Asia-Oceania Automotive Seats Market is Estimated to Grow at the Highest CAGR of 5.59%

Date: 2015-09-05

“The automotive seats market is undergoing change on two fronts: a shift in the industry landscape (including developing seat markets and increasingly stringent environment regulations) and changing consumer behavior and demand patterns. To remain competitive, seat manufacturers require insights that provide clear direction with regard to the growth of today’s markets and future consumer demands. The automotive seats market is expected to witness considerable growth in countries such as China, India, the U.S., and Mexico. Asia-Oceania is estimated to grow at the highest CAGR, by value, of 5.59% from 2015 to 2020. 

The depletion of energy resources and issues related to global warming are compelling automobile manufacturers to explore new materials and develop new products and technologies for the automotive industry. Automotive seats can consume up to 8.3% of plastics; this has prompted major market players to develop natural fiber composites that will likely replace plastics in coming years. Factors driving the market for automotive seats include the growing demand for fuel-efficient vehicles, increasingly stringent passenger safety regulations, the need to develop raw materials that reduce cost and improve efficiency, and the increasing demand for comfort and luxury. 

The automotive seats market is dominated by a few major players, such as Johnson Controls (U.S.), Faurecia (France), Lear Corporation (U.S.), Toyota Boshoku Corporation (Japan), and TS Tech Co., Ltd. (Japan).The key strategies adopted by these market players are expansion, mergers & acquisitions, and new product development.

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