PUNE, India, June 21, 2018 /PRNewswire/ --
According to a new market research report "Automotive Seats Market by Technology (Heated, Powered, Ventilated, Massage, Memory & Standard), Type (Bucket, Bench), Trim Material (Fabric, Genuine & Synthetic Leather), Component, Vehicle Type (Ice, Electric & Hybrid), Region - Global Forecast to 2025", published MarketsandMarkets™, the market is projected to grow at a CAGR of 2.51% during the forecast period, to reach a market size of USD 73.03 billion by 2025 from USD 61.41 billion in 2018.
Browse 111 market data Tables and 40 Figures spread through 170 Pages and in-depth TOC on "Automotive Seats Market"
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The increasing global vehicle production, especially in Asia Oceania, and of SUV/MPV segment, and the rising sales of premium and luxury vehicles owing to the increase in demand for luxury and comfort are projected to fuel the demand for modular seating technologies.
Passenger car segment is estimated to hold the largest share of the Automotive Seats Market during the forecast period
As per Organisation Internationale des Constructeurs d'Automobiles (OICA) statistics, passenger cars accounted for nearly 75.5% of the total vehicle production in 2017. According to MarketsandMarkets analysis, the production of passenger cars is anticipated to reach 92.1 million units by 2025 at a CAGR of 2.87% from 2018 to 2025. Additionally, the passenger car segments A, B, C, D, E, F, SUV-A, SUV-B, and SUV-C mostly have 5 seats as a standard feature, whereas SUV-D, SUV-E, and MPV have 7 seats. Along with the increase in demand for premium SUV-D and E segment cars offered by OEMs such as Mercedes Benz, BMW, Toyota, and Cadillac, the demand for an additional third row is likely to subsequently grow in the coming years. Thus, the Automotive Seats Market for both seat types will increase simultaneously in alignment with the increasing passenger vehicle production in the global market.
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Massage seats segment is estimated to be the fastest growing automotive seating technology
The massage seats segment is anticipated to grow at the fastest rate during the forecast period owing to the continuously increasing demand for premium vehicles in developed and developing countries. As per MarketsandMarkets analysis, the global premium vehicle sales grew by 5.22% between 2015 and 2016. Developed regions such as Europe, North America, and a few Asian countries such as Japan and South Korea are key markets for these vehicles. With improving lifestyle and economic status, consumer preferences are changing and this leads to a greater demand for more comfort and leisure features. Key models such as Mercedes-Benz S-Class, SL-Class, and GLS-Class, BMW 7 series, Jaguar XJ, and Cadillac CT6 feature massage seats for front and rear passengers in some cases. Though, the massage seats segment has a limited market presence but with growing sales of premium cars, the demand for the massage seats market is also expected to grow immensely in the coming years.
Asia Oceania: The largest region for Automotive Seats Market
The study estimates the Asia Oceania region as the largest market for automotive seats during the forecast period. The region is the global leader in vehicle production, with a production growth of about 26.0%-28.0% in the past 5 years for the passenger cars and commercial vehicles segment. China has been the leading automotive market for vehicle production as well as sales in this region. According to OICA, China, along with Japan and India, accounted for almost 44% of the global vehicle production in 2016. Furthermore, as per the World Bank statistics, the per capita income in China and India increased by approximately 68% and 14%, respectively, from 2010 to 2015. The rise in disposable income is expected to increase the sales of premium vehicles, which, in turn, would increase the demand for seats accompanied with advanced technologies such as powered, heated, and ventilated in the region.
Some prominent players of the Automotive Seats Market are Adient (US), Lear Corporation (US), Faurecia (France), Toyota Boshoku (Japan), Magna International (Canada), TS Tech (Japan), Tachi-S (Japan), NHK Spring (Japan), and Gentherm (US).
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