Global Automotive Foldable Rear Seats Market: Introduction
- Rise in need for more storage space in a vehicle has prompted automakers to install foldable seats in their vehicles
- Based on the direction of folding, there are two variants of foldable rear seats, viz., fold down seats and fold up seats. In case of a fold down seat, as the name suggests, the back rest of the seat is folded down. The seat turns a full 90 degree angle and rests on the seating area. In case of fold up seats, the seating area is folded in the upward direction, through 90 degrees angle. This enables the seat to rest on back rest are of the seat.
- An increasing number of automakers have started providing foldable rear sets in their vehicles in order to cater to demand from consumers, thereby driving the automotive foldable rear seats market
Key drivers of global automotive foldable rear seats market
- Rise in preference toward luxury vehicles is attributed to a surge in technological developments in the automobile industry. For instance, more number of consumers are preferring luxury vehicles owing to safety features, such as biometric locking, availability of more cabin space, lane assist technology, parking assist technology, incorporated in these vehicles. Moreover, manufacturers of luxury vehicles are incorporating foldable rear seats in order to increase cabin space and boost storage capacity of their vehicles.
- Owing to economic developments, road and infrastructure developments in countries, there is rapid urbanization in the countries such as China, India. This has also led to increase the disposable income and life standard of population. Therefore, more number of consumers are in pursuit to buy their own vehicle as a status symbol.
- Automakers such as Volvo, Mazda, Hyundai, Honda, Suzuki, Toyoda, Ford Motors, Mercedes-Benz and BMW have launched entry level MPVs and SUVs, hatchback, premium hatchback vehicles to target the mid-income population. These passenger vehicles are installed with either fold up or fold down foldable seats that offer larger cabin space. For instance, Ford EcoSport by Ford Motors, Innova Crysta by Toyota Motors and Honda Jazz by Honda Motors have foldable seats.
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Increase in demand for more storage space in passenger vehicles is fueling global automotive foldable rear seats market
- The back of the rear seat folds down, which provides the passenger or vehicle owner direct access to the trunk. Each side folds down separately. With only half the seat folded, a passenger still can be seated in the back seat in MPV vehicles. The seat-back can be released from inside the car or inside the trunk.
- Increasing purchase power of population in countries such as Malaysia, Thailand, India, China have shown trend towards sale of entry level MPV and SUV.. This, in turn, propels the global automotive foldable rear seats market.
Asia Pacific to dominate global automotive foldable rear seats market
- Various free-trade agreement between Europe and Asia, Americas-Asia have resulted in economic development of counties such as India, China, Malaysia, and South Korea in Asia Pacific. This has resulted in rising living standards and increase in disposable income of the population, prompting them to own vehicles. Consequently, increase in sales of automobiles is fueling the global automotive foldable rear seats market in Asia Pacific.
- Furthermore, legislations enacted by various countries and organizations are compelling automakers to increase integration of safety features in vehicles. For instance, the Government of U.K., American Academy of Pediatrics, EU Standards on Vehicle Safety by European Transport Safety Council, and safety regulation by SIAM India, provide guidelines that mandate vehicles to provide more cabin space for safety and comfort of passengers.
- All the factors mentioned above are driving global automotive foldable rear seats market in Asia Pacific
Key players operating in global automotive foldable rear seats market:
The global automotive foldable rear seats market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive foldable rear seats market are:
- Lear Corporation
- Pinnacle Industries Ltd.
- Groclin Group S.A.
- Brose Fahrzeugteile GmbH & Co. KG, Coburg
- DVI Mobile GmbH
- MG Seating Systems Pvt. Ltd.
- NTAP ADVANCED TECHNOLOGY SP. ZO.O. SP.K.
- Johnson Controls
- KOKINETICS GmbH
- GREINER GmbH
- KKOMSAN OTOM.SAN.TiC.LTD.ST¡,
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Global Automotive Foldable Rear Seats Market: Research Scope
Global Automotive Foldable Rear Seats Market, by Type of Vehicle
Global Automotive Foldable Rear Seats Market, by Foldable Area
- 50:50 Folding
- 60:40 Folding
Global Automotive Foldable Rear Seats Market, by Folding Direction
- Fold-Up Seats
- Fold-Down Seats
Global Automotive Foldable Rear Seats Market, by Sales Channel
Global Automotive Foldable Rear Seats Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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