Sri Lanka: Bed-Convertible Seat Market 2024

Bed-Convertible Seat Market Size in Sri Lanka

The Sri Lankan bed-convertible seat market shrank to $X in 2021, with a decrease of -5.7% against the previous year. Overall, the total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +5.5% against 2019 indices. Bed-convertible seat consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Bed-Convertible Seat Production in Sri Lanka

In value terms, bed-convertible seat production reduced to $X in 2021 estimated in export price. In general, the total production indicated pronounced growth from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +7.6% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 53% against the previous year. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Bed-Convertible Seat Exports

Exports from Sri Lanka

In 2021, overseas shipments of seats convertible into beds increased by 18% to X units, rising for the seventh year in a row after two years of decline. Over the period under review, exports showed a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of 164%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, bed-convertible seat exports surged to $X in 2021. In general, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2019 with an increase of 90%. The exports peaked in 2021 and are likely to see steady growth in the near future.

Exports by Country

Australia (X units) was the main destination for bed-convertible seat exports from Sri Lanka, accounting for a 81% share of total exports. Moreover, bed-convertible seat exports to Australia exceeded the volume sent to the second major destination, Costa Rica (X units), fivefold.

From 2012 to 2021, the average annual growth rate of volume to Australia totaled +32.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Costa Rica (0.0% per year) and Maldives (-20.6% per year).

In value terms, Costa Rica ($X) emerged as the key foreign market for seats convertible into beds exports from Sri Lanka, comprising 89% of total exports. The second position in the ranking was held by Australia ($X), with an 8.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Costa Rica was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+18.8% per year) and Maldives (-19.1% per year).

Export Prices by Country

The average bed-convertible seat export price stood at $X per unit in 2021, rising by 6% against the previous year. Overall, export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, bed-convertible seat export price increased by +30.5% against 2019 indices. The pace of growth appeared the most rapid in 2015 an increase of 92%. As a result, the export price attained the peak level of $X per unit. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Costa Rica ($X per unit), while the average price for exports to Australia ($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 Maldives (+2.7%), while the prices for the other major destinations experienced a decline.

Bed-Convertible Seat Imports

Imports into Sri Lanka

In 2021, supplies from 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. Over the period under review, imports posted a prominent increase. The pace of growth appeared the most rapid in 2014 with an increase of 202% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, bed-convertible seat imports skyrocketed to $X in 2021. In general, imports enjoyed prominent growth. The pace of growth appeared the most rapid in 2013 when imports increased by 126%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest bed-convertible seat supplier to Sri Lanka, with a 66% share of total imports. Moreover, bed-convertible seat imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), threefold. The third position in this ranking was taken by South Korea (X units), with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +8.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+15.4% per year) and South Korea (+4.9% per year).

In value terms, China ($X) constituted the largest supplier of seats convertible into beds to Sri Lanka, comprising 50% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 24% share of total imports. It was followed by South Korea, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+8.0% per year) and South Korea (+16.7% per year).

Import Prices by Country

The average bed-convertible seat import price stood at $X per unit in 2021, declining by -16.9% against the previous year. In general, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the average import price increased by 173%. The import price peaked at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was South Korea ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+12.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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