Mar 20, 2019
Automotive Seat Market Revenues Set to Reach US$ 34 Bn in 2019
by Team Fact.MR
According to a recent study by Fact.MR, the automotive seats market is projected to grow at a steady rate during the 2017-2022 period with the global sales poised to surpass US$ 34 billion in 2019. Bolstering automobile sales, the introduction of novel and innovative products, and increasing production are some of the factors contributing significantly to automotive seats market proliferation.
The gradual digitalization of automotive seat production supply chain is likely to bolster production while enabling manufacturers in substantially reducing the cost incurred during the process. Integration of software platforms such as 3D graphics designers is allowing manufacturers to gain greater control over seat cover designs and make substantial savings on material costs. Additionally, these applications are enabling automotive seat manufacturers in the production of seat covers with efficient positioning of seams to ensure effective distribution of stress and compression making them durable and better fitting. These capabilities coupled with the benefits of synthetic leather are finding increasing usage in the automotive seats production. Fact.MR opines the factor is expected to play a vital role in popularizing the use of synthetic leather as seat covers in the automotive seats market with revenues generated from sales of seats using the material estimated to be valued at more than US$ 22 billion in 2019.
Additive Manufacturing Poised to Gain Widespread Popularity in Automotive Seats Production
Automotive seat manufacturers are constantly investing in research and development of 3D printers which could efficiently aid in the production of lightweight, durable, and cost-effective components for automobile seats. Currently, the production of a simple and efficient seat bracket requires procuring eight different parts. With the use of additive manufacturing, the seat bracket can be manufactured at once. The technique allows the production of complex components of seat efficiently, quickly, and cost-effectively. Additionally, additive manufacturing can be potentially leveraged to produce seat components using naturally-sourced raw materials. With sustainability gaining prime concern around the world, 3D printing offers a lucrative alternative for automotive seat manufacturers to work in accordance with stringent government regulations while producing efficient and durable components for automotive seats. According to the report, the widespread adoption of the practice in the automotive seats market is estimated to contribute significantly to its proliferation with standard automotive seat sales poised to register a growth of almost US$ 250 million in 2019 over 2018.
Consumer-centric Technological Innovations in Seating Systems to Uphold Market Growth
Automobile manufacturers are constantly seeking novel and innovative products to meet the burgeoning consumer expectations for comfort, luxury, and safety inside vehicles. Automotive seating is slowly emerging as a key determinant influencing consumer preferences. In order to consolidate their position in the automotive seats market, manufacturers are increasingly integrating automotive electronics for production of innovative products. Additionally, the growing possibility of autonomous vehicles going mainstream in the foreseeable future is prompting automotive seat manufacturers to invest heavily in research and development of seating systems which would meet the requirements of the upcoming range of automated vehicles. These factors are causing the development of advanced automotive seating systems such as multi-way adjustable control-powered seats, stress and fatigue detecting seats, seats equipped with massagers, and memory seats which could automatically adjust according to defined parameters. Intensive ongoing research in the area is likely to open new opportunities for automotive seat manufacturers.
An incremental surge in the demand for automotive seats for lightweight commercial vehicles is another key factor projected to propel automotive seats market growth. A gradual consumer shift towards using vehicle rental and sharing services is expected to bolster demand for LCVs in the foreseeable future. Additionally, the development of assistive technology to support the growth of these services is estimated to fuel widespread adoption creating a demand for bench/split-bench seats for LCVs. The Fact.MR report opines the factor is crucial to automotive seats market which is projected to generate revenues of more than US$ 2 billion through sales of bench/split bench seats.
The Fact.MR report tracks the automotive seats market for the period 2017-2022. According to the report, the automotive seats market is projected to grow at 3.3% CAGR through 2022.