ASEAN: Market for Upholstered Seats With Wooden Frames 2024

Market Size for Upholstered Seats With Wooden Frames in ASEAN

The ASEAN wooden frame upholstered seat market expanded sharply to $X in 2022, growing by 9.4% against the previous year. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Production of Upholstered Seats With Wooden Frames in ASEAN

In value terms, wooden frame upholstered seat production rose markedly to $X in 2022 estimated in export price. In general, production, however, enjoyed a tangible increase. The most prominent rate of growth was recorded in 2020 when the production volume increased by 36%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Upholstered Seats With Wooden Frames

Exports in ASEAN

After five years of growth, overseas shipments of upholstered seats with wooden frames decreased by -4.1% to X units in 2022. Over the period under review, exports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 122% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2021, and then reduced modestly in the following year.

In value terms, wooden frame upholstered seat exports fell to $X in 2022. Overall, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 123% against the previous year. Over the period under review, the exports reached the maximum at $X in 2021, and then shrank in the following year.

Exports by Country

Vietnam dominates exports structure, recording X units, which was near 91% of total exports in 2022. The following exporters - Malaysia (X units) and Thailand (X units) - each amounted to a 6% share of total exports.

Vietnam was also the fastest-growing in terms of the upholstered seats with wooden frames exports, with a CAGR of +35.4% from 2012 to 2022. Thailand (-5.0%) and Malaysia (-6.2%) illustrated a downward trend over the same period. While the share of Vietnam (+63 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Thailand (-28.4 p.p.) and Malaysia (-35.6 p.p.) displayed negative dynamics.

In value terms, Vietnam ($X) remains the largest wooden frame upholstered seat supplier in ASEAN, comprising 86% of total exports. The second position in the ranking was held by Malaysia ($X), with a 4.8% share of total exports.

In Vietnam, wooden frame upholstered seat exports expanded at an average annual rate of +25.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Malaysia (+2.8% per year) and Thailand (+1.0% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, shrinking by -10.1% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 27% against the previous year. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+9.7%), while the other leaders experienced mixed trends in the export price figures.

Imports of Upholstered Seats With Wooden Frames

Imports in ASEAN

Wooden frame upholstered seat imports fell markedly to X units in 2022, with a decrease of -18% compared with the year before. Total imports indicated resilient growth from 2012 to 2022: its volume increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +44.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 76%. As a result, imports attained the peak of X units, and then dropped rapidly in the following year.

In value terms, wooden frame upholstered seat imports expanded markedly to $X in 2022. Total imports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +74.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 63% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

The purchases of the three major importers of upholstered seats with wooden frames, namely Thailand, Malaysia and the Philippines, represented more than two-thirds of total import. Singapore (X units) took the next position in the ranking, followed by Indonesia (X units) and Vietnam (X units). All these countries together held approx. 27% share of total imports. Brunei Darussalam (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Brunei Darussalam (with a CAGR of +16.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Thailand ($X) and Singapore ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 61% share of total imports. Malaysia, the Philippines, Vietnam and Brunei Darussalam lagged somewhat behind, together accounting for a further 38%.

The Philippines, with a CAGR of +21.2%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, increasing by 31% against the previous year. In general, the import price saw a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 Indonesia ($X per unit), while Brunei Darussalam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform