Republic of Korea: Market for Upholstered Seats With Metal Frames 2024

Market Size for Upholstered Seats With Metal Frames in Republic of Korea

The South Korean metal frame upholstered seat market reached $X in 2021, stabilizing at the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption recorded a noticeable downturn. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Exports of Upholstered Seats With Metal Frames

Exports from Republic of Korea

In 2021, overseas shipments of upholstered seats with metal frames decreased by -9.3% to X units for the first time since 2018, thus ending a two-year rising trend. Over the period under review, exports, however, saw a strong expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 187% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, metal frame upholstered seat exports contracted to $X in 2021. In general, exports, however, continue to indicate resilient growth. The growth pace was the most rapid in 2016 when exports increased by 158%. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Japan (X units), Algeria (X units) and Saudi Arabia (X units) were the main destinations of metal frame upholstered seat exports from South Korea, with a combined 44% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Algeria (with a CAGR of +80.6%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for metal frame upholstered seat exported from South Korea were Saudi Arabia ($X), Japan ($X) and Algeria ($X), together comprising 21% of total exports. China, the United Arab Emirates, India, Hungary, Russia, Canada, Malta, Indonesia, Vietnam and Oman lagged somewhat behind, together comprising a further 38%.

Canada, with a CAGR of +68.9%, saw the highest growth rate of the value of exports, in terms of 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

The average metal frame upholstered seat export price stood at $X per unit in 2021, leveling off at the previous year. In general, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 26%. The export price peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Japan ($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 Russia (+14.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Upholstered Seats With Metal Frames

Imports into Republic of Korea

In 2021, purchases abroad of upholstered seats with metal frames decreased by -16.3% to X units, falling for the second year in a row after two years of growth. In general, imports showed a abrupt curtailment. The pace of growth was the most pronounced in 2018 when imports increased by 369% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, metal frame upholstered seat imports expanded markedly to $X in 2021. Over the period under review, imports recorded a pronounced shrinkage. The most prominent rate of growth was recorded in 2018 when imports increased by 242%. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) was the main metal frame upholstered seat supplier to South Korea, with a approx. 97% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -5.7%.

In value terms, China ($X) constituted the largest supplier of upholstered seats with metal frames to South Korea.

From 2012 to 2021, the average annual growth rate of value from China totaled -3.2%.

Import Prices by Country

The average metal frame upholstered seat import price stood at $X per unit in 2021, increasing by 28% against the previous year. Overall, import price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, metal frame upholstered seat import price increased by +57.7% against 2018 indices. The pace of growth appeared the most rapid in 2015 an increase of 44% against the previous year. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, 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 2021, the rate of growth in terms of prices for China amounted to +2.7% per year.

Source: IndexBox Platform

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