Growing demand for premium vehicles, rising adoption of powered seats in mid-segment cars & SUVs and increasing demand for aftermarket seating solutions drive the global automotive seats market to grow at a CAGR of 3.2% till 2030.
According to the new market research report - Automotive Seats Marketby type & technology, trim & frame material, component, vehicle - Global Forecast to 2030, published by MarketsandMarkets, the global automotive seats market is projected to grow from $ 51.5 billion in 2021 to $ 68.4 billion by 2030.
The automotive seats market, by technology, in terms of volume, is projected to grow at a CAGR of 3.5% till 2030. With the increasing adoption of multiple technologies in a single package, the demand for a combination of heated, ventilated, and memory seats and heated, ventilated, memory, and massage seats is expected to grow during the forecast period.
According to MarketsandMarkets, synthetic leather is expected to hold the largest market share in trim materials of automotive seats by 2030. The market for trim material is projected to grow at a CAGR of 4.4% in the period 2021-2030. Synthetic leather will be the largest market in terms of value. The main factor driving the growth of the synthetic leather segment is its low cost compared to genuine leather and its superior performance compared to fabric.
The market growth in Asia Oceania countries such as China, Japan, and India can be attributed to the increasing demand for vehicles. Due to the increased vehicle production and sales, China is estimated to be the fastest-growing market for automotive seats in this region. In addition, the demand for powered and heated seats is expected to grow in this region due to the increasing demand for mid and high-end SUVs. With high growth in production and domestic demand, the Chinese automotive seats market is projected to reach 87.6 million units by 2030 with a CAGR of 3.4%.
The market is led by established seat manufacturers such as Adient, Lear Corporation, Faurecia, Toyota Boshoku Corporation and Magna International. These companies adopted several strategies to gain traction in the market. New product development, partnership and joint venture strategy have been the most dominating strategy adopted by major players from 2018 to 2021, which helped them innovate their offerings and broaden their customer base, the report noted.
Courtesy: MarketsandMarkets. NB: Photo is representational; courtesy: Magna.