LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global automotive seats market is expected to reach USD 414.40 million by 2021, growing at a CAGR of almost 5%.
This research report titled ‘Global Automotive Seats Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
There is an increasing use of lightweight materials in automotive seat systems as OEMs are trying to increase fuel efficiency and meet the increasing demand for safety and functional features in cars. The lightweight measures will help reduce CO₂ emissions and provide better fuel economy. The growing demand for better interior seating in compact and subcompact cars has prompted OEMs to promote more research on automotive seats and integrate them with the vehicles.
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Technavio’s automotive research analysts categorize the global automotive seats market into the following segments by the application. They are:
- Passenger cars
- LCVs
- M&HCVs
Passenger cars
APAC is the major market for automotive seats as the region is the largest market for passenger cars. The increase in the purchasing power and growing preference for a higher social recognition are driving the market for passenger cars in APAC. Sports utility vehicles (SUVs) account for the highest growth in passenger car sales due to the higher social status associated with owning such vehicles.
According to Praveen Kumar, a lead automotive components research analyst from Technavio, “The recovering economy, decrease in unemployment, lower interest rates, and decline in fuel prices are driving the market for passenger cars in the Americas. The increasing preference for fuel efficiency and the comfort of traveling in three-row seats in crossovers and SUVs are the main drivers for the market’s growth in the US.”
LCVs
LCVs are mainly used for facilitating last-mile connectivity over a limited region or area like a city for the transportation and distribution of goods, especially in stop-and-go traffic, light construction, and municipal applications. The US contributes to most of the seats used in the LCVs market as it is the biggest market for LCVs.
“The increased requirement for housing and construction in APAC is expected to drive the market for automotive seats in LCVs. APAC accommodates more than half of the global population; hence, the rising purchase of LCVs in APAC is expected to impact the growth of construction and housing activities positively,” says Praveen.
M&HCVs
The increased preference for transporting freight through roadways is driving the sales of M&HCVs. The increase in the sales of M&HCVs directly leads to an increase in the market for automotive seats in M&HCVs. Freight companies in countries, such as China and India, prefer road for transporting freight due to irregular freight services offered by rail despite the latter constituting the cheapest mode of freight transport.
The decrease in diesel prices has driven many freight companies to choose the road for transporting freight in India. Lack of adequate rail services for hauling freight and the low number of freight trains compared with the total freight to be transported are the major factors driving the freight companies in India to use roadways for freight transportation.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Faurecia
- RECARO Automotive
- TS Tech
- Lear
- Gentherm
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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