Hong Kong SAR, China: Market for Upholstered Seats With Metal Frames 2024

Market Size for Upholstered Seats With Metal Frames in Hong Kong SAR, China

In 2021, the Hong Kong metal frame upholstered seat market increased by 4.9% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, the total consumption indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -25.9% against 2018 indices. As a result, consumption attained the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Exports of Upholstered Seats With Metal Frames

Exports from Hong Kong SAR, China

In 2021, after six years of decline, there was significant growth in overseas shipments of upholstered seats with metal frames, when their volume increased by 100% to X units. Overall, exports, however, continue to indicate a deep downturn. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, metal frame upholstered seat exports skyrocketed to $X in 2021. Over the period under review, exports, however, showed a abrupt slump. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for metal frame upholstered seat exports from Hong Kong SAR, with a 48% share of total exports. Moreover, metal frame upholstered seat exports to the United States exceeded the volume sent to the second major destination, Taiwan (Chinese) (X units), threefold. China (X units) ranked third in terms of total exports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at -9.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+21.5% per year) and China (-9.7% per year).

In value terms, the largest markets for metal frame upholstered seat exported from Hong Kong SAR were China ($X), the United States ($X) and Taiwan (Chinese) ($X), together comprising 76% of total exports. South Korea, the UK, Italy, the Philippines, Chile, the Netherlands, Greece and Australia lagged somewhat behind, together accounting for a further 14%.

Chile, with a CAGR of +28.8%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average metal frame upholstered seat export price amounted to $X per unit, which is down by -22.2% against the previous year. In general, the export price, however, recorded a prominent increase. The growth pace was the most rapid in 2013 an increase of 162%. As a result, the export price reached the peak level of $X per unit. From 2014 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+28.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Upholstered Seats With Metal Frames

Imports into Hong Kong SAR, China

After two years of decline, overseas purchases of upholstered seats with metal frames increased by 4.5% to X units in 2021. In general, imports, however, showed a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 8.2%. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, metal frame upholstered seat imports surged to $X in 2021. Overall, imports, however, showed a perceptible shrinkage. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X units) was the main metal frame upholstered seat supplier to Hong Kong SAR, with a 91% share of total imports. It was followed by Japan (X units), with a 2.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled -8.1%.

In value terms, China ($X) constituted the largest supplier of upholstered seats with metal frames to Hong Kong SAR, comprising 59% of total imports. The second position in the ranking was taken by Japan ($X), with a 2.3% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at -5.4%.

Import Prices by Country

In 2021, the average metal frame upholstered seat import price amounted to $X per unit, with an increase of 30% against the previous year. Over the last nine years, it increased at an average annual rate of +3.9%. The import price peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.9%).

Source: IndexBox Platform

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