As per the report published by FMI, the global automotive seating systems market is projected to have a slow-paced CAGR of 3.10% during the forecast period. The current valuation of the market is US$ 65.4 Billion in 2022. The market value of automotive seating systems is anticipated to reach a high of US$ 88.8 Billion by the year 2032.
Automotive seating systems are gaining rapid traction over the last few years, owing to the increasing demand for hybrid and electric vehicles across developing economies. The market’s growth can be primarily credited to the rapid growth of the automotive industry, bolstering the expansion of the automotive seating systems market.
According to the findings of Future Market Insights, an unprecedented spike in the demand for automotive seating systems has been witnessed due to an increasing consumer preference for mobility-on-demand services, such as car and ride-sharing. Therefore, with the rising preference for sharing cars, the durability of the seats is likely to be the most crucial aspect.
It is anticipated by the expert analysts at FMI that modular seats such as heated, powered, and ventilated applications are now getting more commercialized and are being increasingly used in most mid-end automotive. However, the high cost of automotive seating systems limits their penetration and is likely to curb the growth of the market in the coming years.
FMI has analyzed that rising safety concerns, strengthening fuel efficiency by manufacturing lightweight automotive designs, and a rise in demand for premium vehicles are majorly contributing to the propulsion of the automotive seating system market. Therefore, the automotive seating systems market is likely to have significant growth over the forecast period.
For more information: https://www.futuremarketinsights.com/reports/automotive-seating-systems-market
Key Takeaways from the Automotive Seating Systems Market
Europe is projected to dominate the global automotive seating systems market with a total of 25% market share during 2022-2032.
The automotive seating systems market in the European region is anticipated to advance at a CAGR of 5.5% during the forecast period.
North America is accounting for 19% market share for automotive seating systems in the global market in 2022.
The North American market for automotive seating systems is assumed to grow at a CAGR of 1.7% between 2022 and 2032.
A historical CAGR of 2.10% has been witnessed in the automotive seating systems market during the period 2016-2021.
“The broad spectrum of vehicles with a confluence of growing concern for safety features is rising the demand for intelligent seating systems with superior comfort and ergonomics.” – Says an FMI Analyst
Competition Landscape in the Automotive Seating Systems Market
The key players in the automotive seating systems market are growing research and development activities to launch innovative products and are penetrating lucrative growth opportunities in the forum.
Furthermore, several leading players are incorporating automotive seats with smart sensors, air moving devices, high-power-density heaters, and convective heaters, which is leading to the creation of more compelling products and capitalization upon new technologies.
Johnson Controls Inc., Faurecia SA, Marter Automotive Seating Systems, Toyota Boshoku Corporation, Lear Corporation, Magna International Inc., and IFB Automotive are some of the key players in the market.
Recent Developments in the Automotive Seating Systems Market:
In May 2021, Toyota Boshoku introduced a cabin space that offers multimodal sensory stimulation during autonomous driving to reinvigorate its occupants with a short nap and comfortably awaken them.
In July 2020, Faurecia officially launched its new seating joint venture with BAIC with four plants in Beijing, Chongqing, Huanghua, and Xiangtan.
In 2019, Lear Corporation acquired Israel-based EXO Technologies, a leading developer of differentiated GPS technology that provides high-accuracy positioning solutions for autonomous and connected vehicle applications.