The global automotive seating market share is expected to surge at a stagnant CAGR of around 3.40% during the forecast period from 2022 to 2032. The growth in the market is expected to reach a valuation of US$ 52,941.6 Million in 2022 and is anticipated to surge by an estimation of around US$ 73,960.9 Million in 2032.
Key Takeaways
- Since bigger cars have doubled the proportion of SUVs, there has been a significant shift in customer preferences over the past few years. They come in a variety of seat configurations, such as bucket chairs and bench or bucket seats in the second row (may or may not be split). Due to technological advancements, full-size SUV seats are completely powered, heated, and ventilated and have the option of leather upholstery. As a result, the market for automotive seating is being driven by increasing SUV purchases.
- Governments all over the world have been seen to actively participate in and play a role in paving the way for foreign direct investments that support the automotive seating industry. The aforementioned factors will likely cause the global automotive seating market to expand in the future years.
- Customers' propensity for opulent sitting systems has recently been noticed by Future Market Insights. Manufacturers are making an effort to develop luxurious goods while putting a strong emphasis on safety issues.
- The development of advanced driver assistance technologies is receiving more attention from the car industry, with the main goal being the creation and introduction of a completely automated driving experience. Consumer preference for mobility-on-demand services has risen noticeably, opening up profitable possibilities in the automotive seating market.
- The longevity of seats will be a crucial factor to take into account with a rising desire for care sharing. Nowadays, multiple commuters use the same vehicle at the same time, making privacy a crucial factor that is driving manufacturers to innovate and acquire compelling goods for end users.
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Competitive Landscape
The prominent market players are making continuous innovations and indulging in several mergers and acquisitions in order to curate convenient seating solutions for the end-users. They are possessing compelling products that efficiently abide by consumer preference for further increasing demand in the global automotive seating market.
Key companies proliferating in the automotive seating market are:
Fisher and Company, RECARO Automotive, Faurecia, Grammar Seating Systems, Johnson Controls, TM Automotive Seating Systems Private Limited, Lear Corporation, Tata Autocomp Systems Limited, Toyota Boshoku Corporation, Marter Automotive Seating Systems, TS Tech Corporation Ltd.
More Insights into the Automotive Seating Market
North America is anticipated to dominate the global automotive seating market by accounting for the maximum share of the global landscape. This region is expected to grow at a steady pace cumulating around 20.0% of the total market share of the automotive seating market.
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The growth in the region is attributed to the increasing demand for hybrid and electric vehicle motor. Moreover, emerging trends in automotive seating systems and growing vehicle production with legitimate government grants to carry forward research and development activities to further propel growth is fueling the market growth.
Europe is projected to account for the highest share of the automotive seating market and dominate the global forum throughout the assessment period. Currently, the European region is accountable for a 25.0% share of the automotive seating market size. The region comprises the highest production capacity for commercial and passenger vehicles, causing the demand for installing seats with advanced technology, which boosts the regional market's growth.
