Will Automotive Seat Cover Market carry its growth momentum post COVID-19? Read more to know Shubham Jamdade
• July 22, 2021
Automotive Seat Cover Market: Introduction
According to the report, the global automotive seat cover market is projected to surpass US$ 4.6 Bn by 2030, expanding at a CAGR of ~4% during the forecast period. Consistent R&D in the field of automotive textile material has led to the availability of a wide variety of materials with different prices and qualities, which is likely to boost the automotive seat cover market during the forecast period. Rise in demand for premium and luxury vehicles that have dynamic vehicle interior is likely to fuel the automotive seat cover market across the globe. For instance, after the slowdown witnessed in the global automobile industry, several governments reduced taxes on automobiles to encourage sale of vehicles. Automotive seat covers protect the vehicle’s original seat upholstery and maintain a good resale value of the vehicle, thereby protecting the investment. Major manufacturers of seat covers are offering seemingly infinite variety of textures, colors, and patterns of automotive seat covers, which is likely to increase the demand for seat covers. This is expected to boost the automotive seat cover market across the globe.
Expansion of Automotive Seat Cover Market
The surge in trade volume owing to rising bilateral trade among countries is projected to boost the automotive seat cover market during the forecast period. China witnessed a rise in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN.
Based on vehicle type, the global automotive seat cover market has been segmented into passenger vehicle and commercial vehicle. Passenger vehicle is likely to be a highly lucrative segment during the forecast period. This is primarily due to the rise in the production of passenger vehicles across the globe. The growing adoption of seating technology in passenger vehicles, including heated and ventilated seats, is estimated to offers lucrative opportunities for the automotive seat cover market across the globe.