The automotive seating accessories market size is evaluated to be worth USD xx billion in 2023. The market is likely to surpass USD 30.3 billion by 2033 at a CAGR of 3.5% during the forecast period. The market growth is driven mainly in emerging economies as well as developed countries. The major driving factors behind increasing demand are requirement of products which improves safety, comfort and high durability.
Automotive seating accessories have emerged as the best solution many automobile manufacturers in improving the aesthetic, comfort measures and safety.
Drivers Propelling the Demand for Automotive seating accessories include:
Challenges for Companies /Manufacturers in the automotive seating accessories Market:
Opportunities in the automotive seating accessories Industry:
Latest Trends in the automotive seating accessories Market:
| Attributes | Details |
|---|---|
| Automotive seating accessories Market Size (2023) | USD 21.5 billion |
| Automotive seating accessories Market Projected Size (2033) | USD 30.3 billion |
| Value CAGR (2023 to 2033) | 3.5% |
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From 2018 to 2022, global automotive seating accessories market experienced a CAGR of 1.4%, reaching a market size of USD 21.5 billion in 2023.
From 2018 to 2022, global automotive seating accessories industry witnessed steady growth in the years of 2018 and 2019. Due to COVID-19 a very sharp reduction in the sales of automobile can be observed. The unexpected closure of the automobile industry and interruption in supply chain management worldwide caused a decline in number of vehicle sales, this number started improving again by the end of the year 2021 and incremented to a significant value by the end of 2022.
Looking ahead, the global automotive seating accessories industry is expected to rise at a CAGR of 3.5% from 2023 to 2033. Market size is expected to reach USD 30.3 billion by the end of the forecast period.
Demand is expected to continue its growth trajectory during over the coming assessment period, driven by concerns over air pollution due to ICE vehicles and the rising demand for pollution free electric battery vehicles.
The market is likely to witness significant growth in the Asia Pacific region due to predominant growth of automotive and electric vehicle industry in China and India which contributes to a huge production and sales of automobile industry. Market growth can be considerably high in Europe and America as well because of very rapidly improving infrastructure for electric vehicle industry as many countries in this region target to ban ICE vehicles completely by 2035. It will create new opportunities for accessories market as because of the increased production of electrical vehicle fleet.
| Country | China |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 10.1 billion |
| CAGR % 2023 to End of Forecast (2033) | 4.1% |
The automotive seating accessories industry in china is expected to reach a market share of USD 10.1 billion by 2033, expanding at a CAGR of 4.1%. The automotive seating accessories industry in china is expected to witness growth due to the increasing focus on pollution free vehicles. Additionally, there are a few other factors expected to drive the demand for automotive seating accessories in the country are:
| Country | The United States of America |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 3.4 billion |
| CAGR % 2023 to End of Forecast (2033) | 3% |
The automotive seating accessories industry in the United States is expected to reach a market share of USD 3.4 billion, expanding at a CAGR of 3% during the forecast period. The United States market is projected to experience growth owing to the rising demand for automotive seating accessories because of its heavy transformation of ICE vehicle to EV and PHEV.
| Country | India |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 3.1 billion |
| CAGR % 2023 to End of Forecast (2033) | 4.8% |
The automotive seating accessories industry in India is anticipated to reach a market share of USD 3.1 billion, moving at a CAGR of 4.8 % during the forecast period. The automotive seating accessories industry in India is expected to grow prominently due to the increasing demand for vehicle caused by increasing number of shift of rural to urban population.
| Country | Japan |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 1.7 billion |
| CAGR % 2023 to End of Forecast (2033) | 2.3% |
The automotive seating accessories industry in Japan is estimated to reach a market share of USD 1.7 billion by 2033, thriving at a CAGR of 2.3%. The growth of Japanese industry will see a constant rise due to the worldwide popularity and recognitions of brands like Toyota contributing to a major share of sales in the market.
| Country | South Korea |
|---|---|
| Market Size (USD billion) by End of Forecast Period (2033) | USD 1.2 billion |
| CAGR % 2023 to End of Forecast (2033) | 2.7 % |
The automotive seating accessories industry in South Korea is expected to reach a market share of USD 1.2 billion, expanding at a CAGR of 2.7% during the forecast period.
The seat cover segment is expected to dominate the automotive seating accessories industry with a CAGR of 3.9% from 2022 to 2033. This segment captures a significant market share in 2023 due to its cost-effectiveness, high durability, customizability and low maintenance requirements.
The seat cover segment includes a wide range of different materials and technologies like climate adjusted thermal seats. This segment also includes seat covers which provides an additional compartments for documents, laptops etc. which improves its utility.
The power generation industry is expected to dominate the automotive seating accessories industry with a CAGR of 3.9% from 2022 to 2033. This segment captures a significant market share in 2023 due to the high demand for comfort along with the visual appearance of the vehicle.
The growing spending capacity and developing material industry are primarily promoting the market growth. Automotive seating accessories are crucial part of the vehicle aesthetic which is a major deciding factor behind vehicle purchase for a potential buyer.
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The automotive seating accessories industry is highly competitive, with numerous players vying for market share. In such a scenario, key players must adopt effective strategies to stay ahead of the competition.
Key Strategies Adopted by the Players
Product Innovation
Many companies are put a foot forward in making intelligent seating which gives a thermal comfort by sensing the climate conditions. This type of seating facility uses the software to create personalized climate using surrounding cabin climate to deliver optimized comfort.
Strategic Partnerships and Collaborations
Key players in the industry often form strategic partnerships and collaborations with other companies to leverage their strengths and expand their reach in the market. Recent example is collaboration of Gentherm and Lear Corp. for smart seating.
Expansion into Emerging Markets through Joint Ventures
The automotive seating accessories industry mainly adopts an option of joint ventures with a local player to acquire a regional market base and it also given an international exposure to the domestic player
Key Players in the Automotive Seating Accessories Industry
Key Developments in the Automotive Seating Accessories Market:
The global automotive seating accessories industry is expected to hit a value of USD 21.5 billion by 2023.
The automotive seating accessories demand is set to expand by a CAGR of 3.5% during the assessment period.
The car seat covers followed by seat belt industry is to hold the dominant share of the market.
The market is predicted to exceed USD 30.32 billion by 2033.
China offers key opportunities for new entrants in the automotive seating accessories industry.
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Automotive seating accessories Market
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