China To Dominate The Global Automotive Seats Industry, Reflecting A CAGR Of 3.5% In 2022, Fact.MR Report

The automotive seats market reached a valuation of US$ 53.33 Billion in 2022. Furthermore, across the 2022-2032 period of assessment, growth is expected to accelerate at a whopping 3.6% CAGR, reaching US$ 75.96 Billion. Factors such as the rise in sales of luxurious vehicles in developing countries, increase in need for climate-controlled seat technology, and surge in need for lightweight seat frames are expected to boost the growth of the automotive seat market over the analysis period. In addition, rise in passenger vehicle sale due to enhanced lifestyle of middle-class families coupled with increase in disposable income and surge in demand for feature enabled advance seats are some other factors that are anticipated to augment the growth of the automotive seat market.

Various technical breakthroughs in automotive industry are driving the expansion of the market. The development of advanced technologies such as active health monitoring system, seat heating system are expected to increase the demand of the modular seat in the vehicle and drive the revenue growth rate of the automotive modular seat market during forecast period. In addition, growing usages of modular seating to decrease the weight of the vehicle interior, growing preferences of consumers towards the smart as well as advanced features will drive market value growth.

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Sales of vehicles have increased substantially over the past few years and this trend is expected to be rife over the next ten years as well. This has resulted in high demand for auto seats across the world. Growing per capita disposable income of the population across the world and increasing automobile ownership are expected to sculpt automotive seat sales through 2032. Growing adoption of powered seats, rising demand for aftermarket automotive seats, high demand for comfort, increasing focus on safety, and surging demand for lightweight seats are other factors that are expected to propel automotive seat shipments over the coming years. Rising demand for baby car seats and pet car seats is also anticipated to provide new opportunities for market players.

Key Takeaways from the Market Study

  • According to Fact.MR, a CAGR of 8% was recorded for the automotive seats market from 2017-2021
  • In FY 2021, the automotive seats market reached a valuation of US$ 51.48 Billion
  • The market is likely to register a Y-o-Y growth rate of 3.0% in 2022
  • By technology, standard seats are expected to dominate the market, documenting an 5% value CAGR
  • As per Fact.MR’s projections, the market for Automotive Seats in China will likely expand at an 5% CAGR
  • The automotive seats market in India is expected to expand at an 4% CAGR
  • China to be one of the most opportunistic markets, registering a 3.5% CGAR through 2032

“Growing prospects of climate control and biometric sensing systems is one of the major factors that is anticipated to accelerate the growth of the automotive seats market during the forecast period”, comments an analyst at Fact.MR.

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Competitive Landscape

Prominent players in the Automotive Seats Industry are taking advantage of the rapidly increasing demand for the Automotive Seats in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale players. Some prominent market developments are as follows:

  • In January 2022, Toyota Boshaku Corporation, a Japanese automotive component manufacturer, developed seats with an electric retraction mechanism and other interior components for LEXUS NX. The seats also feature improved cushioning that distributes body pressure in the buttocks area for better comfort.
  • In September 2021, Faurecia, a leading automotive supplier, in partnership with a steel manufacturing and processing company, SSAB, developed new ultra-low CO2 seat structures. Faurecia aimed to test and industrialize these seats owing to the increasing focus on sustainability across the world.

 

Key Companies Profiled

  • Fisher and Company
  • RECARO Automotive
  • TM Automotive Seating Systems Private Limited
  • Lear Corporation
  • Tata Autocomp Systems Limited
  • Faurecia
  • Grammar Seating Systems
  • Toyota Boshoku Corporation
  • Johnson Controls
  • Marter Automotive Seating Systems
  • TS Tech Corporation Ltd.
  • Aisin Seiki Co. Ltd.
  • Tachi-S Co. Ltd.
  • NHK Spring Co. Ltd.
  • Guelph Manufacturing Group
  • Futuris Group

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