New York, US, May 18, 2022 (GLOBE NEWSWIRE) -- Automotive Seat Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Automotive Seat Market” information by Technology, by Type, by Material, by Vehicle Type and Region – Forecast to 2028” market size to reach USD 101.27 billion, growing at a compound annual growth rate of 5.11% by 2028.
Market Scope:
An automotive seat refers to the latest model developed to offer more comfort to both the driver and passenger. But these seats are very pricy given the use of high durability materials in manufacturing. The usual material used in the manufacturing of these seats is polyester. To offer access to the comfort and controls to the driver, the driver seat is provided as a vital element of the vehicle.
Dominant Key Players on Automotive Seat Market Covered are:
- Fisher and Company (Austria)
- RECARO Automotive (Germany)
- Faurecia (France)
- Grammar Seating Systems (Germany)
- Johnson Controls (U.S)
- TM Automotive Seating Systems Private Limited (India)
- Lear Corporation (U.S)
- Tata Autocomp Systems Limited (India)
- Toyota Boshoku Corporation (Japan)
- Marter Automotive Seating Systems (Turkey)
- TS Tech Corporation Ltd (Japan)
- Aktis Engineering Solutions (India)
- DURA Automotive Systems (U.S)
- Magna International Inc (Canada)
- IFB Automotive (India)
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Market USP Exclusively Encompassed:
Market Drivers
The global market for automotive seats has witnessed a major spike in the growth rate in the last few years. The market's growth is primarily credited to the increasing demand for hybrid and electric vehicles across the developing economies. Furthermore, the rapid growth in the automotive industry in the last few years is another crucial aspect propelling the growth of the automotive seat market across the globe. Moreover, the factors such as growing development in technology, increase in vehicle production, and rising use of bench seats in all sorts of vehicles are also projected to boost the market's growth over the assessment timeframe.
In addition, the growing focus by manufacturers to manufacture lightweight seats, enhancing comfort to the rider, and more are likely to raise the demand for automotive seats over the coming years. The growing R&D activities to launch innovative products are likely to offer lucrative opportunities the market players worldwide.
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Market Restraints
Apart from all the aspects propelling the market's growth, certain aspects are likely to restrict the market's growth. The manufacturing of these automotive seats involves a heavy investment, which may act as a restraining aspect for the market's growth. Furthermore, the increasing customer preference for comfortable and luxurious features raises the extra pressure on automotive OEMs to lower production costs. Limited choice of materials, production, cost, and complex manufacturing process of cost-effective, high-quality seats in the challenging factor of the market.
COVID-19 Impact
The COVID-19 pandemic has had a major impact on the automotive seat market performance in recent times. Globally, a majority of the market sectors have faced a major fall in the revenue outcomes. To stop the spread of the disease, a majority of the governments worldwide imposed lockdowns across their countries. Given the consistent lockdowns, manufacturing industries are halted, affecting the production and sale of the vehicles, reducing the demand for the automotive seats worldwide.
The decline in vehicle production is impacted the automotive seat market directly. Furthermore, because of the pandemic, the OEMs are lowering their financial investments in research & development activities related to the automotive seats. With the global economy getting back on track, the automotive seat market has witnessed that 90% of the automotive parts suppliers have resumed their production. Soon, the demand for the automotive seat market boosts.
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Segmentation of Market Covered in the Research:
The global market for automotive seats has been segregated into various segments based on vehicle type, technology, material, type, and region.
The global market for automotive seats is split into folding, bucket, bench, and others based on type. The bench seat segment has accounted for the largest market share lately for accommodating the two persons. Therefore, it is chosen in all kinds of vehicles like commercial and passenger cars, which boosts the market's growth over the projection timeframe.
The automotive seat market is divided into the fabric, synthetic leather, and genuine leather based on material. The synthetic leather segment is anticipated to lead the global market over the forecasted timeframe. The segment's growth is attributed to the rising trend of the population going vegan across the globe.
The global market for automotive seats is split into standard, powered & heated, heated, and power based on technology. Out of all, the powered & heated segment is likely to lead the global market over the coming years for offering both temperature control capability and power capability. The heated seats are chosen in the luxury cars, which boosts the growth of the market.
The market is analyzed by vehicle type into two types: passenger cars and commercial vehicles, due to the rising demands for vehicles like mid-range sedans, sedans, and luxury sedans.
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Regional Analysis
The global market for automotive seats is studied across five major regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
The MRFR reports suggest that the Asia-Pacific region is anticipated to secure the top position in the global automotive seat market over the assessment era. The regional market's growth is attributed to the growing demand for hybrid and electric vehicles across developing countries such as Japan, China, and India. The region has the highest production capacity for commercial and passenger vehicles, causing the demand for installing seats with advanced technology, which boosts the regional market's growth.
The European regional automotive seat market is likely to witness a major growth spike due to the increasing demand for high-end cars across the region.
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