key models such as Mercedes E-Class, Lincoln Zephyr/MKZ, Range Rover Sport, Jaguar XF, Land Cruiser, and BMW 7 series feature genuine leather in the global market. The growing demand for premium vehicles across the world is ultimately leading the demand for the genuine leather market in the coming future.

Asia Oceania & MEA: The largest and fastest growing automotive seats market from 2018 to 2025

Asia Oceania is anticipated to be the largest market for automotive seats because of a dynamic change noticed in the automotive industry in the past few years; the region has also noticed a significant potential in the passenger and commercial vehicles production. As a result, Asia Oceania has been emerged as a hub for automobile production. Further, Japan and South Korea have experienced a significant rise in advanced seats in the recent years, owing to the rising per capita income and shifting preference toward premium cars and presence of premium automotive OEMs. Along with passenger cars, commercial vehicles production also grew at a CAGR of 2.91% from 2012 to 2017 and is expected to grow gradually. These factors together are expected to drive the automotive seats market in the coming years as per MarketsandMarkets repository.

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Key Market Players

Some of the key automotive seats manufacturers and suppliers are Adient (US), Lear Corporation (US), Faurecia (France), Toyota Boshoku (Japan), and Magna International (Canada), TS Tech (Japan), Tachi-S (Japan), NHK Spring (Japan), and Gentherm (US).

Key Questions Addressed By The Report

o Which seat type and cover material is going to dominate in the future?
o What are the major emerging technologies used in automotive seats?
o What are the market share of various components used with automotive seats?
o What will the future trend of automotive seats market in electric & hybrid vehicles?
o Which are the countries driving the growth of automotive seats market?

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This release was published on openPR.