In 2023, the market of automotive seating accessories is estimated to be equivalent of US$ 21.5 Billion. The market might reach US$ 30.3 Billion by the end of the year 2033, achieving a CAGR of 3.5 % at the end of the forecasting period. The manufacturing of accessories is affected by a numerous factors including increasing demand of environment friendly luxury and economical cars and ability of the accessories to make it customizable as per the requirements.
Seat accessories in an automotive are an integral part of automobile manufacturing chain as it gives an ability to consumer to create slight modification to get a personalised approach to the automobile. Along with that, it also helps in enhancing the comfort level and utility of the vehicle enhancing the driving experience. Increase in the demand of these product is also driven by a very wide range of economical to expensive ranges of product availability to choose from.
The major downfalls of this industry is that many luxury brands produce their own personalized accessories as per the consumers appreciation which is causing decline of buyers in the market as the preference in given to the equipment manufacturers. Another growth barrier to this industry is a heavy use of non-eco-friendly materials and lesser probability of having it reused because of the customization.
Even with that, use of recycled and ecological materials will create a surge in the demand of industries because of trends in automobile inclining towards pollution free vehicles. Recent trends of shift of population in urban areas in European countries and Asia along with the promotions given to the use of pollution free vehicle is increasing the demand of automobile which will create countless opportunities for this industry.
Material enhancement and technological progress is drastically improving the corresponding manufacturing industry, for example temperature controlled seat covers has been a breakthrough along with many lightweight and durable materials for product manufacturing such as vinyl, epoxy resin, polyester, acrylic fur etc. Owing to increment in worldwide accident rates and improved safety regulations for the automobile newer seat belt technologies such as active pre-tensioners and inflated seat belt will be major driving factors of the market due to their major roles in the reduction of fatalities.
Increasing demand for seating support structures due of advancement in polyurethane foams, core material of lumbar and neck supports mounted on car seats to provide relief from back pain caused by long hours of driving is anticipated to foster the demand. Another major share of the market is covered by external attachment to the seats such as coat or bag hangers, baby seats, additional car controls at the front and back hand rests, cup holders and small paper, book and laptop holding compartments. A smart and handy placement of these attachments is the designing of the seat would boost the practicality and increase the product recognition.
Key Takeaways from the automotive seating accessories Market:
- The automotive seating accessories industry in China is predicted to reach US$ 10.1 Billion by 2033, increasing at a 4.1% CAGR.
- The automotive seating accessories industry in the United States is estimated to reach a market share of US$ 3.4 billion, expanding at a CAGR of 3% by 2033.
- During the forecast period, the automotive seating accessories industry in India is expected to reach a market share of US$ 3.1 billion, securing a 4.8% CAGR.
- The automotive seating accessories industry in Japan is predicted to reach US$ 1.7 billion by 2033, increasing at a 3% CAGR.
- South Korea's automotive seating accessories industry is predicted to achieve a market share of US$ 1.2 billion, rising at a 2.7% CAGR during the forecast period.
- With a CAGR of 3.9% from 2023 to 2033, the seat cover segment is expected to dominate the automotive seating accessories industry.
- With a CAGR of 3.8% from 2023 to 2033, the seatbelt and safety attachment segment is expected to cover the automotive seating accessories industry.
How Does the Competition Look in the automotive seating accessories Market?
Automotive seating accessories industry has a highly competitive landscape, with a significant number of players fighting for market share. Several significant participants in this industry comprise T.S. tech co. ltd., Aisin, Toyota boshoku, Adient, Lear Corporation, Aptiv, Autoliv, Denso Corporation, Toshiba Corporation, Robert Bosch, Goodbaby International Holdings, Newell brands, RECARDO holdings Gmbh along with many other players. In addition, most of luxury brands have their own dedicated departments of accessory designing and developments which meets the standards and expectations of the brand.
A number of global and local market participants definitely adds up to a considerable market size. The region of Asia Pacific in particular contributes to a great number of local participants making it a dominating growth region.