Latin America and the Caribbean: Vehicle Seat Market 2024

Vehicle Seat Market Size in Latin America and the Caribbean

The Latin American vehicle seat market contracted to $X in 2022, with a decrease of -6.4% against the previous year. Overall, consumption, however, enjoyed a strong increase. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Vehicle Seat Production in Latin America and the Caribbean

In value terms, vehicle seat production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2017 when the production volume increased by 68%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Vehicle Seat Exports

Exports in Latin America and the Caribbean

Vehicle seat exports reached X units in 2022, picking up by 7.5% on the year before. Overall, exports showed a notable increase. The pace of growth appeared the most rapid in 2019 with an increase of 49% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, vehicle seat exports soared to $X in 2022. In general, exports posted resilient growth. The pace of growth was the most pronounced in 2019 when exports increased by 62%. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in the near future.

Exports by Country

Mexico prevails in exports structure, resulting at X units, which was near 96% of total exports in 2022. Brazil (X units) held a minor share of total exports.

Mexico was also the fastest-growing in terms of the seats for motor vehicles exports, with a CAGR of +7.3% from 2012 to 2022. Brazil (-16.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico increased by +26 percentage points.

In value terms, Mexico ($X) remains the largest vehicle seat supplier in Latin America and the Caribbean, comprising 98% of total exports. The second position in the ranking was held by Brazil ($X), with a 1.1% share of total exports.

In Mexico, vehicle seat exports expanded at an average annual rate of +18.5% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, picking up by 25% against the previous year. Over the period under review, the export price posted strong growth. The pace of growth was the most pronounced in 2016 when the export price increased by 39% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Mexico ($X per unit), while Brazil stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+10.4%).

Vehicle Seat Imports

Imports in Latin America and the Caribbean

In 2022, imports of seats for motor vehicles in Latin America and the Caribbean fell dramatically to X units, declining by -16.7% on the previous year's figure. Over the period under review, imports, however, saw temperate growth. The most prominent rate of growth was recorded in 2021 with an increase of 95% against the previous year. As a result, imports attained the peak of X units, and then fell significantly in the following year.

In value terms, vehicle seat imports surged to $X in 2022. The total import value increased at an average annual rate of +2.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2018 with an increase of 28%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Mexico was the main importer of seats for motor vehicles in Latin America and the Caribbean, with the volume of imports amounting to X units, which was near 65% of total imports in 2022. Brazil (X units) ranks second in terms of the total imports with an 18% share, followed by Chile (5.1%). Uruguay (X units), Bolivia (X units) and Colombia (X units) followed a long way behind the leaders.

Imports into Mexico increased at an average annual rate of +8.2% from 2012 to 2022. At the same time, Bolivia (+10.3%), Chile (+10.1%), Colombia (+9.5%) and Uruguay (+7.2%) displayed positive paces of growth. Moreover, Bolivia emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +10.3% from 2012-2022. Brazil experienced a relatively flat trend pattern. Mexico (+23 p.p.) and Chile (+2.3 p.p.) significantly strengthened its position in terms of the total imports, while Brazil saw its share reduced by -9.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported seats for motor vehicles in Latin America and the Caribbean, comprising 60% of total imports. The second position in the ranking was taken by Brazil ($X), with a 29% share of total imports. It was followed by Chile, with a 3.4% share.

In Mexico, vehicle seat imports increased at an average annual rate of +2.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brazil (+8.6% per year) and Chile (+10.2% per year).

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, increasing by 39% against the previous year. In general, the import price, however, saw a slight contraction. Over the period under review, import prices attained the maximum at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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