Seating suppliers’ strong financial performance in 2023

While major tier 1 seat suppliers recorded strong growth in sales and profit over 2022, their operating margin continues to remain under pressure

Automotive seat suppliers benefitted from strong growth in vehicle production in 2023. According to S&P Global Mobility data, light-vehicle production increased 9.4% year over year to 90 million units, recording the highest annual growth after the COVID-19 pandemic. Apart from the continuing recovery in vehicle demand, most automakers benefited from the easing of supply chain crisis, especially chip shortages which had forced them to adjust their production strategies for more than two years.