Rockville, Maryland Oct 4, 2018 (Issuewire.com) - Fact.MR recently published a study on automotive seating market, which predicts that the automotive seating market will grow at a value CAGR of 5% during the forecast period 2017-2022. The ever-growing automotive production worldwide continues to trigger demand for high-quality automotive seating systems, which is redefining the growth of the automotive seating market. The Fact.MR study presents holistic information about the most crucial market dynamics that are driving the market to surpass US$ 40,000 million by the end of 2022.
Safety and comfort are the most important features of automotive seating, which continues to remain the top priority for automakers as well as consumers. Growing needs for passenger safety features and convenience and the recent developments in biomechanics are giving rise to the adoption of technologies among automotive seating manufacturers. The automotive seating market is witnessing the rising trend of innovation redefining its prospects for the future. Leading manufacturers of automotive seating are experimenting with the combination of next-generation technologies, such as Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR), to intrude a high level of safety and convenience features in order to gain a competitive edge in the automotive seating market.
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“Adoption of advanced technologies to introduce innovative features of automotive seating is prevalent in the automotive seating market. Manufacturers are integrating sensors and software with automotive seating systems to provide more convenient, safer, and luxurious features. Incorporating next-generation technologies to win recognition from premium automakers, such as Mercedes, Lamborghini, Ferrari, and Jaguar, is another popular trend in the automotive seating market. Additionally, the automotive seating market is gaining momentum in the emerging nations in Asia-Pacific as automotive sales and production are high in the region. Developing business relationships automakers in emerging Asia can bode well for stakeholders in the automotive seating market in the upcoming years. Automotive seating manufacturers are investing heavily in as China and India to capitalize on extraordinary growth prospects of the automotive industry in developing countries,” says a lead analyst at Fact.MR.
Manufacturing strategies adopted by leading stakeholders in the automotive seating market mainly pivot on the commercial success of vehicle type and the popularity of car seat type. The International Council on Clean Transportation recently stated in its report that Sports Utility Vehicles (SUVs) witness the strongest growth in the European region in 2016, marking it one of the most popular vehicle types among consumers. Over 3.7 million SUVs were sold in Europe; the rise is unparalleled, which may influence the manufacturing strategies of most stakeholders in the automotive seating market. Apart from manufacturing automotive seating for SUVs, introducing high-tech features of split bench automotive seats emerging as a popular trend in the automotive seating market. As split bench seats provide maximum comfort in vehicles with extra seating capacity, it accounts for more than 80% of the revenue share in the automotive seating market.
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Intensified competition in the automotive seating market is resulting in an upsurge in the number of mergers and collaborations among leading stakeholders and new entrants in the automotive seating market. Adient plc., a U.S.-based automotive part manufacturer, recently acquired Futuris Automotive Interiors Holdings Pty Ltd. for around US$ 360 million, anticipating the rise of US$ 500 million in the annual revenues of the company. The company also collaborated with American Center for Mobility to introduce innovations and configurations in automotive seating systems. Another leading stakeholder in the automotive seating market. Faurecia SA recently signed a new joint venture with a Chinese automaker – Liuzhou Wuling Industry Co.Ltd, to boost sales of automotive seating in the Chinese automotive industry in the upcoming years. The report presents the most recent information on the strategic developments of leading stakeholders in the automotive seating market to illustrate the competitive landscape of the automotive seating market.
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