Rockville, MD -- (SBWIRE) -- 03/21/2018 -- Automotive seat is one of the major component present in any automobile as it enables the passengers to sit, relax and enjoy their journeys while travelling automobiles. Seat must be built in a way that it provides maximum comfort and keep body in an appropriate posture. Today automotive seats are available in number of designs and custom colors to enable the manufacturers to offers their customers' ample options to choose. Automotive seats are a collection of components such as seat frame, seat cover, foam pad, trim covers, accessories and electronic and pneumatic systems that allow passengers to have ergonomic and relaxed posture while travelling for shorter and even longer journey.
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Increased R&D Could Lead to Newer and Better Automotive Seat Materials
The R&D budget of major players in the automobile industry is growing by leaps and bounds, as they need to take into consideration the emerging threat from Silicon Valley. Typically, OEM's have focused their attention on hardware but as technology plays a larger role in future vehicles, the industry has been forced to dive headlong into an area where they have minimal knowledge and exposure. At the pace which new technologies are transforming our lives, it is essential for automakers to increase their R&D speed and scale. All of these changes are expected to have an oversized impact on all aspects of the industry, including the automotive seat market. The automotive seat market is anticipated to grow by almost US$ 10 billion over the 5 year period from 2017-2022 and reach a robust value by end 2022 – recording a steady CAGR.
Hatchbacks have the Greatest Potential in the Automotive Seat Market
Cheap and cheerful hatchbacks are anticipated to account for one-third revenue share by vehicle type segment in the automotive seat market in 2017. Hatchbacks are poised to record a growth of US$ 3 billion during the five year forecast period and touch a value of slightly below US$ 12.5 billion in 2022. Manufacturers would do well to target the APEJ region over others as the price-sensitivity of customers in these emerging economies would make hatchbacks the perfect fit. Sedans are less popular than hatchbacks but they still comprise one-fifth revenue share in the automotive seat market. From a value of multi billion dollars in 2017, the sedan segment is predicted to reach impressive valuation in 2022 with a steady CAGR for this period.
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Synthetic Leather far More Popular Material than its Natural Counterpart
Synthetic leather corners nearly two-third revenue share of cover materials in the automotive seat market in 2017 and it is forecast remain dominant. The synthetic leather segment is a market worth nearly US$ 26.1 billion that is waiting to be tapped in the automotive seat market. Key stakeholders would be advised to focus on the APEJ region as it is estimated to grow with a stable CAGR and represent an impressive incremental opportunity in 2022 making it too lucrative to ignore in the automotive seat market. The second most popular material in the automotive seat market is fabric which has a one-fourth revenue share. The fabric segment is likely to grow to US$ 10 billion in 2022. However, there are certainly likely to be some discerning customers in the automotive seat market who only seek out the 'real deal' i.e. genuine leather. These customers will ensure that genuine leather has a 10% revenue share in the automotive seat market.
Standard Technology Leads Powered Tech in the Automotive Seat Market
With more than two-third revenue share, the standard segment enjoys a commanding lead over powered technology in the automotive seat market. The share of APEJ with respect to standard technology is roughly one-third and it could grow to US$ 10 billion by the year 2022.
Leading companies profiled in the market are Lear Corporation, Faurecia SA, Toyota Boshoku Corporation, TACHI-S Co., Ltd., TS TECH Co. Ltd, IFB Industries Limited, Adient Plc, and Gentherm Inc.
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