Asia: Bed-Convertible Seat Market 2022

Bed-Convertible Seat Market Size in Asia

In 2021, after two years of growth, there was decline in the Asian bed-convertible seat market, when its value decreased by -4.4% to $X. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs at $X in 2020, and then contracted in the following year.

Bed-Convertible Seat Production in Asia

In value terms, bed-convertible seat production dropped modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2016 with an increase of 15% against the previous year. The level of production peaked at $X in 2020, and then contracted in the following year.

Bed-Convertible Seat Exports

Exports in Asia

In 2021, bed-convertible seat exports in Asia amounted to X units, increasing by 10% compared with 2020 figures. Total exports indicated a strong expansion from 2012 to 2021: its volume 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. Based on 2021 figures, exports increased by +114.5% against 2016 indices. The pace of growth was the most pronounced in 2018 when exports increased by 36% against the previous year. The volume of export peaked in 2021 and is likely to see gradual growth in years to come.

In value terms, bed-convertible seat exports stood at $X in 2021. Total exports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +63.6% against 2017 indices. The growth pace was the most rapid in 2020 with an increase of 26% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Exports by Country

China represented the major exporter of seats convertible into beds in Asia, with the volume of exports amounting to X units, which was approx. 78% of total exports in 2021. Turkey (1,060K units) held a 12% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (5.7%). Thailand (229K units) and India (164K units) took a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to bed-convertible seat exports from China stood at +4.3%. At the same time, India (+61.5%), Vietnam (+46.6%), Thailand (+27.4%) and Turkey (+4.3%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia, with a CAGR of +61.5% from 2012-2021. From 2012 to 2021, the share of Vietnam, Thailand and India increased by +5.4, +2.1 and +1.8 percentage points, respectively. China (-5.8 p.p.) saw their shares reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest bed-convertible seat supplier in Asia, comprising 69% of total exports. The second position in the ranking was taken by Turkey ($X), with an 18% share of total exports. It was followed by Vietnam, with a 7.7% share.

In China, bed-convertible seat exports increased at an average annual rate of +2.6% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Turkey (+2.7% per year) and Vietnam (+32.4% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, approximately reflecting the previous year. Overall, the export price, however, recorded a mild descent. The pace of growth was the most pronounced in 2016 when the export price increased by 14%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2021, the the export prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+2.5%), while the other leaders experienced a decline in the export price figures.

Bed-Convertible Seat Imports

Imports in Asia

In 2021, the amount of seats convertible into beds imported in Asia soared to X units, with an increase of 19% compared with the previous year's figure. Overall, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when imports increased by 21%. As a result, imports attained the peak of X units. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, bed-convertible seat imports rose notably to $X in 2021. In general, imports, however, showed a mild decrease. The most prominent rate of growth was recorded in 2018 with an increase of 20%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The countries with the highest levels of bed-convertible seat imports in 2021 were the Philippines (310K units), Thailand (294K units) and Japan (278K units), together amounting to 51% of total import. It was distantly followed by South Korea (174K units) and Iraq (94K units), together constituting a 16% share of total imports. The United Arab Emirates (70K units), Kazakhstan (63K units), Israel (55K units), Turkey (46K units), Qatar (39K units), Indonesia (38K units), Malaysia (36K units) and Georgia (35K units) took a little share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Philippines (with a CAGR of +47.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Iraq ($X) and South Korea ($X) were the countries with the highest levels of imports in 2021, with a combined 42% share of total imports. Kazakhstan, the United Arab Emirates, Israel, Thailand, Turkey, Qatar, Indonesia, the Philippines, Malaysia and Georgia lagged somewhat behind, together accounting for a further 34%.

The Philippines, with a CAGR of +33.9%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per unit, with a decrease of -8.4% against the previous year. Over the period under review, the import price continues to indicate a mild downturn. The most prominent rate of growth was recorded in 2016 an increase of 7%. As a result, import price reached the peak level of $X per unit. From 2017 to 2021, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Iraq ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+10.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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