Asia-Pacific: Vehicle Seat Market 2024

Vehicle Seat Market Size in Asia-Pacific

The Asia-Pacific vehicle seat market reduced to $X in 2022, almost unchanged from the previous year. Over the period under review, consumption, however, continues to indicate a strong expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Vehicle Seat Production in Asia-Pacific

In value terms, vehicle seat production declined to $X in 2022 estimated in export price. In general, production, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 84%. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Vehicle Seat Exports

Exports in Asia-Pacific

In 2022, overseas shipments of seats for motor vehicles increased by 31% to X units, rising for the second consecutive year after two years of decline. Overall, exports showed a buoyant increase. The most prominent rate of growth was recorded in 2017 with an increase of 48%. The volume of export peaked in 2022 and is likely to see gradual growth in the near future.

In value terms, vehicle seat exports expanded rapidly to $X in 2022. Total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +47.0% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 36% against the previous year. The level of export peaked in 2022 and is likely to see gradual growth in years to come.

Exports by Country

In 2022, China (X units) was the key exporter of seats for motor vehicles, committing 55% of total exports. India (X units) took the second position in the ranking, distantly followed by Thailand (X units). All these countries together held approx. 42% share of total exports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +13.7%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, China ($X) remains the largest vehicle seat supplier in Asia-Pacific, comprising 62% of total exports. The second position in the ranking was held by Thailand ($X), with a 13% share of total exports.

In China, vehicle seat exports expanded at an average annual rate of +9.1% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+6.3% per year) and India (+10.0% per year).

Export Prices by Country

In 2022, the export price in Asia-Pacific amounted to $X per unit, waning by -17.1% against the previous year. In general, the export price saw a perceptible downturn. The pace of growth appeared the most rapid in 2021 an increase of 24%. Over the period under review, the export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+6.5%), while the other leaders experienced a decline in the export price figures.

Vehicle Seat Imports

Imports in Asia-Pacific

In 2022, overseas purchases of seats for motor vehicles increased by 26% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports saw a buoyant expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 94% against the previous year. The volume of import peaked in 2022 and is likely to see gradual growth in the immediate term.

In value terms, vehicle seat imports surged to $X in 2022. Total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +46.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 26% against the previous year. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Imports by Country

In 2022, India (X units) was the key importer of seats for motor vehicles, committing 57% of total imports. Japan (X units) ranks second in terms of the total imports with a 17% share, followed by Vietnam (5.7%). The following importers - Thailand (X units), Indonesia (X units), Australia (X units), South Korea (X units) and Malaysia (X units) - together made up 15% of total imports.

India was also the fastest-growing in terms of the seats for motor vehicles imports, with a CAGR of +21.4% from 2012 to 2022. At the same time, Vietnam (+19.2%), South Korea (+18.0%), Indonesia (+14.2%), Australia (+4.8%), Japan (+4.6%) and Thailand (+1.6%) displayed positive paces of growth. By contrast, Malaysia (-4.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India and Vietnam increased by +37 and +3.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), India ($X) and Vietnam ($X) were the countries with the highest levels of imports in 2022, with a combined 53% share of total imports. Indonesia, Australia, South Korea, Thailand and Malaysia lagged somewhat behind, together comprising a further 33%.

In terms of the main importing countries, South Korea, with a CAGR of +25.5%, saw the highest rates of growth with regard to 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 Asia-Pacific stood at $X per unit in 2022, dropping by -7.8% against the previous year. In general, the import price continues to indicate a pronounced shrinkage. The most prominent rate of growth was recorded in 2015 an increase of 11% against the previous year. The level of import peaked at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($X per unit), while India ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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