Automotive Seats Market Value to reach US$ 40 Bn by 2022
Comfort is of paramount significance for drivers as well as passengers of automobiles. Automakers are adopting innovative seating designs to cater to this stipulation. From passenger cars to heavy commercial vehicles, automotive seats are attracting the attention from manufacturers and customers, alike. Improvement in automotive seating of vehicles is also expected to lower post-accident traumas for vehicle occupants. Advanced seats are also observed as critical tools for ensuring a safe road travel for passengers. Fact.MR’s new report on the global market for automotive seats assesses multiple factors that will impact the market’s growth through 2022.
According to Fact.MR, the global market for automotive seats will reach an estimated value of US$ 31.5 Bn by the end of 2017. Fluctuating commodity prices are expected to impact procurement of raw materials & fabric for production of automotive seats. Moreover, the report also indicates that advancements in production technologies and adoption of modular designs might compel some automotive seats manufacturers towards outright remodeling of their manufacturing infrastructure. By the end of 2022, more than US$ 40 Bn worth of automotive seats will be sold across the world, reflecting a steady revenue growth at steady CAGR.
Following excerpts from the report provide insightful projections on the growth of global automotive seats market during 2017-2022.
- Globally, the demand for split-bench or bench seats is expected to gain traction. In 2017, these products will account for largest share of 80.1% on global automotive seats market revenues.
- Hatchbacks and sedans will reflect leading vehicle segments in the global automotive seats market, collectively accounting for more than half of global revenues through 2022.
- A region-wise analysis in the report projects that majority of global automotive seats sales will be registered in the Asia-Pacific excluding Japan (APEJ) region. Through 2022, the APEJ automotive seats market is pegged to soar at a steady CAGR.
- North America’s automotive seats market is expected to reach US$ 7.1 Bn in value by the end of 2017.
- In Japan, strict regulations are curbing automobile production, and limitations on dumping industrial material leftovers is restraining the use of advanced seating materials. These factors to lower the presence of Japan in growth of global automotive seats market. In 2017, Japan’s automotive seats sales are expected to contribute approximately lowest share of global revenues.
- In 2017, global sales of automotive seats made from genuine leather will come about 10% of global market value. Synthetic leather has successfully replaced genuine leather, and will bring in global revenues worth over US$ 26 Bn towards the end of 2022.
- While automotive seats developed on standard technology are currently dominating the global market with over two-third share, demand for powered automotive seats is expected to gain momentum towards the end of the forecast period.
- Lear Corporation, Faurecia SA, TACHI-S Co., Ltd., TS TECH Co. Ltd., Toyota Boshoku Corporation, IFB Industries Limited, Adient Plc., and Gentherm Inc. are profiled in the report as key players of global automotive seats market.
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