|Fastest Growing Market:||Asia Pacific|
|Largest Market:||Asia Pacific|
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The automotive seat market was valued at USD 76.24 billion in 2020, and it is expected to reach a value of USD 103.74 billion by 2022, registering a CAGR of 5.27% during the forecast period (2021 - 2026).
The COVID-19 pandemic hindered the growth of the automotive seat market, as there were continuous lockdowns and travel restrictions across the world to contain the virus. In addition, the supply chain of the market got affected as manufacturing units were shut down. Besides, these high costs of modular and advanced seats compared to traditional seats may hamper the growth of the automotive seat market.
However, the increasing usage of lightweight materials to decrease the weight of automotive seats is creating new opportunities in the market for automotive seats. The growing demand for vehicle production and rising SUV will fuel the automotive seat markets in the forecast period.
Some other factors driving the market are rising demand for climate-controlled seat technology and a surge in the need for lightweight seat frames.
The Asia-Pacific region is expected to exhibit a better growth rate during the forecast period, as manufacturers are actively setting up bases in emerging markets such as India and China to take advantage of the low labor costs. This trend may change the dynamics of the industry in the long run, and seat manufacturers may have to start setting up facilities in these emerging markets to stay competitive.
Scope of the Report
The report covers the latest trends and COVID-19 impact followed by technological advancements in the market. The scope of the automotive seat market report covers the segmentation based on material type, technology, and geography. By material type, the market is segmented into synthetic, genuine leather, fabric, and other material types. By technology type, the market is segmented into standard seats, powered seats, ventilated seats, and other seats. By geography type, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. For each segment, the market sizing and forecast have been done on the basis of value (USD billion).
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Key Market Trends
Rising Demand for Climate-controlled Seat Technology
The increasing global warming at extreme temperatures is further making it difficult for the drivers and passengers to travel in the vehicle. The automotive seat market is expected to accommodate new technologies in the wake of growing climate and environmental challenges. For example, if a passenger car is left in the sun all day, it will be uncomfortable for the passenger and driver to sit in the car due to trapped heat.
However, technological advancements have led to the development of climate-controlled seating technology in car seats, which allow consumers to cool them right away. These seats have perforated inserts with chillers and fans built into them to accomplish this task. Similarly, there are fabric-based heaters in the seats, which are useful during cold weather. Therefore, there is a growing focus on providing climate-controlled seats.
- Powered, heated, and ventilated applications are now getting commercialized and are being used in most mid-end SUVs, while massage seats are mostly offered in high-end models by OEMs. For instance, automotive OEMs such as Mercedes-Benz, BMW, Jaguar, and Cadillac offer massage seats for front passengers.
Different strategies are implemented by the giant companies operating in this automotive seat market, aiding to proliferate with the integration of electrical components, thus, increasing comfort. They offer an assortment of functionalities such as ventilation, heating, and massaging. Automated seat adjustment using sensors to assure comfort is another key element aiding the increasing penetration of technology in the automotive seat market.
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The Asia-Pacific Region to Lead the Market
The Asia-Pacific region led the market for automotive seats during the forecast period, and China is expected to occupy a significant share of the market due to the presence of leading automotive seating manufacturers in the region.
The market growth in Asia Oceania countries such as China, Japan, South Korea, and India can be attributed to the increasing demand for affordable vehicles due to shifts in consumer behavior amid pandemics. Due to the increased vehicle production and sales, China is estimated to be the fastest-growing market for the automotive seat market in this region.
The demand for powered and heated seats is expected to grow in this region, owing to the increasing demand for mid-and high-end SUVs. China, being the global automotive manufacturing hub, has the presence of numerous industry participants, in which most of the foreign industry leaders have their joint venture with the local manufacturers.
- For instance, in 2020, Adient made certain changes to their existing joint venture relationships with Yanfeng Automotive Trim Systems Co. Ltd (Yanfeng). Adient agreed to sell its 30 percent ownership stake in YFAI to Yanfeng for USD 379 million. Adient and Yanfeng are also extending the term of their YFAS joint venture to 2038.
The cost of manufacturing automotive seats is high in North America and Europe. The rising trend of light-weighting is boosting the usage of lightweight material and foam in the manufacture of automotive seats.
- For instance, in the United States, many car seat manufacturers are severely hit by tariffs on components essential for making a car seat. Britax, a popular child car seat brand in the United States, is considering shifting to China because of tariffs as high as 25% on textiles and 15% on metals.
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The automotive seat market is mainly dominated by some of the key players, such as Aisin Seiki Co. Ltd, Toyota Boshoku Corporation, Adient, Lear Corporation, Magna, Faurecia, Achi Co. Ltd, IFB Industries Limited, etc., holding a significant market share globally. With innovation gaining focus in the automotive seat market, leading companies are coming together for research and development of innovative and novel automotive seating solutions. For instance:
- Lear Corporation announced a partnership with Gentherm Inc. for the research and development of thermal seating systems. The companies will be focusing on developing a modular and integrated heating and cooling system for Lear’s Intu seating systems.
- Faurecia announced the opening of a research and development center specifically for automotive seating with an investment of over USD 14 million, and it would be focusing on the production of advanced electromechanical parts for seating systems, such as backrest adjusters and electric backrests.
- In January 2020, Adient sold Recaro Automotive Seating to Raven Acquisitions LLC, a Detroit-based, privately-owned investment corporation to focus more on the development of performance seats, ergonomic seats, and special application seats to broaden its customer base in the market.
- In February 2020, Toyota Boshoku Corporation announced the development of a new Automotive Seat Technology with a convenient and comfortable function for Toyota Yaris in Japan to attract new customers.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Material Type
5.1.2 Genuine Leather
5.1.4 Other Material Types
5.2.1 Standard Seats
5.2.2 Powered Seats
5.2.3 Ventilated Seats
5.2.4 Other Seats
5.3.1 North America
22.214.171.124 United States
126.96.36.199 Rest of North America
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
220.127.116.11 South Korea
18.104.22.168 Rest of Asia-Pacific
5.3.4 Rest of the World
22.214.171.124 South America
126.96.36.199 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Adient PLC
6.2.2 Lear Corp.
6.2.4 Toyota Boshoku Corp.
6.2.5 Magna International
6.2.6 Aisin Seiki Co. Ltd
6.2.7 NHK Springs Corp.
6.2.8 Grupo Antolin
6.2.10 TS Tech
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Automotive Seats Market market is studied from 2018 - 2026.
What is the growth rate of Automotive Seats Market?
The Automotive Seats Market is growing at a CAGR of 5.27% over the next 5 years.
What is Automotive Seats Market size in 2018?
The Automotive Seats Market is valued at 75 Billion USD in 2018.
What is Automotive Seats Market size in 2026?
The Automotive Seats Market is valued at 103 Billion USD in 2026.
Which region has highest growth rate in Automotive Seats Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Automotive Seats Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Automotive Seats Market?
Adient, Lear Corporation, Faurecia, Toyota Boshoku, Magna International are the major companies operating in Automotive Seats Market.