Vietnam Furniture Market Size (2024 - 2029)

The market size of the Vietnam Furniture industry has experienced steady growth recently, with the country emerging as a significant furniture exporter and producer on a global scale. Factors like lower tariff duties, easy trading conditions, efficient shipping logistics, and a diverse range of manufacturing materials have positioned Vietnam as an upcoming hub for furniture manufacturing. The country's furniture, particularly wooden pieces, is exported globally, with major markets in the United States, the United Kingdom, Canada, Australia, and Japan. The domestic furniture market is also robust, with a strong foundation in the wood processing industry and a focus on innovation in technology and design. The growth of direct foreign investment companies indicates Vietnam's increasing prominence as an international manufacturing center for furniture.

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Market Size of Vietnam Furniture Industry

Vietnam Furniture Market Summary
Study Period 2019 - 2028
Base Year For Estimation 2022
Market Size (2023) USD 1.40 Billion
Market Size (2028) USD 1.82 Billion
CAGR (2023 - 2028) 5.33 %
Market Concentration Medium

Major Players

Vietnam Furniture Market Major Players

*Disclaimer: Major Players sorted in no particular order
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Vietnam Furniture Market Analysis

The Vietnam Furniture Market size is expected to grow from USD 1.40 billion in 2023 to USD 1.82 billion by 2028, at a CAGR of 5.33% during the forecast period (2023-2028).

The market for furniture in Vietnam has been steadily growing in recent years. The export volume for Vietnamese-made furniture has been rising and is expected to surpass many economies across the globe. Factors such as lower tariff duties, an easy trading environment, convenient shipping logistics, and a wide range of materials for manufacturing furniture make Vietnam an upcoming hub of furniture manufacturing. Furniture from Vietnam is now exported to over 120 countries, of which the main markets are the United States, the United Kingdom, Canada, Australia, and Japan.

Vietnamese consumers use a wide range of furniture products, with wooden furniture being the most common. Vietnam's indoor and outdoor furniture industry continues to stay strong and is expected to remain the same in the coming years.

After a development and improvement stage, Vietnam's wood processing industry has built a strong foundation of production capacity and innovation in technology and machines. This will result in gradually improving business administration, learning about product standards, improving the design, and flexibly producing according to customer requirements. Domestic companies have been focusing on exports, which may open opportunities for furniture designers in the medium to long term.

Vietnam Furniture Industry Segmentation

The furniture industry includes all the companies and activities involved in designing, manufacturing, distributing, and selling functional and decorative household equipment objects. A complete background analysis of the Vietnam Furniture Market, including an assessment of the economy, emerging market trends by segments, significant changes in the market dynamics, and the market overview, are covered in the report. The Vietnam Furniture Market is segmented by Application (Home Furniture, Office Furniture, Hospitality Furniture, and Other Furniture), by Material (Wood, Metal, Plastic and Other Materials), and by Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online, and Other Distribution Channels). The report offers market size and forecasts for the Vietnam Furniture Market in value (USD Million) for all the above segments.

By Application
Home Furniture
Office Furniture
Hospitality Furniture
Other Furniture
By Material
Wood
Metal
Plastic
Other Materials
By Distribution Channel
Home Centers
Flagship Stores
Specialty Stores
Online
Other Distribution Channels

Vietnam Furniture Market Size Summary

The Vietnam Furniture Market has been experiencing consistent growth, with the country emerging as a significant player in the global furniture market. The market's expansion is driven by factors such as lower tariff duties, easy trading conditions, efficient shipping logistics, and availability of a wide range of manufacturing materials. Vietnam, noted for its production of wooden furniture, exports to over 120 countries, including major markets like the United States, the United Kingdom, Canada, Australia, and Japan. The country's wood processing industry has also seen significant development, with advancements in production capacity and technology innovation. The growth of the Vietnam Furniture Market is also fueled by the increasing demand for bedroom furniture, driven by rising living standards and disposable income. The market has seen a surge in the introduction of premium products, with wooden bedroom furniture particularly popular due to its durability and reliability. Additionally, the export of wood products has been a key driver for the market, with Vietnam currently recognized as a leading global exporter of wood products. The continuous development of technology and new trade deals are expected to further boost demand for the Vietnamese wood and furniture industry.

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Vietnam Furniture Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Value Chain / Supply Chain Analysis

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Insights on Latest Trends and Technological Innovations in the Industry

    7. 1.7 Impact of COVID-19 on market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Application

      1. 2.1.1 Home Furniture

      2. 2.1.2 Office Furniture

      3. 2.1.3 Hospitality Furniture

      4. 2.1.4 Other Furniture

    2. 2.2 By Material

      1. 2.2.1 Wood

      2. 2.2.2 Metal

      3. 2.2.3 Plastic

      4. 2.2.4 Other Materials

    3. 2.3 By Distribution Channel

      1. 2.3.1 Home Centers

      2. 2.3.2 Flagship Stores

      3. 2.3.3 Specialty Stores

      4. 2.3.4 Online

      5. 2.3.5 Other Distribution Channels

Vietnam Furniture Market Size FAQs

The Vietnam Furniture Market size is expected to reach USD 1.40 billion in 2023 and grow at a CAGR of 5.33% to reach USD 1.82 billion by 2028.

In 2023, the Vietnam Furniture Market size is expected to reach USD 1.40 billion.

Furniture Market in Vietnam Report Snapshots