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

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

After ten years of growth, the South Korean wooden frame upholstered seat market decreased by -14.9% to $X in 2022. Overall, consumption, however, posted a resilient expansion. Wooden frame upholstered seat consumption peaked at $X in 2021, and then dropped in the following year.

Exports of Upholstered Seats With Wooden Frames

Exports from Republic of Korea

In 2022, the amount of upholstered seats with wooden frames exported from South Korea fell to X units, declining by -11% compared with 2021 figures. Overall, exports continue to indicate a noticeable downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 148% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, wooden frame upholstered seat exports soared to $X in 2022. In general, exports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 43%. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Panama (X units), Hong Kong SAR (X units) and the United States (X units) were the main destinations of wooden frame upholstered seat exports from South Korea, together comprising 30% of total exports. Saudi Arabia, Vietnam, Australia, Oman, the Philippines, Japan, Taiwan (Chinese), China, the United Arab Emirates and Guam lagged somewhat behind, together comprising a further 52%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Australia (with a CAGR of +38.4%), while the other leaders experienced more modest paces of growth.

In value terms, Panama ($X), Hong Kong SAR ($X) and the United States ($X) were the largest markets for wooden frame upholstered seat exported from South Korea worldwide, together accounting for 30% of total exports. Saudi Arabia, Vietnam, Australia, Oman, the Philippines, Japan, Taiwan (Chinese), China, the United Arab Emirates and Guam lagged somewhat behind, together comprising a further 52%.

In terms of the main countries of destination, Australia, with a CAGR of +39.2%, 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, surging by 54% against the previous year. In general, export price indicated a modest increase from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when the average export price increased by 70%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Oman ($X per unit) and Taiwan (Chinese) ($X per unit), while the average price for exports to China ($X per unit) and the United Arab Emirates ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Oman (+4.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Upholstered Seats With Wooden Frames

Imports into Republic of Korea

In 2022, overseas purchases of upholstered seats with wooden frames decreased by -16.9% to X units, falling for the second consecutive year after two years of growth. In general, imports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2015 when imports increased by 44%. Over the period under review, imports attained the maximum at X units in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, wooden frame upholstered seat imports declined to $X in 2022. Overall, imports, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2014 when imports increased by 36% against the previous year. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X units) constituted the largest wooden frame upholstered seat supplier to South Korea, with a 73% share of total imports. Moreover, wooden frame upholstered seat imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), sevenfold. The third position in this ranking was held by Italy (X units), with a 7.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +10.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+12.0% per year) and Italy (+2.8% per year).

In value terms, China ($X) constituted the largest supplier of upholstered seats with wooden frames to South Korea, comprising 73% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 9.8% share of total imports. It was followed by Italy, with a 7.2% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +12.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+14.1% per year) and Italy (+4.8% per year).

Import Prices by Country

In 2022, the average wooden frame upholstered seat import price amounted to $X per unit, rising by 3.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. The most prominent rate of growth was recorded in 2021 an increase of 18%. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Malaysia ($X per unit) and Norway ($X per unit), while the price for China ($X per unit) and Italy ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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