Singapore: Market for Upholstered Seats With Wooden Frames 2024

Market Size for Upholstered Seats With Wooden Frames in Singapore

In 2022, the Singaporean wooden frame upholstered seat market increased by 8.1% to $X, rising for the second year in a row after two years of decline. The market value increased at an average annual rate of +3.6% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Wooden frame upholstered seat consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Exports of Upholstered Seats With Wooden Frames

Exports from Singapore

In 2022, shipments abroad of upholstered seats with wooden frames increased by 61% to X units, rising for the second consecutive year after two years of decline. Overall, exports showed a modest expansion. The most prominent rate of growth was recorded in 2013 with an increase of 126% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, wooden frame upholstered seat exports skyrocketed to $X in 2022. In general, exports, however, recorded a mild downturn. The most prominent rate of growth was recorded in 2013 when exports increased by 129% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X units) was the main destination for wooden frame upholstered seat exports from Singapore, with a 36% share of total exports. Moreover, wooden frame upholstered seat exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X units), twofold. The third position in this ranking was taken by Japan (X units), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Malaysia totaled +9.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-7.4% per year) and Japan (+58.6% per year).

In value terms, Malaysia ($X), Indonesia ($X) and Japan ($X) constituted the largest markets for wooden frame upholstered seat exported from Singapore worldwide, together accounting for 58% of total exports.

Japan, with a CAGR of +55.1%, recorded the highest rates of growth with regard to 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

In 2022, the average wooden frame upholstered seat export price amounted to $X per unit, reducing by -3.3% against the previous year. Over the period under review, the export price showed a noticeable setback. The growth pace was the most rapid in 2017 when the average export price increased by 24%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Hong Kong SAR ($X per unit) and India ($X per unit), while the average price for exports to Malaysia ($X per unit) and Qatar ($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 Qatar (-1.3%), while the prices for the other major destinations experienced a decline.

Imports of Upholstered Seats With Wooden Frames

Imports into Singapore

In 2022, imports of upholstered seats with wooden frames into Singapore rose rapidly to X units, with an increase of 13% compared with 2021. The total import volume increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 26%. Imports peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, wooden frame upholstered seat imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +3.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 48% against the previous year. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest wooden frame upholstered seat supplier to Singapore, with a 52% share of total imports. Moreover, wooden frame upholstered seat imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), threefold. Italy (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-4.5% per year) and Italy (+1.6% per year).

In value terms, China ($X) constituted the largest supplier of upholstered seats with wooden frames to Singapore, comprising 46% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 22% share of total imports. It was followed by Italy, with a 12% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +7.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-2.0% per year) and Italy (+3.6% per year).

Import Prices by Country

In 2022, the average wooden frame upholstered seat import price amounted to $X per unit, dropping by -2.8% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The growth pace was the most rapid in 2021 an increase of 18% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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