Light Vehicle Seating Market Size, Industry Analysis Report, Regional Outlook, Application Development, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI290
Light vehicle seating market size was valued USD 67 billion in 2014, with around 85 million units and is likely to reach over 120 million units by 2023, at a CAGR of more than 3.5%. Enhance comfort and safety features offered are the major factors responsible for the surge in industry demand over the forecast period.
North America manufacturers accounted for around 50% of the overall automotive seating market share in 2014, followed by Japan. It accounted for over 30% of the industry share. Europe seating manufacturers accounted for more than 13% of the total industry share in the same year. Novel designs using new materials, foams and assembly mechanisms are anticipated to drive the industry demand over the forecast period.
With changing customer preference, the manufacturers are focused towards innovative ways to cave in the rear seat rows. Technological innovation leads to folding of seats into the roof and floor. Customers are increasingly looking for additional flexibility with seating systems, mostly with second and third row configurations. Vehicle seating arrangement evolution according to the needs and wants of the consumers is expected to boost the global light vehicle seating market demand over the coming few years.
Flexibility, safety and comfort are the prime drivers for the industry. The seats of the vehicles are now safer and comfortable than before. Developments and innovation in the global vehicle seating market are taking place at an extremely rapid rate. The original equipment manufacturers are focusing to differentiate their offerings related to the seat designs owing to intense completion in the industry. Other than the seating ergonomics, the manufacturers are also focused on diverse seat fabrics, enhancing integrated fragrances and generating added waterproof and breathable surface designs in order to augment the feelings of well-being. The above mentioned factors are driving the demand growth for the global light vehicle seating market over the next few years.
The mounting demand for sport utility vehicles globally has further stipulated the need for seat heaters. It is anticipated to grow at a CAGR of over 4.5% from 2014 to 2030. Currently, the major players are integrating seat heaters with the vehicle which would warm almost each part of the seat in order to offer comfort to the customers. While, the seat heating industry is increasing, demand for seat cooling is anticipated to gain momentum over the forecast period.
Asia Pacific light vehicle seating market is anticipated to observe momentous growth potential for small cars over the forecast period. This can be attributed to growing disposable incomes that facilitate customers to own a car instead of a motorcycle. Small cars industry is likely to grow at a CAGR of over 3% from 2014 to 2030.
Mergers and acquisitions strategies are being employed by the key providers over the forecast period. Large industry players are practicing backward integration and are acquiring small manufactures of seating parts in order to advance their supply chain process. For instance, Lear acquired Guilford Mills by spending around USD 257 million in 2014. The company records an increase in its revenue by over 10.8% and has become the most promising player in the seating industry in 2014. In addition, European companies are targeting Chinese vehicle industry for forward and backward integration process. For instance, Johnson Controls Inc. obtains over USD 6.1 billion from the Chinese industry in 2104.
Key players for the global light vehicle seating market share include Johnson Controls Inc., Faurecia SA, Lear Corporation, Magna International Inc., TS Tech Co., Ltd., NHK Spring Co., Ltd., Toyota Boshoku Corporation, Tachi-S and Toyo Tire and Rubber Co, Ltd. Some of the other manufactures include Woodbridge Group, Sharda Motor Industries, Recticel SA, Kongsberg Automotive, Grupo Antolin Irausa, S.A., Grammer AG, Gentherm Inc., Freudenberg, Dura Automotive Systems, LLC, CVG Seating, ContiTech, Brose Fahrzeugteile GmbH & Co.KG, Autoliv and Aisin Seiki Co., Ltd. among others.
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