Dynamics and Opportunities for Automotive Seats Market
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Exposure to seated whole-body vibration for prolonged period while driving increases risk to the spine, and heavy impacts due to bumpy roads and sudden maneuvering can develop low back disorders. Automotive seats are designed to support buttocks, head, thighs, lower, and upper back to avoid discomfort and prevent heavy impact on the body. Seats are usually constructed from foam and comforting materials to provide comfort, safety, and support to the driver and passengers.
The demand for cars of various segments is based on the income levels. For instance, Small Class or Type A and B cars are mostly bought by the lower-income population. The lower-medium income population usually buys Medium Class or Type C and D. The High-End class or Type E, F, and G are extensively bought by the higher-income population. The growing sales of automotive vehicles worldwide drive the demand for automotive seats. The rise in road trips with friends and family has fueled vehicle sales. In addition, the rising disposable income of people worldwide has contributed to the factors propelling the demand for automotive seats.
The rising demand for premium vehicles further fosters the automotive seat market expansion. The demand for 6 or 7-seater vehicles has fueled the need for SUVs and MPVs, in turn, propelling the automotive seat market.
The automotive seat market is segmented into technology, adjustment type, vehicle type, seat type, and geography. Based on technology, the market is segmented into heated, heated-ventilated, ventilated, and with massage functions. Based on adjustment type, the automotive seat market is bifurcated into electrically adjusted and manual. In terms of vehicle type, the market is segmented into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. By seat type, the market is segmented into front row, second row, and third row. Geographically, the automotive seat market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Lear Corp, TS Tech Co Ltd, Adient Plc, Summit Auto Body Industry Co Ltd, NHK Spring Co Ltd, Magna International Inc, Bharat Seats Ltd, RECARO Aircraft Seating GmbH & Co KG, Forvia, Toyota Boshoku Corp, and Tachi-S Engineering USA Inc are among the key players profiled during this market study. In addition to these players, several other important market players were studied and analyzed during the course of the market research study to get a holistic view of the automotive seat market and its ecosystem.
The COVID-19 outbreak dramatically impacted the global economy during its peak in 2020, hampering business activities in manufacturing industries. Before the COVID-19 outbreak, the automotive seat market was experiencing substantial growth owing to the increase in sales of electric vehicles, rise in disposable income, and ease of availability of credit and financing. Further, there were significant investment initiatives in the development of electric vehicles, which strengthened the demand for automotive seat systems. However, the onset of the COVID-19 pandemic slowed down the investment and production units that hampered the business dynamics of the automotive seat market. During the initial days of the pandemic, the crisis significantly restricted all business deals, collaborations, and partnerships that disrupted the automotive seat market. According to the Department of Economic and Social Affairs, the global manufacturing and production output fell by 9% in 2020 compared to 2019. According to the United Nations Conference on Trade and Development (UNCTAD), global foreign direct investment (FDI) collapsed by 42% in 2020 compared to 2019. All these factors impacted the production and sales of automotive vehicles, negatively affecting the automotive seat market.
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The top five companies in the market Adient Plc, Forvia, Toyota, Boshoku Corp, Magna International Inc., and Lear Corp. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities.
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