Automotive Seats Market worth $60.0 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 16, 2020 /PRNewswire/ -- According to the new market research report "Automotive Seats Market by Type & Technology (Heated-Powered, Heated-Ventilated, Heated-Memory, Heated-Ventilated-Memory, Heated-Ventilated-Memory-Massage), Trim & Frame Material, Component, Vehicle (ICE, Electric, OHV) and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Automotive Seats Market is projected to grow to USD 60.0 billion by 2025 from USD 51.9 billion in 2020, at a CAGR of 2.9%. Factors such as Inclination of consumers towards more comfort and luxury features would drive the automotive seat market.
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164 – Tables
59 – Figures
224 – Pages
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Passenger Car Segment is estimated to hold the largest share in Automotive Seat Market
Owing to the higher production of passenger cars compared to all vehicle types, automotive seats in this segment lead the market. The trend of automotive seats is different in each region. For instance, Asia Oceania, which contributes ~54% to the total passenger car segment, is dominated by the small/economy car segment since the second row of these cars is equipped with bench seats due to their compactness. As consumers in this segment in this region are price-sensitive, the adoption of innovative seating technology is limited here compared to the Americas and Europe.
Powered and combination of powered & heated seat
While traditionally, powered seats were installed only in premium vehicles, currently, they are also being installed in most mid-end SUVs. Demand for SUVs is increasing in Asia Oceania, especially in China, Japan, India, and South Korea. OEMs in India are launching compact SUVs in the mid-price range, which is expected to create a positive outlook for powered seats.
The hot climate in Asia Oceania results in minimal demand for heated sets in the region. Most cars sold in North America and Europe are SUVs. Therefore, the application of powered seats in these regions is expected to be higher. The adoption rate of powered & heated seats is higher in North America due to the cold climatic condition. These two are the largest markets for heated & powered seats due to the willingness of customers to pay for comfort & luxury.
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Asia Pacific: The largest automotive seat market
Owing to the large-scale production of vehicles, Asia Oceania is the largest market for automotive seats and accounted for ~50% of the market in 2019. India, Indonesia, and Thailand logged an annual growth of approximately 3%, 7%, and 6% in vehicle production between 2017 to 2018. The demand for SUVs has significantly increased, especially in China, owing to the improving economic environment, low crude oil prices, and rising per capita income. OEMs in India are launching cost-effective, compact SUVs in the mid-price range to attract buyers. This increasing demand for SUVs will lead to demand for various combinations such as 60/40, 40/20, 40/20/40 for second/third row seating. SUVs are equipped with powered, memory, massage, and heated seats to provide comfort to the passenger and driver. In terms of material, synthetic leather is more widely used since it is more flexible in terms of configuration, is available in more colors, and is cheaper than genuine leather. Therefore, it is the preferred choice of OEMs, especially in Asia Oceania.
The Automotive Seats Market is dominated by global players and comprises several regional players as well. The key players in the automotive seat industry are Adient Plc (US), Lear Corporation (US), Faurecia (France), Toyota Boshoku Corporation (Japan), and Magna International (Canada).
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