Asia-Pacific Home Furniture Market Size
| Study Period | 2018- 2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2018 - 2021 |
| CAGR | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Asia-Pacific Home Furniture Market Analysis
This year, the Asia-Pacific Home Furniture Market made USD 180 billion in sales, and it is expected to register a CAGR of 5% over the next five years.
Because of the COVID-19 outbreak, there were problems with the supply chain and trade restrictions, which hurt global consumption. The COVID-19 epidemic had a big effect on both the way furniture was made and the way people bought it. Due to the lack of money, consumers didn't want to spend on non-essentials like home interiors. This led to a drop in the demand for residential furniture. A steady recovery trend is likely to be seen in the upcoming years, with the home furniture market showcasing a decent jump in revenues due to the relaxation of restrictions. The market is estimated to create lucrative opportunities for industry players during the forecast period. Moreover, following the COVID-19 pandemic, housing projects slowly but surely recovered. Customers are once again willing to spend money on household goods, which will increase demand for furniture during the projection period.
Rapid urbanization, strong growth in the housing market, and fast changes in home furniture are all factors that are driving up the demand for furniture. Chairs, tables, sofas, beds, table trays, and other furniture for the home are popular with both private and business customers. The rise of single-person households and small families in Asia-Pacific is another thing that helps explain the region's strong housing market and rising demand for home improvement goods.
The demand for home improvements is likely to be driven by a strong macroeconomic outlook in emerging Asian countries, changes in demographics, and rising consumer wealth. Also, as people's disposable incomes rise and their lifestyles change, they are more likely to want to buy furniture for their homes that looks nice and makes their lives easier and more comfortable. Brand growth may require innovation, retail excellence, and pricing tailored to target consumer segments. Product innovation, segmentation, and digital strategies are what are driving the growth in home furnishings.
Asia-Pacific Home Furniture Market Trends
Rapid Growth in Kitchen Furniture is Driving the Market
Fitted kitchen units are a type of kitchen furniture, as are other wooden pieces used for storing or cooking food. The number of people living in cities is growing quickly, and home kitchen renovations are a big reason for that. Also, developed areas where a lot of people live in cities have traditionally been the biggest buyers of kitchen furniture and fixtures. This could be a big opportunity for the market to grow in the near future. During the forecast period, online retail is expected to make up a big part of the market. Rising internet penetration in countries such as India and China in recent years has brought a major population of the region online, which is expected to result in a booming opportunity for the home furniture market.
Latest Trends in Bedroom Furniture Segment is Driving the Market
Bedroom furniture includes beds with mattresses of different shapes and sizes, clothes closets, nightstands, and dressers. Economic growth and higher household incomes are two things that make people more likely to spend money on things like furniture. As a result, the demand for bedroom furniture has grown in recent years. The main thing that affects the market is that more premium products are coming out because the standard of living is going up. The online bedroom furniture market has grown significantly in recent years due to the expanded reach of shipping services and the fragmentation of consumer choices.
The rising standard of living is a key factor in the growth of the market, which is why more and more high-end products are coming out. Both developed and developing countries are seeing an increase in the number of wealthy people and a gradual rise in the number of people who want to live a luxurious life. With an increase in disposable income, consumers' spending capacity and their expenditure on luxury goods and services are increasing.
Asia-Pacific Home Furniture Industry Overview
The report covers major international players operating in the market. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovation, midsize to smaller companies are increasing their market presence by securing new contracts and tapping new markets. The leading players in Asia-Pacific home furnishings are IKEA, Bed Bath & Beyond Inc., Wayfair Inc., Future Group, Ashley Furniture Industries Inc., Carrefour, Crate & Barrel, Herman Miller, and Home Depot. Home furnishings are available in stores and through internet retailing.
Asia-Pacific Home Furniture Market Leaders
Ikea
Bed Bath & Beyond Inc.
Herman Miller
Williams-Sonoma, Inc.
Walmart Inc.
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Home Furniture Market News
- March 2023: Celebrated luxury furniture brand, Wriver, has announced the launch of a range of new furniture pieces designed in collaboration with the eminent award-winning design studios Morph Lab, MuseLAB, Studio Sumeet Nagi, and Wriver Design Studio, exclusively at India Design 2023. With the aim of syncing rare craftsmanship and material innovation and furthering their vision of ‘energizing modern living’, the collections are grounded in international sensibilities and crafted to empower interior designs.
- March 2023: The Spanish furniture, design, and decoration brand Kave Home, through its strategic partnership with Nook & Cranny, a key local furniture player, expanded its footprint in Southeast Asia, starting with a flagship store in Singapore.
- February 2023: IKEA launched three new home and furniture collections for spring 2023.
APAC Home Furniture Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights on Key Trends and Recent Developments in the Market
4.7 Insights on Technological Innovations in the Market
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Living-Room and Dining-Room Furniture
5.1.2 Bedroom Furniture
5.1.3 Kitchen Furniture
5.1.4 Lamps and Lighting Furniture
5.1.5 Plastic and Other Furniture
5.2 By Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Specialty Stores
5.2.3 Online
5.2.4 Other Distribution Channels
5.3 By Country
5.3.1 Japan
5.3.2 India
5.3.3 China
5.3.4 Other Countries
6. MARKET CONCENTRATION OVERVIEW
7. COMPANY PROFILES
7.1 Markor International Furniture Co., Ltd.
7.2 Cassina IXC Ltd.
7.3 Bals Corporation
7.4 Godrej Interio
7.5 Zuari Furniture
7.6 Dalian Huafeng Furniture Group Co Ltd.
7.7 Beijing Qumei Furniture Group Corp., Ltd.
7.8 Durian Furniture
7.9 Ashley Furniture Industries Inc
7.10 Herman Miller*
- *List Not Exhaustive
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
9. DISCLAIMER
Asia-Pacific Home Furniture Industry Segmentation
Furniture refers to portable objects that are intended to support human activities. A complete background analysis of the Asia-Pacific home furniture market, which includes an assessment of the economy and the contribution of sectors in the economy, a market overview, market size estimation for key segments, emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report.
The Asia-Pacific home furniture market is segmented by product (Living-Room and Dining-Room Furniture, Bedroom Furniture, Kitchen Furniture, Lamps and Lighting Furniture, Plastic, and Other Furniture), by distribution channel (Supermarkets/Hypermarkets, Specialty Stores, Online, and Other Distribution Channels), and by country (Japan, India, China, and Others). The market size and forecasts are provided in terms of value (USD billion) for all the above segments.
| By Product | |
| Living-Room and Dining-Room Furniture | |
| Bedroom Furniture | |
| Kitchen Furniture | |
| Lamps and Lighting Furniture | |
| Plastic and Other Furniture |
| By Distribution Channel | |
| Supermarkets/Hypermarkets | |
| Specialty Stores | |
| Online | |
| Other Distribution Channels |
| By Country | |
| Japan | |
| India | |
| China | |
| Other Countries |
APAC Home Furniture Market Research FAQs
What is the current Asia-Pacific Home Furniture Market size?
The Asia-Pacific Home Furniture Market is projected to register a CAGR of greater than 5% during the forecast period (2023-2028).
Who are the key players in Asia-Pacific Home Furniture Market?
Ikea, Bed Bath & Beyond Inc., Herman Miller, Williams-Sonoma, Inc. and Walmart Inc. are the major companies operating in the Asia-Pacific Home Furniture Market.
Asia-Pacific Home Furniture Industry Report
Statistics for the 2023 Asia-Pacific Home Furniture market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Home Furniture analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
