NEW YORK, March 9, 2021 /PRNewswire/ -- The automotive seats market is expected to grow by USD 15.31 bn during 2021-2025, expanding at a CAGR of almost 4%. Get a Free Sample Report Delivered Instantly
The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
Automotive Seats Market: Increase in penetration of SUVs to drive growth
Factors such as comfort and safety of SUVs, the introduction of low-cost, compact and mini SUVs, off-road capabilities, and higher seating capacity are increasing the sales of SUVs worldwide. For instance, in 2018, SUVs accounted for about one-third of the global vehicle sales. Also, during the fiscal year 2018, SUV sales across the world increased by 1.89 million units compared to SUV sales in 2017. Considering the growth opportunities from the SUV segment, vendors in the market are focusing on developing SUV-specific seats. For instance, in January 2018, RECARO Automotive Seating launched a new range of performance seats specifically designed for SUVs. The SUV performance seats feature high-quality leather and brushed aluminum for enhanced comfort and give a sporty look to the vehicle. Therefore, the increasing global sales volume of SUVs is expected to foster the growth of the global automotive seats market during the forecast period.
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As per Technavio, the increase in the adoption of technologically advanced seats will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Automotive Seats Market: Increase in the Adoption of Technologically Advanced Seats
The demand for luxury vehicles is increasing across the world, especially in developing countries such as China and India. This can be attributed to improving economic conditions and the availability of financing services. The growth of the luxury vehicles segment has led to an increase in the demand for technologically advanced seats that offer enhanced comfort and cost more compared to regular automotive seats. Therefore, the increasing demand for technologically advanced automotive seats is expected to positively impact the growth of the market during the forecast period.
"Integration of additional functionalities and availability of customization in automotive seats and detection of drivers stress level by intelligent car seats will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Automotive Seats Market: Segmentation Analysis
This market research report segments the automotive seats market by Application (Passenger cars and Commercial vehicles) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive seats market in 2021, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the increasing sales of passenger and commercial vehicles in the region.
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
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Report: www.technavio.com/report/automotive-seats-market-industry-analysis
SOURCE Technavio
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