Passenger Car Seat Market Projected to reach $46.1 billion by 2030

1. Passenger Car Seat Market Projected to reach $46.1 billion by 2030 The passenger car seat market is estimated to grow from USD 42.5 billion in 2023 to USD 46.1 billion by 2030 at a CAGR of 1.1% over the forecast period. The increasing stringency in regulations and safety standards for vehicles, technological advancements & innovation in the seating segment, and increasing focus on electric vehicles and others are driving the passenger car seat market. Asia Pacific and the Americas will remain the top regional market for this product. Powered seats are the fastest-growing technology segment. The powered seats will have the fastest growing CAGR, with 5.0% during the forecast period. Powered seats are usually installed in the front row of the vehicle. It is equipped with an electric motor that controls the movement and positioning of the seat with the help of a control switch like a small joystick or physical buttons mounted on the lower side of the seat, allowing the driver to adjust the seating position in several ways. The power seats offer seat height, seatback recline, lumbar support, and headrest position. Powered seats are part of the broader trend of integrating advanced features and technology into vehicles where consumers are willing to pay a premium for these added features. For instance 2020, the global median household disposable income was around USD 10,207, according to the World Bank, which increased the disposable income. Powered seats were previously available in high-end cars, but now they are also available in mid-segment vehicles. Technological advancements have led to the developing of more efficient and cost-effective power seat systems. The powered seats available in high-end cars are now available in mid-segment vehicles. According to J.D. Power in November 2022, 80% of consumers need comfort, an essential factor when considering a new car. Overall, powered seats' convenience, comfort, and safety benefits have driven their widespread adoption in passenger cars, with consumer demand and market competition playing significant roles in their inclusion as standard or optional features. For instance, here are some recent models equipped with powered seats. Hyundai (South Korea) launched Hyundai Elantra N Line 2023 in January, and Toyota (Japan) launched Corolla Cross in September 2022. According to MarketsandMarkets analysis Asia Pacific region has the maximum market share with 62.7% percent of penetration, and Europe is the fastest growing market. These factors will drive the growth of SUVs with powered seats. Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=73473193 Synthetic leather is expected to hold the largest market share in trim materials for passenger car seats by 2030. The passenger car seats market trim materials are projected to grow at a CAGR of 2.6% over the forecast period. The main factor driving the growth of the synthetic leather segment is its low cost compared to genuine leather and its superior performance compared to fabric. This leather can be combined with smart features such as heating, cooling, and massage functions, which makes it ideal for implementing advanced functionalities and enhancing comfort and convenience for passengers, making synthetic leather upholstery an attractive choice for car manufacturers. This leather is also an ethical and animal-friendly alternative to genuine leather, as consumers are concerned about animal welfare, and many car buyers prefer materials that do not involve animal exploitation. According to

2. MarketsandMarkets analysis, Asia Pacific is the fastest-growing region with a CAGR of 2.7%. Also, synthetic leather is relatively easier to clean and maintain than genuine leather and requires minimal specialized care. It can be cleaned with mild detergents and a damp cloth, making it a practical choice for car interiors. Hence synthetic leather holds the largest market share in trim material for passenger cars. The 2023 BMW i4, 2023 Mercedes-Benz EQS, and 2023 Lexus NX are examples of passenger cars and SUVs equipped with synthetic leather. Asia Pacific region is estimated to be the dominant passenger car seat market. The market growth in the Asia Pacific region is due to countries such as China, Japan, and India, attributed to the increasing demand for vehicles. Due to the increased vehicle production and sales, China is estimated to be the region’s fastest-growing market for automotive seats. According to OICA, ten countries accounted for over 80% of global car production in 2022. China has the highest car production across the globe, according to OICA, where the SUV segment is growing more than the hatchback car segment in which SUV sales were up 10% year-over-year, while hatchback sales were up 4%, in which 5-seater SUVs will raise the demand for bucket seats in the front row and split bench seats in the second row. In contrast, the 7-seater SUVs will boost the demand for bucket seats in the front and middle rows and split bench seats in the third row. Furthermore, the global luxury vehicle market will grow at a CAGR of 6.9% from 2023 to 2030. China is the largest market for luxury cars, with 34%, according to OICA. Also, by 2030, the Indian government had estimated to scrap 30 million vehicles under the new policy. This will also lead to increased passenger car sales, influencing the passenger car seat market. Key Players Prominent companies include Adient Plc (US), Faurecia (France), Lear Corporation (US), Toyota Boshoku Corporation (Japan), and Magna International (Canada) are the leading manufacturers of passenger car seats in the global market. Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=73473193