GCC: Seat Market 2024

Seat Market Size in GCC

The GCC seat market soared to $X in 2021, increasing by 35% against the previous year. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +6.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +98.5% against 2017 indices. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Seat Production in GCC

In value terms, seat production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production saw strong growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 60%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Seat Exports

Exports in GCC

After three years of decline, overseas shipments of seats increased by 7.8% to X tons in 2021. Over the period under review, exports, however, recorded a pronounced decrease. The pace of growth appeared the most rapid in 2017 with an increase of 55%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, seat exports soared to $X in 2021. Total exports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when exports increased by 67% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the key exporter of seats in GCC, with the volume of exports accounting for X tons, which was near 80% of total exports in 2021. It was distantly followed by Saudi Arabia (X tons), constituting a 14% share of total exports. The following exporters - Bahrain (X tons), Oman (X tons) and Kuwait (X tons) - together made up 5.9% of total exports.

From 2012 to 2021, average annual rates of growth with regard to seat exports from the United Arab Emirates stood at -3.1%. At the same time, Bahrain (+8.8%), Kuwait (+8.5%) and Oman (+1.2%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +8.8% from 2012-2021. By contrast, Saudi Arabia (-6.8%) illustrated a downward trend over the same period. The United Arab Emirates (+2 p.p.) and Bahrain (+1.9 p.p.) significantly strengthened its position in terms of the total exports, while Saudi Arabia saw its share reduced by -5.4% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest seat supplier in GCC, comprising 68% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with an 18% share of total exports. It was followed by Oman, with a 6.1% share.

In the United Arab Emirates, seat exports increased at an average annual rate of +2.3% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (+4.0% per year) and Oman (+19.2% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, surging by 25% against the previous year. In general, the export price continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2014 when the export price increased by 41% against the previous year. Over the period under review, the export prices hit record highs in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Oman ($X per ton), while Bahrain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+17.7%), while the other leaders experienced more modest paces of growth.

Seat Imports

Imports in GCC

Seat imports soared to X tons in 2021, growing by 61% compared with the previous year's figure. Total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +97.7% against 2017 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, seat imports surged to $X in 2021. Total imports indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +69.4% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates represented the largest importer of seats in GCC, with the volume of imports amounting to X tons, which was approx. 62% of total imports in 2021. Qatar (X tons) took the second position in the ranking, followed by Kuwait (X tons), Oman (X tons) and Bahrain (X tons). All these countries together took near 38% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to seat imports into the United Arab Emirates stood at +2.2%. At the same time, Qatar (+10.8%), Bahrain (+9.7%), Kuwait (+7.4%) and Oman (+6.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +10.8% from 2012-2021. Qatar (+5.5 p.p.), Kuwait (+2.8 p.p.) and Bahrain (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates saw its share reduced by -11.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported seats in GCC, comprising 42% of total imports. The second position in the ranking was held by Qatar ($X), with a 9.7% share of total imports. It was followed by Kuwait, with an 8.3% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates stood at +5.4%. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+6.1% per year) and Kuwait (+9.0% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2021, shrinking by -3.2% against the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the import price increased by 11% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2021, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahrain ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+6.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform