The global passenger car seats market is projected to reach USD 46.1 billion by 2030 from USD 42.5 billion in 2023, at a CAGR of 1.1%. The growth in the passenger car seats industry is mainly driven by growing demand for premium vehicles, rising adoption of powered seats in mid-segment cars & SUVs, and increasing demand for aftermarket seating solutions are driving the automotive seats market.
Asia Pacific is estimated to be the largest passenger car seats market. The region has the largest vehicle production contributing to >55% of the global vehicle production. In 2022, the Asia Pacific region sold 34.2 million passenger cars and SUVs, which represents an increase of 4.5% from 2021. Considering the statistics, China sold 8.5 million passenger cars and SUVs in 2022, India sold 3.1 million passenger cars and SUVs in 2022, and Japan sold 2.7 million passenger cars and SUVs in 2022. Some reasons for the growing popularity in Asia Pacific region are increasing urbanization in the region has led to an increase in the demand for cars as a mode of transportation, growing popularity of SUVs and minivans for more spacious and comfortable than sedans, and the increasing government support for electric vehicles.
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Synthetic Leather is expected to be the fastest-growing segment during the forecast period. Many OEMs are investing in the development of synthetic leathers. For instance, in 2022, Toray announced a new synthetic leather called “Eco-Leather” that is made from recycled plastics. Eco-Leather is said to be more sustainable than traditional leather and is also more affordable. In 2021, DuPont announced a new synthetic leather called “Sorona Performance Leather” that is made from plant-based materials, and in 2020, Hyosung announced a new synthetic leather called “VILON” that is made from cellulose. VILON is said to be more sustainable than traditional leather and is also more resistant to wear and tear. Some key players, in this industry are Covestro Ag (Germany), Asahi Keasei (Japan), JSR Corporation (Japan). The demand for these materials continues to grow as synthetic leather becomes an ideal choice when it has to be implemented with the other technologies such as powered, heated, ventilated and memory.
BEV is estimated to be the largest growing market for electric vehicles in terms of volume. According to MarketsandMarkets, the global sales of BEV vehicles in 2022 is estimated to be 10.2 million units and is expected to reach 39.2 million units by 2030. The demand for luxury vehicles is growing, and many luxury car manufacturers are now offering electric vehicle models due to which the adoption of BEV vehicles have increased parallelly rising the demand for advanced seats. All the autonomous vehicles require advanced seats that can provide a comfortable and safe ride for passengers as it can be customized to their individual needs. This main advantage of advanced seats can help to reduce the risk of injury in the event of a crash accident. Hence the market for BEV is increasing with the need for advanced seats.
According to markets and markets analysis, FCEV is the fastest growing passenger car seats market during the forecast period. According to the International Energy Agency, the fuel cells are constantly evolving where the range of the FCEVs has increased with advancement, for instance an average range of FCEVs is typically ranged over 400 miles when tank is full and requires 5 mins to fill the tank. Currently the use of FCEV vehicles is limited to some countries and are mostly sold in US and European countries due to its charging infrastructure, but it has the highest market for heated, ventilated, powered and memory seats, which are usually offered in all luxurious vehicles and mid variants of the car. Some OEMs and key players have invested huge in growing the market for FCEV market for instance, Hyundai and Toyota in August 2021 had invested USD 300 million in the production of hydrogen, where they will build new 1,000 hydrogen production facilities in the next decades around in US and Europe. Also, Hyundai had announced a price cut of USD 2,000 for its Nexo FCEV. Considering all the factors the growth FCEV vehicles will boost the sales of powered, ventilated, heated and memory seats.
Key Market Players:
Major players in the market include Adient Plc (US), Faurecia (France), Lear Corporation (US), Toyota Boshoku Corporation (Japan), and Magna International (Canada).
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