Report Update: May 1, 2024

Republic of Korea - Seats - Market Analysis, Forecast, Size, Trends and Insights

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Seat Price in South Korea - 2022

Seat Price in South Korea (CIF) - 2022

The average seat import price stood at $64.7 per unit in December 2022, reducing by -8.5% against the previous month. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in February 2022 an increase of 7.1% m-o-m. The import price peaked at $70.7 per unit in November 2022, and then shrank in the following month.

There were significant differences in the average prices amongst the major supplying countries. In December 2022, the country with the highest price was Italy ($169 per unit), while the price for China ($52.5 per unit) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+1.2%), while the prices for the other major suppliers experienced a decline.

Seat Price in South Korea (FOB) - 2022

In December 2022, the average seat export price amounted to $60.0 per unit, approximately reflecting the previous month. Over the last twelve months, it increased at an average monthly rate of +1.6%. The growth pace was the most rapid in January 2022 an increase of 33% against the previous month. As a result, the export price attained the peak level of $65.8 per unit. From February 2022 to December 2022, the the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In December 2022, the country with the highest price was the United States ($91.0 per unit), while the average price for exports to the Philippines ($10.8 per unit) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Hong Kong SAR (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Seat Imports in South Korea

In 2022, purchases abroad of seats decreased by -21.7% to 16M units for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports recorded a slight contraction. The pace of growth appeared the most rapid in 2020 with an increase of 17% against the previous year. Imports peaked at 21M units in 2021, and then declined rapidly in the following year.

In value terms, seat imports contracted to $1.3B in 2022. The total import value increased at an average annual rate of +11.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2020 with an increase of 28% against the previous year. Imports peaked at $1.3B in 2021, and then fell in the following year.

Import of Seat in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	655	895	1,023	766	5.4%
Taiwan (Chinese)	3.1	5.5	6.5	198	299.7%
Vietnam	99.7	102	92.3	89.9	-3.4%
Italy	45.4	45.5	64.7	56.9	7.8%
Others	106	114	151	141	10.0%
Total	910	1,162	1,338	1,252	11.2%

Top Suppliers of Seat to South Korea in 2022:

China (13.3M units)
Vietnam (1.0M units)
Taiwan (Chinese) (0.6M units)
Italy (0.3M units)

Seat Exports in South Korea

Seat exports from South Korea rose remarkably to 1.1M units in 2022, increasing by 8.7% on the previous year's figure. The total export volume increased at an average annual rate of +2.3% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 23%. The exports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, seat exports amounted to $84M in 2022. In general, exports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 23% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the near future.

Export of Seat in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	10.4	12.5	9.8	13.3	8.5%
Japan	9.3	7.6	9.5	9.6	1.1%
China	7.5	5.4	6.6	5.7	-8.7%
Saudi Arabia	4.5	3.6	5.0	5.0	3.6%
Vietnam	4.7	2.2	1.3	3.7	-7.7%
Taiwan (Chinese)	2.5	2.8	3.4	3.6	12.9%
Hong Kong SAR	1.3	1.3	5.5	3.5	39.1%
Australia	1.9	1.8	2.5	2.7	12.4%
Thailand	1.3	1.3	1.9	2.3	20.9%
United Arab Emirates	2.2	2.3	1.6	2.1	-1.5%
Singapore	3.6	2.2	1.8	1.9	-19.2%
Philippines	3.0	0.8	1.4	1.6	-18.9%
Malaysia	0.4	0.6	0.6	0.8	26.0%
Others	31.2	22.9	31.9	28.3	-3.2%
Total	83.8	67.2	82.8	84.1	0.1%

Top Export Markets for Seat from South Korea in 2022:

United States (221.0K units)
Japan (92.1K units)
Thailand (64.0K units)
Hong Kong SAR (62.5K units)
China (59.8K units)
Australia (54.1K units)
Taiwan (Chinese) (45.8K units)
Saudi Arabia (41.2K units)
Singapore (41.1K units)
Vietnam (38.4K units)
United Arab Emirates (33.2K units)
Philippines (32.9K units)
Malaysia (31.5K units)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the seat market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 29321000 - Seats for motor vehicles
Prodcom 30305010 - Seats for aircraft, parts thereof
Prodcom 31001155 -
Prodcom 31001159 -
Prodcom 31001170 - Upholstered seats with metal frames (excluding swivel seats, m edical, surgical, dental or veterinary seats, barbers
Prodcom 31001190 - Non-upholstered seats with metal frames (excluding medical, s urgical, dental or veterinary seats, barbers
Prodcom 31001210 - Seats convertible into beds (excluding garden seats or camping equipment)
Prodcom 31001230 - Seats of cane, osier, bamboo or similar materials
Prodcom 31001250 - Upholstered seats with wooden frames (including three piece suites) (excluding swivel seats)
Prodcom 31001290 - Non-upholstered seats with wooden frames (excluding swivel seats)
Prodcom 31001300 - Other seats, of HS

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023