Thailand: Market for Upholstered Seats With Wooden Frames 2024

Market Size for Upholstered Seats With Wooden Frames in Thailand

In 2022, the Thai wooden frame upholstered seat market was finally on the rise to reach $X after two years of decline. In general, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in the near future.

Production of Upholstered Seats With Wooden Frames in Thailand

In value terms, wooden frame upholstered seat production dropped modestly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 with an increase of 25%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Exports of Upholstered Seats With Wooden Frames

Exports from Thailand

After two years of growth, shipments abroad of upholstered seats with wooden frames decreased by -20.4% to X units in 2022. In general, exports recorded a deep contraction. The pace of growth appeared the most rapid in 2018 with an increase of 13%. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, wooden frame upholstered seat exports fell to $X in 2022. Overall, total exports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +51.2% against 2017 indices. The growth pace was the most rapid in 2021 with an increase of 33% against the previous year. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

Japan (X units), the United States (X units) and China (X units) were the main destinations of wooden frame upholstered seat exports from Thailand, with a combined 67% share of total exports. Australia, the UK, South Korea, Singapore, Canada and Malaysia lagged somewhat behind, together comprising a further 24%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Singapore (with a CAGR of +41.6%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for upholstered seats with wooden frames exports from Thailand, comprising 40% of total exports. The second position in the ranking was held by Japan ($X), with a 12% share of total exports. It was followed by Singapore, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +28.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-10.7% per year) and Singapore (+44.2% per year).

Export Prices by Country

In 2022, the average wooden frame upholstered seat export price amounted to $X per unit, increasing by 9.6% against the previous year. In general, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, wooden frame upholstered seat export price increased by +76.6% against 2017 indices. The pace of growth appeared the most rapid in 2019 an increase of 22% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per unit), while the average price for exports to South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Upholstered Seats With Wooden Frames

Imports into Thailand

After two years of growth, purchases abroad of upholstered seats with wooden frames decreased by -3.8% to X units in 2022. In general, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.2% against 2019 indices. The growth pace was the most rapid in 2021 when imports increased by 42% against the previous year. As a result, imports attained the peak of X units, and then reduced modestly in the following year.

In value terms, wooden frame upholstered seat imports surged to $X in 2022. Overall, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +6.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +52.8% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 33%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest wooden frame upholstered seat supplier to Thailand, accounting for a 84% share of total imports. Moreover, wooden frame upholstered seat imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +6.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+7.7% per year) and Vietnam (+18.4% per year).

In value terms, China ($X) constituted the largest supplier of upholstered seats with wooden frames to Thailand, comprising 78% of total imports. The second position in the ranking was held by Vietnam ($X), with a 5.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +6.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+24.1% per year) and Malaysia (+3.5% per year).

Import Prices by Country

The average wooden frame upholstered seat import price stood at $X per unit in 2022, growing by 20% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the average import price increased by 28% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per unit), while the price for Malaysia ($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 (+4.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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