Global Automotive Seat Cover Market Highlights 2020-2029
The global automotive seat cover market is estimated to attain a revenue of USD 6324.7 Million in 2020 and further reach USD 8,299.7 Million in 2029, by growing at a CAGR of 5.5% over the forecast period i.e., 2021-2029. The increasing demand for luxury and premium vehicles is one of the major factors anticipated for the growth of the market in the coming years. The sale of luxury vehicles has seen a rise over the past few years, backed by a positive growth in disposable income of individuals. According to the statistics by the OECD, countries such as the United States (53202 USD/capita in 2018), Luxembourg (47180 USD/capita in 2018), Germany (42744 USD/capita in 2020), Switzerland (42149 USD/capita in 2019), and Norway (41770 USD/capita in 2020) among others displayed higher growth in the household disposable income as compared to other OECD countries, which is expected to aid the sale of luxury and premium cars in the coming years. Additionally, according to the statistics by the World Bank the global GDP per capita has risen significantly over the past decade and stood at USD 10,925.746 (in current US$) in the year 2020 as compared to USD 9555.571 in 2010. The rise in GDP per capita and the spur in growth in the number of millionaires over the past few years is further expected to drive the demand for luxury and premium cars and also for customized interiors and design, and in turn accelerate the market growth.
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Moreover, the customer preference in the type of material used in automotive seating has changed dramatically over the past decade, backed by the rise in advancements in textile technology and the discovery or invention of newer material. The stock material used in cars has seen a decline in preference, with consumers replacing the stock material with nylon, leather, vinyl, or polyester as per their preference and requirement. This preference change is not limited to seat covers, with consumers replacing stock interiors with custom-made material for interiors. The shift in consumer preference can be attributed to the varying options available now, along with their fit and durability. The high-end finish of these materials and their compatibility with other customized interiors aid in customer preference towards customized seat cover, which is anticipated to drive the growth of the global automotive seat cover market during the forecast period.
Additionally, the new developments in the manufacturing process technologies have streamlined the production of seat cover material, making them more cost-efficient and more durable than the stock seat covers provided with the cars. Many patented technologies to produce leathers and other materials are provided by manufacturers that offer their products to car manufacturers and after-markets. Premium quality leather for car manufacturers and the aftersales market has seen a recent demand owing to their more sustainable and low-cost manufacturing processes and the high-end finish that the material provides. The leather alternatives such as polyurethane and neoprene have also found wide applications due to the environmentally sustainable approach in manufacturing and their physical properties that are similar or better than pure leather. With newer material manufacturing processes in development that will decrease costs and improve material quality, the market for automotive seat covers is expected to see growth during the forecast period.
Global Automotive Seat Cover Market Regional Synopsis
Regionally, the global automotive seat cover market is segmented into five major regions including North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa. Among the markets in these regions, the Asia Pacific automotive seat cover market held the leading market share in 2020 and is projected to attain a revenue of USD 3,251.9 Million in 2021 and further reach USD 5,137.5 Million in 2029. The market in the region is further expected to grow with a CAGR of 5.9% during the forecast period and gain the highest market share of 62% by the end of 2029. Further, China in the Asia Pacific region is expected to garner a revenue of USD 1,469.9 Million in 2021 and attain the largest market share of 47% by the end of 2029, while the market in Japan is projected to reach USD 1,089.4 Million in 2021.
The market in Europe captured the second leading stance in 2020 and is expected to garner a revenue of USD 1,005.8 Million in 2021 and further reach USD 1,548.7 Million in 2029, by growing at a CAGR of 5.5% during the forecast period. The growth of the market in the region can be attributed to the increasing production of commercial and passenger vehicles in the region. In European region, Germany is projected to generate significant opportunities for market growth by attaining a revenue of USD 364.1 Million in 2021 while Spain is projected to reap USD 169.0 Million in revenue during the same year. The automotive industry in the countries of Europe has witnessed significant growth on the back of increasing adoption of better technologies and continuous innovation in vehicle technologies. As a result, the adoption rate of vehicles is high, which has further increased the need for seat covers with better and improved raw material & texture. Moreover, the growing investments and increasing initiatives by the government for cross-border electric networks to reduce CO2 emission in the environment have increased the demand for electric vehicles. In 2019, according to the report by IEA, Europe registered as the 2nd largest global leader for electric car registration with 560,000 electric cars being sold in the same year. In addition, rapid urban migration and commercialization across the European economies have further instituted a favourable business scenario. Rising per capita income in the European countries, increasing urbanization, and the launch of new automotive vehicles are some of the factors expected to positively impact the seat cover market growth in the region.
Growth Drivers and Challenges Impacting the Growth of the Global Automotive Seat Cover Market
Growth Drivers
- Increasing Demand for Luxury and Premium Vehicles
- Changing Consumer Preferences, and Advancements in Seat Cover Manufacturing Process
Challenges
- High Costs Associated with Leather Seat Cover
- Variation in Material Quality
Global Automotive Seat Cover Market Segmentation Synopsis
The global automotive seat cover market is segmented by vehicle type into passenger vehicles and commercial vehicles. Out of these, the passenger vehicle segment accounted for the highest share in 2020, and is further estimated to hold this position and attain 77.01% of the market share in 2021. The segment is further estimated to attain a revenue of USD 4,164.8 Million in 2021 and USD 6,585.5 Million in 2029. The growing adoption of luxury and premium passenger vehicles on the back of increasing disposable income among individuals is expected to boost the market growth of passenger vehicle seat covers in the upcoming years. The market is further segmented by end-user into OEM and aftermarket. Among these segments, the OEM segment is estimated to garner highest market revenue by the end of 2029 owing to the increasing automobile sales and the growing number of own distribution channels, including online and direct sales. The OEM segment is projected to attain a revenue of USD 3,828.6 Million in 2021 and further reach USD 5,685.3 Million in 2029.
Top Featured Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global automotive seat cover market that are included in our report are Lear Corporation, Faurecia, Pecca Group Berhad, Sage Automotive Interiors, Suminoe Textile Co., Ltd., Saddles India Pvt. Ltd., Seat Covers Unlimited, EuWe Group, Canadian General Tower, and others.
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