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

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

For the third year in a row, the Hong Kong wooden frame upholstered seat market recorded growth in sales value, which increased by 1.7% to $X in 2022. The market value increased at an average annual rate of +3.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Wooden frame upholstered seat consumption peaked in 2022 and is expected to retain growth in the near future.

Exports of Upholstered Seats With Wooden Frames

Exports from Hong Kong SAR, China

In 2022, shipments abroad of upholstered seats with wooden frames decreased by -38.3% to X units, falling for the second consecutive year after four years of growth. Over the period under review, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2020 with an increase of 13% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, wooden frame upholstered seat exports reduced sharply to $X in 2022. In general, exports saw a pronounced decrease. The most prominent rate of growth was recorded in 2018 with an increase of 32%. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), China (X units) and Macao SAR (X units) were the main destinations of wooden frame upholstered seat exports from Hong Kong SAR, with a combined 57% share of total exports. South Korea, Taiwan (Chinese), the Philippines, Japan and Saudi Arabia lagged somewhat behind, together accounting for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Korea (with a CAGR of +34.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for wooden frame upholstered seat exported from Hong Kong SAR were Taiwan (Chinese) ($X), South Korea ($X) and the United States ($X), with a combined 55% share of total exports.

In terms of the main countries of destination, South Korea, with a CAGR of +28.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wooden frame upholstered seat export price stood at $X per unit in 2022, picking up by 23% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+12.4%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Upholstered Seats With Wooden Frames

Imports into Hong Kong SAR, China

In 2022, imports of upholstered seats with wooden frames into Hong Kong SAR rose notably to X units, increasing by 13% against the previous year's figure. Overall, total imports indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +2.8% 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 +83.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 35%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, wooden frame upholstered seat imports contracted to $X in 2022. The total import value increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 18%. As a result, imports attained the peak of $X, and then reduced slightly in the following year.

Imports by Country

In 2022, China (X units) was the main wooden frame upholstered seat supplier to Hong Kong SAR, with a 94% share of total imports. It was followed by Italy (X units), with a 1.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+2.9% per year) and Malaysia (+8.3% per year).

In value terms, China ($X) constituted the largest supplier of upholstered seats with wooden frames to Hong Kong SAR, comprising 76% of total imports. The second position in the ranking was held by Italy ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +1.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+3.9% per year) and Malaysia (+9.5% per year).

Import Prices by Country

In 2022, the average wooden frame upholstered seat import price amounted to $X per unit, which is down by -14.5% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the average import price increased by 12%. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per unit), while the price for Malaysia ($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 (+1.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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