Vehicle Seat Market

The article discusses the projected growth of the global market for vehicle seats, driven by increasing demand worldwide. It provides detailed insights into consumption, production, imports, and exports of vehicle seats, along with key trends and growth rates. The analysis highlights the top consuming and producing countries, as well as the highest levels of market value and per capita consumption. Overall, the market is expected to see steady growth in the coming years.

Market Forecast

Driven by increasing demand for seats for motor vehicles worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market volume to 798M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.5% for the period from 2022 to 2030, which is projected to bring the market value to $205.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Seats For Motor Vehicles

In 2022, the amount of seats for motor vehicles consumed worldwide shrank modestly to 559M units, remaining relatively unchanged against 2021. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.6% against 2019 indices. Global consumption peaked at 598M units in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

The global vehicle seat market size dropped modestly to $124B in 2022, which is down by -1.8% 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). Overall, consumption, however, recorded a strong expansion. Over the period under review, the global market reached the maximum level at $139.4B in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (103M units), the United States (53M units) and Germany (52M units), with a combined 37% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Germany (with a CAGR of +18.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Russia ($22.7B), the United States ($18.5B) and Germany ($12B) appeared to be the countries with the highest levels of market value in 2022, with a combined 43% share of the global market.

Among the main consuming countries, Germany, with a CAGR of +13.5%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of vehicle seat per capita consumption was registered in Portugal (1,777 units per 1000 persons), followed by Germany (629 units per 1000 persons), Spain (295 units per 1000 persons) and Japan (227 units per 1000 persons), while the world average per capita consumption of vehicle seat was estimated at 71 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the vehicle seat per capita consumption in Portugal stood at +6.0%. In the other countries, the average annual rates were as follows: Germany (+17.7% per year) and Spain (+11.9% per year).

Production

World Production of Seats For Motor Vehicles

In 2022, the amount of seats for motor vehicles produced worldwide fell slightly to 563M units, approximately mirroring 2021. In general, the total production indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.6% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by 30%. Over the period under review, global production hit record highs at 603M units in 2019; however, from 2020 to 2022, production remained at a lower figure.

In value terms, vehicle seat production fell modestly to $116.8B in 2022 estimated in export price. Overall, production, however, showed strong growth. The pace of growth was the most pronounced in 2017 when the production volume increased by 47% against the previous year. Global production peaked at $152.6B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

China (110M units) constituted the country with the largest volume of vehicle seat production, accounting for 19% of total volume. Moreover, vehicle seat production in China exceeded the figures recorded by the second-largest producer, Germany (53M units), twofold. The United States (49M units) ranked third in terms of total production with an 8.7% share.

From 2012 to 2022, the average annual growth rate of volume in China totaled +4.8%. The remaining producing countries recorded the following average annual rates of production growth: Germany (+14.5% per year) and the United States (+4.8% per year).

Imports

World Imports of Seats For Motor Vehicles

In 2022, overseas purchases of seats for motor vehicles increased by 11% to 18M units, rising for the second year in a row after two years of decline. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 33%. Global imports peaked at 18M units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, vehicle seat imports skyrocketed to $2.9B in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 24%. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports By Country

In 2022, the United States (5M units) was the main importer of seats for motor vehicles, mixing up 28% of total imports. France (1.5M units) took the second position in the ranking, followed by Mexico (1.5M units), India (1.1M units) and Germany (1M units). All these countries together took approx. 28% share of total imports. The following importers - Spain (649K units), Belgium (598K units), the Czech Republic (515K units), Brazil (407K units), Finland (399K units), Italy (350K units), Thailand (317K units) and the UK (302K units) - together made up 20% of total imports.

From 2012 to 2022, average annual rates of growth with regard to vehicle seat imports into the United States stood at -2.4%. At the same time, India (+18.2%), the Czech Republic (+18.0%), Thailand (+15.7%), Finland (+14.2%), Spain (+12.5%), Mexico (+8.2%) and Italy (+3.6%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing importer imported in the world, with a CAGR of +18.2% from 2012-2022. Germany experienced a relatively flat trend pattern. By contrast, Belgium (-3.5%), France (-4.6%), Brazil (-5.6%) and the UK (-8.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of India, Mexico, Spain, the Czech Republic and Finland increased by +4.8, +4.5, +2.5, +2.3 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($317M), France ($268M) and Germany ($249M) were the countries with the highest levels of imports in 2022, with a combined 29% share of global imports. Mexico, Belgium, the Czech Republic, Finland, Brazil, Spain, the UK, India, Italy and Thailand lagged somewhat behind, together comprising a further 35%.

The Czech Republic, with a CAGR of +20.8%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average vehicle seat import price amounted to $161 per unit, growing by 4.7% against the previous year. Over the last decade, it increased at an average annual rate of +2.7%. The pace of growth was the most pronounced in 2014 an increase of 27% against the previous year. As a result, import price reached the peak level of $195 per unit. From 2015 to 2022, the average 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 the UK ($295 per unit), while Thailand ($30 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+15.0%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Seats For Motor Vehicles

In 2022, after three years of decline, there was significant growth in overseas shipments of seats for motor vehicles, when their volume increased by 54% to 23M units. The total export volume increased at an average annual rate of +2.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, vehicle seat exports soared to $3.3B in 2022. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2016 when exports increased by 19% against the previous year. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

In 2022, China (7M units) was the major exporter of seats for motor vehicles, comprising 30% of total exports. It was distantly followed by Poland (3.3M units), the Czech Republic (2M units), India (1.7M units), Germany (1.6M units) and France (1.5M units), together creating a 44% share of total exports. Mexico (953K units), the United States (840K units), Thailand (646K units), Spain (530K units) and the Philippines (447K units) held a little share of total exports.

Exports from China increased at an average annual rate of +11.0% from 2012 to 2022. At the same time, Poland (+21.1%), the Philippines (+18.0%), the Czech Republic (+13.9%), Spain (+8.3%), Mexico (+8.0%), France (+5.4%), India (+3.0%) and Thailand (+2.5%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the world, with a CAGR of +21.1% from 2012-2022. By contrast, the United States (-1.4%) and Germany (-10.4%) illustrated a downward trend over the same period. China (+17 p.p.), Poland (+12 p.p.), the Czech Republic (+5.9 p.p.), Mexico (+1.7 p.p.) and France (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while the United States and Germany saw its share reduced by -1.6% and -19.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($468M), Poland ($457M) and the Czech Republic ($391M) constituted the countries with the highest levels of exports in 2022, with a combined 39% share of global exports.

Poland, with a CAGR of +19.4%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average vehicle seat export price stood at $145 per unit in 2022, declining by -23.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. The pace of growth was the most pronounced in 2021 when the average export price increased by 25% against the previous year. As a result, the export price attained the peak level of $190 per unit, and then fell dramatically in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($332 per unit), while the Philippines ($16 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+9.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform