Singapore: Bed-Convertible Seat Market 2024

Bed-Convertible Seat Market Size in Singapore

The Singaporean bed-convertible seat market skyrocketed to $X in 2021, jumping by 24% against 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). In general, consumption continues to indicate a perceptible shrinkage. Bed-convertible seat consumption peaked at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Bed-Convertible Seat Exports

Exports from Singapore

In 2021, shipments abroad of seats convertible into beds was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2017 when exports increased by 166% against the previous year. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, bed-convertible seat exports surged to $X in 2021. Over the period under review, exports, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 208% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The Philippines (X units) was the main destination for bed-convertible seat exports from Singapore, accounting for a 73% share of total exports. Moreover, bed-convertible seat exports to the Philippines exceeded the volume sent to the second major destination, Cyprus (X units), eightfold. Australia (X units) ranked third in terms of total exports with a 5.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Philippines stood at +88.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (0.0% per year) and Australia (-4.0% per year).

In value terms, the Philippines ($X) remains the key foreign market for seats convertible into beds exports from Singapore, comprising 42% of total exports. The second position in the ranking was taken by Cyprus ($X), with a 15% share of total exports. It was followed by Australia, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the Philippines amounted to +59.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cyprus (0.0% per year) and Australia (-10.0% per year).

Export Prices by Country

In 2021, the average bed-convertible seat export price amounted to $X per unit, picking up by 17% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt slump. The most prominent rate of growth was recorded in 2015 when the average export price increased by 21% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Maldives ($X per unit), while the average price for exports to the Philippines ($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 the United States (+59.2%), while the prices for the other major destinations experienced more modest paces of growth.

Bed-Convertible Seat Imports

Imports into Singapore

Bed-convertible seat imports into Singapore reduced to X units in 2021, which is down by -9.9% against 2020. Over the period under review, imports recorded a abrupt curtailment. The growth pace was the most rapid in 2014 with an increase of 43% against the previous year. Imports peaked at X units in 2016; however, from 2017 to 2021, imports failed to regain momentum.

In value terms, bed-convertible seat imports skyrocketed to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of bed-convertible seat to Singapore, accounting for a 80% share of total imports. Moreover, bed-convertible seat imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), sixfold. South Africa (X units) ranked third in terms of total imports with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+9.3% per year) and South Africa (+18.2% per year).

In value terms, China ($X) constituted the largest supplier of seats convertible into beds to Singapore, comprising 81% of total imports. The second position in the ranking was held by Malaysia ($X), with a 13% share of total imports. It was followed by Japan, with a 1.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+14.7% per year) and Japan (+40.8% per year).

Import Prices by Country

In 2021, the average bed-convertible seat import price amounted to $X per unit, picking up by 75% against the previous year. In general, import price indicated resilient growth from 2012 to 2021: its price increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Vietnam ($X per unit), while the price for Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+19.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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