China Automotive Seat Market Overview:
The China Automotive Seat Market is estimated to grow exponentially with the increasing vehicle production globally. The increased use of seating solutions in all types of vehicles leads to the growth of the market. Besides, growing technological advances and developments in lightweight seats providing increased comfort and safety for the riders substantiate the size of the market.
Automakers are focusing on the development of lightweight interior parts to improve fuel efficiency. The innovation made in the vehicle seats results in the growth of the market. Leading suppliers of seat structures bring advanced manual and power adjuster technology and comfort components to the table, creating intelligent concepts for the vehicle interior.
These suppliers also use software and sensorics to connect mechatronic components. They strive to gain comprehensive expertise in development, assembly and logistics for complete seat systems and metal structures. COVID-19 temporarily halted the automotive seat industry; however, the automotive industry showing positive trends in recent years significantly influenced the financial results in 2020 and improved margins.
Despite the complex situation, in 2020, the China Automotive Seat Market maintained its position in several countries across the globe. In this regard, Market Research Future (MRFR), a renowned research firm, states that the global China Automotive Seat Market would garner exponential accruals by 2027, registering an impressive CAGR throughout the review period (2020-2027).
China Automotive Seat Market - Segments
The China Automotive Seat Market analysis is segmented into type, material, technology, vehicle type, and region. The type segment is sub-segmented into bench, bucket, folding, and others. Among these, the sub-segment bench type seat segment accounts for the largest market share.
The technology segment is sub-segmented into powered, heated, powered & heated, and standard. Among these, the sub-segment powered & heated technology accounts for the largest market share. Heated seats are mainly installed in high-end cars. By regions, the market is sub-segmented into the Asia Pacific, Americas, Europe, and rest-of-the-world.
Global China Automotive Seat Market - Geographical Analysis
Asia Pacific dominates the global China Automotive Seat Market, heading with the growing demand for hybrid and electric vehicles in emerging APAC countries, such as India, China, and Japan. The region witnesses the highest production of passenger and commercial vehicles, driving the growth of the market. Moreover, the demand for the installation of seats with the latest technology increased the region's market share.
Europe holds the second-biggest share in the global China Automotive Seat Market due to the increase in the demand for high-end cars. High-end cars are fitted with updated styled and revised tech seating, will which results in increased market size.
Additionally, the augmenting demand from luxury or premium cars and the presence of SUV makers in the region define the growing market landscape. Besides, major automakers such as Audi, BMW, Porche, and Lamborghini in the UK, Germany, and France drive China Automotive Seat Market growth.
North America is the third-largest market for automotive seats globally. Stringent safety norms and increasing awareness about vehicle safety push the growth of the market. Furthermore, huge numbers of technological advancements and OEM and aftermarket parts companies influence the region's market growth.
Global China Automotive Seat Market - Competitive Analysis
The China Automotive Seat Market appears highly competitive, with several well-established players forming a competitive landscape. Players focus on product development and incorporate strategic approaches, such as collaboration, mergers & acquisitions, product launch, and expansion to gain a larger competitive share. They make substantial investments to drive R&D for the development of required technologies and expansion.
Major Players
Players active in the global China Automotive Seat Market include Lear Corporation (U.S.), Johnson Controls (U.S.), Faurecia (France), TS Tech Co. Ltd (Japan), Toyota Boshoku Corporation (Japan), IFB Automotive (India), DURA Automotive Systems (U.S.), Magna International Inc. (Canada), Aktis Engineering Solutions (India), Tata Autocomp Systems Limited (India), Fisher and Company (Austria), Marter Automotive Seating Systems (Turkey), TM Automotive Seating Systems Private Limited (India), Grammer Seating Systems (Germany), and RECARO Automotive (Germany), among others.
Industry/Innovation/Related News:
March 26, 2021 ---- The Brose Group and Volkswagen AG signed an agreement to establish a joint venture (JV) to develop and manufacture complete seats, seat structures, and components, along with other vehicle interior solutions.
Through this deal, Brose acquires half shares of Volkswagen subsidiary SITECH. Both companies would hold an equal (50%) share of the planned JV. The parties have agreed that Brose would take over the industrial leadership and consolidate the JV for accounting purposes. The transaction would be completed post antitrust law approvals and other standard closing conditions.
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