Pune, India, July 20, 2022 (GLOBE NEWSWIRE) -- Automotive Headrest Market size is projected to reach USD 15.95 billion in 2029, at a CAGR of 5.7% during the forecast period. The global Automotive Headrest market size was USD 9.57 billion in 2021. Automotive Headrest market is projected to rise during the forecast period due to rising sales of luxury and electric vehicles in developed countries. This information is published by Fortune Business Insights™ in a report, titled, “Automotive Headrest Market, 2022-2029.”
Halted Manufacturing Units Hampered the Market Growth
The outbreak of COVID-19 pandemic hampered the market growth of automotive headrest due to the sudden closure of manufacturing units and halted production operations. Also, governments imposed strict restrictions on supplies of the raw materials required. The employees were instructed to work at 50% capacity, which affected the production and profitability rate of the leading companies.
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Report Coverage:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.7% |
| 2029 Value Projection | USD 15.95 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 10.82 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 182 |
| Segments covered | Based on application, the market is bifurcated into passenger cars and commercial vehicles. Passenger cars are expected to lead the market share during the forecast period due to rising sales of luxury vehicles. |
| Growth Drivers | Rising Sales of Luxury & Electric Vehicles to Bolster Market Growth |
| Asia Pacific Dominates Global Market Due to Changing Consumer Preferences |
Market Growth Drivers-
Rising Sales of Luxury & Electric Vehicles to Bolster Market Growth
The market is expected to witness significant growth during the projected period due to the increasing demand for shared mobility services. Also, increasing sales of electric and luxury vehicles are anticipated to fuel the automotive headrest market growth in the coming years. The customers' rising demand for comfort and a safe driving experience is projected to drive the market during the forecast period.
However, increasing the installation of leather headrests may hamper the market growth due to increasing costs of vehicles.
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Highlights of the Report-
The research report consists of in-depth analysis of the recent market trends and key industry developments in the recent years. Also, the drivers and restraints affecting the market growth during the forecast period are highlighted further in this report. The impact of COVID-19 pandemic on market development and expansion is given further along with some recent launches introduced by the key market players. Furthermore, regional analysis for segmented market areas is mentioned further in this report. A list of key market players is given along with some business development strategies adopted by these players.
Regional Insights:
Asia Pacific Dominates Global Market Due to Changing Consumer Preferences
Asia Pacific holds the largest global automotive headrest market share due to increasing purchasing power and enhanced safety standards in vehicles. Also, the changing consumer preference and shift from sedans and hatchbacks to larger SUVs are expected to drive the regional market. The region stood at USD 5.38 billion in 2021.
Europe is anticipated to stand at the second-highest position in the global market of automotive headrest due to rising demand for comfort driving and increasing demand for luxury vehicles. The regional market is expected to rise due to the presence of leading manufacturers in the region.
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List of Players Operating in the Automotive Headrest Market are as follows:
- Adient PLC (U.S.)
- Lear (U.S.)
- Faurecia SE (France)
- Toyota Boshoku Corporation (Japan)
- Windsor Machine Group (Canada)
- Tachi-S (Japan)
- Jifeng Automotive (Germany)
- Brose Fahrzeugteile GmbH & Co (Germany)
- Woodbridge (Canada)
- Yanfeng International Seating Systems Co., Ltd. (China)
Competitive Landscape-
Strategic Acquisition Allows Leading Companies to Improve their Business Performance
The key market players focus on adopting new business growth strategies to improve their business performance and enhance their product portfolio. The companies implement several strategies such as partnerships, alliances, acquisitions, and mergers. These strategies allow key market players to expand their business reach globally.
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Global Automotive Headrest Market Segmentation:
By Type:
- Fixed Headrest
- 2-way Headrest
- 4-way Headrest
By Application:
- Passenger Cars
- Commercial Vehicles
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Automotive Headrest Market
5. Global Automotive Headrest Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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