Republic of Korea: Swivel Seat Market 2024

Swivel Seat Market Size in Republic of Korea

In 2022, the South Korean swivel seat market decreased by -10.8% to $X for the first time since 2013, thus ending a eight-year rising trend. Over the period under review, consumption, however, continues to indicate a resilient expansion. Over the period under review, the market reached the maximum level at $X in 2021, and then shrank in the following year.

Swivel Seat Production in Republic of Korea

In value terms, swivel seat production reduced to $X in 2022 estimated in export price. Overall, production recorded a pronounced downturn. The growth pace was the most rapid in 2015 with an increase of 61% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Swivel Seat Exports

Exports from Republic of Korea

In 2022, overseas shipments of swivel seats with variable height adjustments increased by 0.7% to X units, rising for the second year in a row after two years of decline. Overall, exports saw a buoyant increase. The pace of growth appeared the most rapid in 2013 when exports increased by 185% against the previous year. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, swivel seat exports fell to $X in 2022. In general, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +98.7% against 2012 indices. The pace of growth was the most pronounced in 2013 when exports increased by 61%. Over the period under review, the exports hit record highs at $X in 2021, and then fell in the following year.

Exports by Country

The United States (X units) was the main destination for swivel seat exports from South Korea, accounting for a 20% share of total exports. Moreover, swivel seat exports to the United States exceeded the volume sent to the second major destination, Japan (X units), twofold. Saudi Arabia (X units) ranked third in terms of total exports with an 8.1% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +23.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+10.4% per year) and Saudi Arabia (+14.8% per year).

In value terms, the United States ($X), Japan ($X) and Saudi Arabia ($X) were the largest markets for swivel seat exported from South Korea worldwide, together accounting for 33% of total exports. China, the UK, Taiwan (Chinese), Australia, the United Arab Emirates, Poland, the Czech Republic, Indonesia, Singapore and Algeria lagged somewhat behind, together comprising a further 35%.

In terms of the main countries of destination, Poland, with a CAGR of +61.5%, recorded 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 swivel seat export price stood at $X per unit in 2022, reducing by -7.6% against the previous year. Overall, the export price continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2015 when the average export price increased by 63% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while the average price for exports to Algeria ($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 Taiwan (Chinese) (+0.2%), while the prices for the other major destinations experienced a decline.

Swivel Seat Imports

Imports into Republic of Korea

In 2022, purchases abroad of swivel seats with variable height adjustments decreased by -19.7% to X units for the first time since 2017, thus ending a four-year rising trend. Over the period under review, imports, however, posted a resilient expansion. The pace of growth appeared the most rapid in 2019 with an increase of 602%. Imports peaked at X units in 2021, and then shrank notably in the following year.

In value terms, swivel seat imports dropped modestly to $X in 2022. In general, imports, however, posted strong growth. The growth pace was the most rapid in 2019 when imports increased by 303%. Over the period under review, imports hit record highs at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, China (X units) was the main swivel seat supplier to South Korea, accounting for a approx. 99% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at +13.1%.

In value terms, China ($X) constituted the largest supplier of swivel seats with variable height adjustments to South Korea.

From 2012 to 2022, the average annual growth rate of value from China totaled +18.4%.

Import Prices by Country

In 2022, the average swivel seat import price amounted to $X per unit, rising by 19% against the previous year. Overall, the import price showed moderate growth. The most prominent rate of growth was recorded in 2016 an increase of 53%. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +4.6% per year.

Source: IndexBox Platform

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