Portland, June 14, 2019 (GLOBE NEWSWIRE) -- According to the report, the global automotive seat market size was valued at $71,651.20 million in 2017 and is projected to reach $101.39 billion by 2025, registering a CAGR of 4.3% from 2018 to 2025.
The growth of the market of the automotive seat is fueled by the increasing sales of luxurious vehicles in developing countries along with the need for lightweight seat frame and climate-controlled seat technology. However, a slowdown in the sales and production of automobiles and volatility in the prices restrict the growth of automotive seat market. Nevertheless, the growing popularity of autonomous vehicles and increasing demand for animal products free vehicles offer lucrative opportunities for the market.
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The fabric segment to remain dominant through 2018–2025
Fabric segment contributed more than two-fifths of the total market share in 2017 and is expected to dominate the automotive seat market, on the basis of trim material, throughout the forecast period. Increasing demand for nylon and polyester typed fabric material for various interior applications of vehicle supplemented with innovation in fabric material have boosted the growth of the segment.
The passenger car segment to lead till 2025
The passenger car segment is expected to retain its top status during the forecast period. Based on vehicle type, this segment held three-fourth of the total market share in 2017. Rising demand for vehicles such as mid-range sedans, sedans, and luxury sedans among others, and increasing disposable income create lucrative opportunities for fabric material for passenger vehicles which, in turn, has increased the need of automotive seats used in passenger cars.
The Asia-Pacific region to rule the roost
Geographically, the Asia-Pacific region contributed the highest revenue in 2017, accounting for nearly two-fifths of the total market share. This segment is expected to grow at the highest CAGR of 3.8% during the forecast period. The key drivers for this growth included rising adoption of fabric material in automotive, increase in vehicle sales, focus on developing newer products, and government initiative & investments in emerging economies.
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Key market players
The key players analyzed in the automotive seat market include Toyota Boshoku Corporation, Aisin Seiki Co., Ltd, Tachi-s Co., Ltd., Faurecia, Adient plcand. GENTHERM, TS Tech Co., Ltd. Lear Corporation, Magna International Inc, and NHK Spring Co., Ltd.
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