LOS ANGELES, May 04, 2020 (GLOBE NEWSWIRE) -- The global automotive seat market is anticipated to grow at a CAGR of around 2.8% during the forecast period from 2020 to 2027 to reach around US$ 78 Bn by 2027.
North America is expected to account for major revenue share in the global market due to rising demand for luxury vehicles with enhanced seating solution. In addition, manufactures approach towards introduction of innovative seat products, coupled with high investment for development of enhanced seating materials are factors expected to support the growth of target market in this region.
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Business expansion through joint ventures and agreements for new product development is expected to impact the target market growth positively.
The market in Asia Pacific is expected to witness faster growth over the forecast period due to high passenger vehicle sale. In addition, presence of major automotive manufacturers operating in this region, coupled with demand for comfortable seating experience is expected to increase demand for automated seats further support the growth of target market in this region.
Rising number of passenger vehicle product/sale in developed and developing countries, growing demand for SUV’s, coupled with manufacturer focus on providing -passenger the best ever comfort in vehicle experience are major factors expected to drive the growth of global market. With the growing competition across the globe, auto manufacturers are focused on delivering vehicles that are reliable and provide better comfort in order to attract the customers.
Inclination towards providing smart seating solution in vehicle with various features such as smartphone connectivity, and multiple adjustments, etc. is another factor expected to augment the growth of target market. Manufactures are delivering innovative seating solutions in vehicles as the consumer are technology driven they can connect the smart phone to the seat with the help of app the passenger can adjust the lumbar support, thigh and back bolsters, neck support etc. for better seating experience. In addition, multiple seat adjustments are gaining attraction among customers. Manufacturers are inclining towards providing seats that can be adjusted as per the passenger requirement. Lincoln, a division of Ford Motor Company introduced a car that has 30-way adjustable seats, enabling each passenger to adjust for maximum comfort.
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In addition, rising R&D activities by the major players and increasing preferences regarding automotive textile for seat covers are factors expected to support the growth of target market. Automotive textile is widely used for seat covers and other application due to high material strength and high durability. Moreover, manufacturers approach towards adoption of light weight seating material that helps to reduce the weight and overall cost is another important factor expected to impact the market growth positively.
However, high cost of advanced seats is a major factor expected to hamper the growth of the global automotive seat market. Fluctuating raw material prices impacts the end products cost. In addition, high competition among the players is making it difficult for manufacturers to operate at low profit.
Technological advancements in automotive seating material and introduction of new products at lower cost are factors expected to create new opportunities over the forecast period. In addition, business development activities through strategic merger and acquisitions in order to increase the customer base and enhance product portfolio are among other factors expected to support the revenue traction.
The global automotive seat market is segmented into material type, technology, and vehicle type. The material type segment is bifurcated into leather, fabric, and others. Among the material type the leather type is expected to witness faster growth over the forecast period.
Players operating in the global automotive seat market are Adient, Lear Corporation, Faurecia, Toyota Boshoku, Magna International, TS Tech., Aisin Seiki, NHK Spring, Tachi-S, Gentherm, Guelph Manufacturing, Camaco-Amvian, and Freedman Seating. The competitive scenario is high due to presence of large number of players operating on global level. In addition, major player’s inclination towards emerging economies and new product offerings is expected to further increase the competition to a certain extent.
Market By Material
Market By Technology
Market By Vehicle Type
Market By Region
Middle East & Africa
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