The global automotive seats market is anticipated to experience substantial growth, with an estimated increase of $15.37 billion from 2022 to 2027, representing a Compound Annual Growth Rate (CAGR) of 4.33%. This growth is primarily attributed to the rising prevalence of SUVs, integration of extra functionalities, and customization options in automotive seats. The market is characterised by the presence of both global and regional players, contributing to its fragmented nature. The Asia-Pacific (APAC) region is expected to dominate the market, contributing 64% to the overall growth, driven by improved economic conditions, a growing middle class, and increased demand for commercial vehicles.
Market Size & Growth
The automotive seats market is projected to grow by $15.37 billion from 2022 to 2027, with a CAGR of 4.33%. The market is fragmented, with the presence of numerous global and regional companies.
Key Players:
Prominent companies in the automotive seats market include Adient Plc, Bharat Seats Ltd., Chongqing Huixinyi Technology Co. Ltd., COBRA SEATS, FP Seating Systems Pvt. Ltd., Gentherm Inc., Glide Engineering INC., Lazzerini Srl, Lear Corp., Magna International Inc., NHK Spring Co. Ltd., RCO Engineering Inc., RECARO Automotive GmbH, SAIC Motor Corp. Ltd., SAL Automotives Ltd., Stellantis NV, TACHI S Co. Ltd., Toyota Motor Corp., TS TECH Co. Ltd., and Victora Auto Pvt. Ltd.
Adient Plc offers complete seats and commercial vehicle seats, while Bharat Seats provides automotive seats for various applications, including railway, four-wheeler, and two-wheeler seats. COBRA SEATS specializes in Luxury Stadia Seating for sports cars.
Geographical Analysis
The market is classified by geography into APAC, Europe, North America, South America, and the Middle East and Africa. APAC is expected to have the largest market share, contributing 64% to the overall growth. Economic growth in China and India, coupled with post-COVID-19 recovery measures, is driving the expansion of the automotive industry in the region.
Key Drivers
The significant growth is driven by the increasing popularity of SUVs, leading to a demand for innovative car seating systems.
Rising SUV adoption prompts key players to invest in advanced automotive seats to meet evolving consumer preferences and ensure enhanced driving experiences.
Key Trends
The integration of extra functionalities and customization options is a key trend shaping the automotive seats market. Electrically adjustable seats and comfortable seating solutions are gaining prominence, aligning with vehicle interior components and automotive interior design.
Major Challenges:
Challenges in the automotive seats market arise from declining vehicle sales and production rates, impacting suppliers specializing in passenger car seats and advanced automotive seating technology. Maintaining growth in premium car seat designs becomes challenging due to fluctuating demand resulting from reduced vehicle sales and production.
Market Segmentation:
The passenger cars segment is anticipated to be significant, driven by the growing acceptance of SUVs and the rising demand for electric vehicles globally. Car manufacturers focus on seat comfort, incorporating advanced seat technology like heating and ventilation to meet consumer demand for in-car convenience.
The automotive seats market presents significant growth opportunities, driven by the increasing demand for SUVs, integration of advanced functionalities, and customization options. While challenges exist due to declining vehicle sales and production rates, the market is expected to benefit from the rising adoption of electric vehicles and the recovery from the impact of the COVID-19 pandemic.
Courtesy: Technavio. Photo is representational; courtesy: Magna Seating.
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