Driving Growth: Automotive Seat Market Expected to Achieve 3.0% CAGR (2023-2028)
The Global Automotive Seat Market is projected to grow at a CAGR of 3.0% in the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The growing demand for and development of hybrid and electric vehicles and the rising focus on advanced driver assistance, electric vehicles, and high-end cars is aiding the market growth. Besides, additional features for comfort and safety in modular automotive seats, such as climate control, ventilation, noise cancellation, massage, headphones, and more, are further fueling the industry growth. On the other hand, the surging disposable income in developing countries and emerging economies with increasing buying power to satisfy consumer requirement of owning a vehicle is promising lucrative prospects for the industry, further states the research report, “Global Automotive Seat Market Analysis, 2023.”
Segmentation Analysis
The market is broadly fragmented on the basis of Type of Seat, Type of Vehicle, Distribution Channel, Technology, and Material. Further classification of Type of Seat includes Split seats, Bench seats, and Split Bench seats. Based on the Type of Vehicle, the market is segmented into Passenger Commercial Vehicles, Heavy Commercial Vehicles, and Light Commercial Vehicles. Additionally, on the basis of the Distribution Channel, the market is divided between OEM and Aftermarket/Retrofitting. Finally, on the basis of Technology, the industry bifurcates into Standard seats, Powered seats, Heated seats, Ventilated seats, Massage seats, and Bucket seats.
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Surging Disposable Income Open Up Avenues for Passenger Commercial Vehicles
Passenger Commercial Vehicles is expected to garner the largest market share amongst the Type of Vehicles in 2023-28. The market growth is attributed to the wide range of options in terms of features and designs available across passenger vehicles. Besides, the consumer’s preference for owning a personal vehicle is increasing the sales of passenger vehicles. Moreover, mounting demand for connected vehicles & autonomous driving and increased shared mobility due to the burgeoning emergence of ride-sharing companies strongly contribute to the market growth in coming years.
Asia-Pacific Dominates the Market with The Largest Share through 2028
The presence of leading manufacturers and market participants in the region contributes to the region’s growth. Additionally, the increasing disposable income influenced by rapid urbanization and industrialization resulting in improved production, sales, and demand for automotive seats is expected to continue in the same trend, propelling the market growth. Furthermore, the increasing sales of vehicles in India, combined with China being the global automotive manufacturing hub, would accelerate the market forward.
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Faurecia Services Group Sasu, Dura Automotive Systems, LLC, Lear Corporations, Magna International Inc., Toyota Bushoku Corporation, Tata Autocomp Systems, Fisher and Company, Johnson Controls Inc., Grammer Seating Systems, and TS Tech Co. Ltd. are looking forward to strengthening their market position.
Browse Full Report [TOC and Description Include] – https://www.marknteladvisors.com/research-library/global-automotive-seats-market.html
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the Global Automotive Seat Market?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from Automotive Seat manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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