Vietnam: Market for Upholstered Seats With Metal Frames 2024

Market Size for Upholstered Seats With Metal Frames in Vietnam

In 2021, after three years of growth, there was significant decline in the Vietnamese metal frame upholstered seat market, when its value decreased by -30.7% to $X. Over the period under review, consumption recorded a perceptible decline. Metal frame upholstered seat consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Production of Upholstered Seats With Metal Frames in Vietnam

In value terms, metal frame upholstered seat production reduced markedly to $X in 2021 estimated in export price. In general, the total production indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% 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 +65.9% against 2018 indices. The most prominent rate of growth was recorded in 2020 with an increase of 65%. As a result, production reached the peak level of $X, and then declined significantly in the following year.

Exports of Upholstered Seats With Metal Frames

Exports from Vietnam

Metal frame upholstered seat exports from Vietnam surged to X units in 2021, increasing by 18% on 2020 figures. Over the period under review, exports showed significant growth. The pace of growth was the most pronounced in 2015 with an increase of 178%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, metal frame upholstered seat exports skyrocketed to $X in 2021. In general, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 119% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for metal frame upholstered seat exports from Vietnam, accounting for a 85% share of total exports. Moreover, metal frame upholstered seat exports to the United States exceeded the volume sent to the second major destination, France (X units), more than tenfold. Australia (X units) ranked third in terms of total exports with a 3.4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +140.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+44.9% per year) and Australia (+81.0% per year).

In value terms, the United States ($X) remains the key foreign market for upholstered seats with metal frames exports from Vietnam, comprising 84% of total exports. The second position in the ranking was taken by France ($X), with a 4.5% share of total exports. It was followed by Australia, with a 3.3% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +159.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+56.4% per year) and Australia (+95.4% per year).

Export Prices by Country

The average metal frame upholstered seat export price stood at $X per unit in 2021, growing by 3% against the previous year. Overall, the export price recorded strong growth. The pace of growth appeared the most rapid in 2016 when the average export price increased by 63% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Australia ($X per unit) and Japan ($X per unit), while the average price for exports to the UK ($X per unit) and France ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Upholstered Seats With Metal Frames

Imports into Vietnam

In 2021, approx. X units of upholstered seats with metal frames were imported into Vietnam; surging by 9.5% on 2020. In general, imports recorded buoyant growth. The growth pace was the most rapid in 2017 with an increase of 169%. Over the period under review, imports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, metal frame upholstered seat imports declined dramatically to $X in 2021. Overall, imports showed prominent growth. The most prominent rate of growth was recorded in 2017 when imports increased by 226% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then contracted notably in the following year.

Imports by Country

In 2021, China (X units) was the main metal frame upholstered seat supplier to Vietnam, accounting for a approx. 97% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +19.4%.

In value terms, China ($X) constituted the largest supplier of upholstered seats with metal frames to Vietnam.

From 2012 to 2021, the average annual growth rate of value from China totaled +12.5%.

Import Prices by Country

The average metal frame upholstered seat import price stood at $X per unit in 2021, declining by -24.6% against the previous year. Over the period under review, the import price showed a abrupt decline. The pace of growth appeared the most rapid in 2018 an increase of 64% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -5.8% per year.

Source: IndexBox Platform

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