Evolution of Autonomous and Electric Vehicles lead Automotive Racing Seat Market to grow at a CAGR of 9% by 2024 - A Technavio Exclusive Report

NEW YORK, March 4, 2021 /PRNewswire/ -- A latest market research report titled "Automotive Racing Seat Market by Application (High-performance and Eco-performance) and Geography (APAC, Europe, MEA, North America, and South America) - Forecast and Analysis 2020-2024", published by Technavio forecasts the market to grow by 434.33 thousand units, at a CAGR of 9% during the forecast period.

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Rising availability of lightweight seats and growing evolution of electric vehicles catalyze market growth

• Automotive manufacturers are increasingly focusing on reducing the fuel emission resulting in a surging development of light-weight vehicles.
• The deployment of lightweight seats reduces the overall weight of automobiles, especially in racing bikes, performance vehicles, and luxury automotive. Thus, the demand for automotive racing seats is likely to surge in the coming years.
• The evolution of electric vehicles and emergence of innovative technologies such as movable seats and self-learning systems will further propel the markets growth in the forthcoming years.

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High-performance accounted for the largest automotive racing seat market share in 2019.

• Based on application, the automotive racing seat market is segmented into high-performance and eco-performance applications.
• In 2019, the high-performance application accounted for the largest share of the global market as these seats are extensively used in vehicles that are part of motor sporting events.
• The growing demand of these seats due to their rigidity, safety, and performance strength will aid this segment to continue contributing the largest share in the market over the forecast period.

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Europe is expected to show the highest growth during forecast period.

• Based on geography, the automotive racing seat market is segmented into APAC, Europe, MEA, North America, and South America.
• By 2024, Europe will account for 42% of the market's growth due to the occurrence of various racing championships like Motor Racing, Formula One, and NASCAR in the region.
• The growing sales of automotive racing seats in the UK, Germany, France, and Italy will further fuel the market growth in this region.

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Prominent Player Analysis

• The automotive racing seat market is fragmented with players categorized as pure-play and dominant players in this report.
• Vendors in the market are focusing on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
• This market forecast provides information on the competencies and capacities of these companies such as BRAUM Racing, COBRA SEATS, and Corbeau USA LLC.
• In addition, the automotive racing seat report by Technavio provides information on the production, sustainability, and prospects of several leading companies, including Faurecia SA, Lear Corp., MW Company LLC, OMP Racing SPA, RACETECH MANUFACTURING LTD., RECARO Holding GmbH, and Sparco Spa

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Report:  https://www.technavio.com/report/automotive-racing-seat-market-industry-analysis

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