Auto Ventilated Seats Market
By Vehicle Type (Luxury Cars, Mid-Sized Cars and Economy Cars); By Sales Channel (OEM, Aftermarket) - Global Demand Analysis & Opportunity Outlook 2027
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By Vehicle Type (Luxury Cars, Mid-Sized Cars and Economy Cars); By Sales Channel (OEM, Aftermarket) - Global Demand Analysis & Opportunity Outlook 2027
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Our in-depth analysis has segmented global auto ventilated seats market into the following segments:
By Vehicle Type
By Sales Channel
Global auto ventilated seats market is further classified on the basis of region as follows:
Global auto ventilated seats market is expected to witness remarkable growth over the forecast period. The market is expected to thrive on the back of growing automotive industry across the globe. Increasing sales of luxury vehicles and increased affordability of consumers to spend on vehicles are likely to be the key drivers behind the growth of market during the forecast period.
In terms of regions, the global auto ventilated seats market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa regions. Among these regions, Asia Pacific auto ventilated seats market is expected to grow at maximum CAGR in global auto ventilated seats market by the end of forecast period. The market of auto ventilated seats system in Asia Pacific region is thriving on the back of growing automotive industry in Asian countries such as China, Japan and India. Increasing number of SUVs and sedans on road is likely to augment the growth of global auto ventilated seats system market over the forecast period. Additionally, India, China and Japan are some of the major vehicle producer countries and are expected to contribute significantly in the growth of Asia Pacific auto ventilated seats market during the projected period in Asia Pacific region.
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Apart from Asia Pacific, North America region grabbed lion shares in auto-ventilated seats market and is accepted to witness robust growth over the forecast period. Increasing sales of luxury vehicles in U.S. and high spending by consumers on vehicle service and up gradation are expected to enhance the demand for auto ventilated seats market in this region. Apart from this, North America is the leading consumer of luxury cars and Countries such as U.S. are likely to contribute significantly in the growth of auto ventilated seats market in North America region during the forecast period.
Further, luxury vehicle segment by vehicle type grabbed major shares of market in previous years and is expected to continue this positive growth over the forecast period. A vehicle’s interior parts account for major shares of vehicle’s total cost, whereas seats account for 4-5% of vehicle’s total cost. But in case of luxury cars it could increase to 5-7% vehicle’s total cost. Manufacturers of luxury cars are focusing to increase the comfort level of their cars and this factor is expected to positively impact the growth of this segment in auto ventilated seats market over the forecasted period.
The increasing sales of vehicles are the major factor which is responsible for the growth of auto ventilated seats market across all regions. In addition to this, the global automotive industry is driven by a number of factors such as rinsing consumer’s affordability, growing income of consumers and availability of easy financing options to buy a vehicle. Further, this growth in automotive industry is fuelling the growth of auto ventilated seats market.
According to OICA, 94.7 million motor vehicle productions were held to be in 2016. Moreover, this represented a Y-o-Y growth of 5.0% as compared to 2015. Additionally, automotive production is anticipated to increase on the account of rising demand. This factor signals promising growth of the auto ventilated seats market in upcoming years.
Manufacturers are installing every possible technology that can increase the vehicles comfort standards. Until now, ventilated seats are majorly found in premium vehicle but the manufactures are looking forward to offer this tech in mid-range and economy cars also. Further, growing installation of ventilated seats in affordable cars is expected to drive the growth of auto ventilated seats market at considerable pace in upcoming years.
Further, global automotive industry is booming on the account of urbanization and rising disposable income. For instance, total global production of cars in 2016 reached 72,105,435 as compared to 68,539,516 in 2015. Automakers such as Chevrolet, Ford, Nissan and Audi are installing this technology into their cars.
Growing aftermarket sales of auto ventilated seats is also strengthening the growth of market across all regions.
Although auto ventilated seats offers great experience to the occupants, it costs more to the car manufactures as compared to the ordinary seats. Also availability of other alternative auto seats can hamper the growth of auto ventilated seats market in upcoming years.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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