Global Automotive Seat Climate Systems Market to Reach $92.93 Billion by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, February 12, 2018 /PRNewswire/ --
According to a recent report published by Allied Market Research, titled, "Automotive Seat Climate Systems Market by Component, Surface Material, Application, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global automotive seat climate systems market was valued at $9,207 million in 2016, and is projected to reach at $14,048 million by 2023, growing at a CAGR of 6.3% from 2017 to 2023.
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Asia-Pacific dominates this market presently, followed by Europe. In 2016, China dominated the market in Asia-Pacific; similarly, Germany led the overall market in the European region. U.S. dominates the market in North America at present.
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Factors such as increased driver comfort during long journeys, rise in penetration of semi-luxury and luxury vehicles worldwide, growth in disposable income of the population, high fuel efficiency, and lower electric power consumption boost the market growth. However, high installation cost of automotive climate seats is anticipated to hinder this growth. Moreover, increase in demand for electric and hybrid vehicles, and high requirement for climate seas in mid-passenger and commercial vehicles are expected to offer ample number of opportunities to key players of the market.
In 2016, the seat heating system segment dominated the global automotive seat climate systems in component segment, in terms of revenue. However, based on material type, leather led the global market, followed by cloth in 2016.
Heated seats led the automotive seat climate systems market by seat type in 2016. However, heated & cooled seat segment is anticipated to depict highest CAGR throughout the forecast period.
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KEY FINDINGS OF AUTOMOTIVE SEAT CLIMATE SYSTEMS MARKET STUDY
- By component type, seat heating system generated the highest revenue of the global automotive seat climate systems market in 2016.
- In 2016, the heated seat type generated the highest revenue among the global automotive seat climate systems market.
- Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period.
- In 2016, the passenger car vehicle type segment contributed the highest market share in the automotive seat climate systems market.
The key players profiled in the report include Lear Corporation, Gentherm, Konsberg Automotive, Adient plc, Continental AG, Magna International Inc., II-VI, Inc., Toyota Motor Corporation, Recticel, and Faurecia.
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