Automotive Seat Cover Industry - Regional Synopsis
APAC Market Statistics
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. Asia Pacific industry is set to account for largest revenue share of 61% by 2037, due to demand for luxury and premium cars, and customized interiors. 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 2036.
Europe Market Analysis
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 2024 and further reach USD 1,548.7 Million in 2036, 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 2024 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.
