Costa Rica: Vehicle Seat Market 2024

Vehicle Seat Market Size in Costa Rica

The Costa Rican vehicle seat market fell modestly to $X in 2022, waning by -2.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a resilient increase. Vehicle seat consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Vehicle Seat Exports

Exports from Costa Rica

In 2022, shipments abroad of seats for motor vehicles decreased by -26.2% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, exports showed a mild downturn. The pace of growth appeared the most rapid in 2017 with an increase of 738% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports failed to regain momentum.

In value terms, vehicle seat exports fell sharply to $X in 2022. Over the period under review, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2017 with an increase of 436%. The exports peaked at $X in 2021, and then reduced sharply in the following year.

Exports by Country

Guatemala (X units) was the main destination for vehicle seat exports from Costa Rica, accounting for a 67% share of total exports. Moreover, vehicle seat exports to Guatemala exceeded the volume sent to the second major destination, the United States (X units), fourfold. Nicaragua (X units) ranked third in terms of total exports with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Guatemala stood at +55.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+12.8% per year) and Nicaragua (+2.3% per year).

In value terms, Guatemala ($X) remains the key foreign market for seats for motor vehicles exports from Costa Rica, comprising 72% of total exports. The second position in the ranking was held by the United States ($X), with an 18% share of total exports. It was followed by Nicaragua, with a 5.5% share.

From 2012 to 2022, the average annual growth rate of value to Guatemala stood at +78.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+25.2% per year) and Nicaragua (+7.5% per year).

Export Prices by Country

In 2022, the average vehicle seat export price amounted to $X per unit, waning by -3.8% against the previous year. Over the period under review, the export price, however, recorded a resilient increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by 211% against the previous year. The export price peaked at $X per unit in 2021, and then shrank in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Honduras ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to El Salvador (+64.3%), while the prices for the other major destinations experienced more modest paces of growth.

Vehicle Seat Imports

Imports into Costa Rica

In 2022, vehicle seat imports into Costa Rica declined to X units, which is down by -14.5% on 2021 figures. Over the period under review, imports, however, recorded a strong increase. The growth pace was the most rapid in 2015 with an increase of 204%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, vehicle seat imports rose remarkably to $X in 2022. Overall, imports, however, continue to indicate resilient growth. The most prominent rate of growth was recorded in 2015 when imports increased by 415%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest vehicle seat supplier to Costa Rica, accounting for a 52% share of total imports. Moreover, vehicle seat imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), twofold. The third position in this ranking was held by Colombia (X units), with a 5.4% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +16.6%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+10.4% per year) and Colombia (+83.1% per year).

In value terms, China ($X) constituted the largest supplier of seats for motor vehicles to Costa Rica, comprising 51% of total imports. The second position in the ranking was held by the United States ($X), with a 23% share of total imports. It was followed by Colombia, with a 4.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+16.1% per year) and Colombia (+140.3% per year).

Import Prices by Country

The average vehicle seat import price stood at $X per unit in 2022, surging by 25% against the previous year. In general, the import price posted strong growth. The most prominent rate of growth was recorded in 2015 an increase of 70%. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from South Korea ($X per unit) and Turkey ($X per unit), while the price for Colombia ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+31.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform