ASEAN: Seat Market 2024

Seat Market Size in ASEAN

After five years of growth, the ASEAN seat market decreased by -12.2% to $X in 2021. The market value increased at an average annual rate of +1.0% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2020, and then fell in the following year.

Seat Production in ASEAN

In value terms, seat production dropped to $X in 2021 estimated in export price. The total production indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +66.6% against 2015 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 22%. The level of production peaked at $X in 2020, and then dropped in the following year.

Seat Exports

Exports in ASEAN

For the third consecutive year, ASEAN recorded growth in overseas shipments of seats, which increased by 13% to X tons in 2021. Total exports indicated a measured increase from 2012 to 2021: its volume increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +64.3% against 2018 indices. The growth pace was the most rapid in 2020 with an increase of 42% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, seat exports soared to $X in 2021. In general, exports saw buoyant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 62% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

In 2021, Vietnam (X tons) was the largest exporter of seats, committing 70% of total exports. Indonesia (X tons) ranks second in terms of the total exports with an 11% share, followed by Malaysia (11%) and Thailand (5.3%).

Vietnam was also the fastest-growing in terms of the seats exports, with a CAGR of +14.7% from 2012 to 2021. Malaysia (-3.0%), Thailand (-5.3%) and Indonesia (-8.6%) illustrated a downward trend over the same period. While the share of Vietnam (+42 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Thailand (-6.5 p.p.), Malaysia (-8.7 p.p.) and Indonesia (-23.3 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest seat supplier in ASEAN, comprising 77% of total exports. The second position in the ranking was held by Indonesia ($X), with an 8.4% share of total exports. It was followed by Malaysia, with a 5.3% share.

In Vietnam, seat exports increased at an average annual rate of +23.1% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+4.3% per year) and Malaysia (-1.1% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, rising by 23% against the previous year. Overall, the export price continues to indicate resilient growth. The most prominent rate of growth was recorded in 2018 when the export price increased by 36% against the previous year. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+14.2%), while the other leaders experienced more modest paces of growth.

Seat Imports

Imports in ASEAN

Seat imports surged to X tons in 2021, picking up by 34% on 2020. The total import volume increased at an average annual rate of +5.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, seat imports soared to $X in 2021. Total imports indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Thailand (X tons), Malaysia (X tons), Indonesia (X tons), Singapore (X tons), the Philippines (X tons) and Vietnam (X tons) represented the main importer of seats in ASEAN, committing 97% of total import.

From 2012 to 2021, the biggest increases were recorded for Vietnam (with a CAGR of +12.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest seat importing markets in ASEAN were Vietnam ($X), Thailand ($X) and Singapore ($X), together accounting for 57% of total imports. Malaysia, Indonesia and the Philippines lagged somewhat behind, together accounting for a further 40%.

In terms of the main importing countries, the Philippines, with a CAGR of +17.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, remaining stable against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 29%. Over the period under review, import prices hit record highs at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+10.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform