Asia Pacific Furniture Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Material, Category, End User and Region

Asia Pacific Furniture Market Definition:

Laboratories, spas, workplaces, clean rooms, restaurants, camping, bedrooms, outdoor, libraries, parks, and stores all have furniture. The majority of furniture is made from a range of materials and comes in a number of styles. Chairs, beds, cupboards, tables, shelves, and other moveable things, as well as decorative art, are all examples of furniture. Furniture can be used for a variety of purposes, including sleeping, dining, seating, and storage. Furniture plays a vital part in seating arrangements and document storage in commercial areas. Furniture designs can be altered using machine-based methods and handcrafting, depending on the eventual usage.

 

Asia Pacific Furniture Market Dynamics:

The growth of the outdoor furniture market has been aided by a shift in consumer expenditure toward improved living, fueled by rising per capita and disposable income. Moreover, demand for superior outdoor furniture facilities such as table, chairs, or combo sets has been channelled by renovations in historic residential buildings as well as new constructions. Consumers are looking for outdoor furniture that provides the same level of comfort as indoor furniture in today's world, which has fueled demand for seating sets in the Asia Pacific furniture market. Also, with a growing focus on sustainability as well as aesthetic appeal, the use of wood in the creation of outdoor garden furniture has gained significance.

 

 

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In houses, hotels, and offices, furniture is essential to decorate the interiors and exteriors.

Some of the primary criteria that distinguish luxury furniture from non-luxury furniture are the quality of the materials used, aesthetic value, comparative pricing, and design sophistication. Due to the modest but continuous improvement in the economic situations of several countries in the Asia-Pacific area, consumers in the region have seen an increase in disposable income. In addition, the real estate and construction industries are expected to expand significantly in this region. Also, urbanisation and better individual lives are two major drivers driving the Asia-Pacific furniture market.

 

However, constraints such as rising raw material costs, particularly for wood and leather, may hinder the expansion of the Asia-Pacific furniture market. Online shopping and the growing demand for multipurpose furniture could be opportunities for the sector.

 

The demand for furniture is increasing as a result of the growing population and the growing middle class in the majority of locations of the Asia Pacific, assisting the specific section of the market to grow even further. The desire for multi-functional furniture with maximum storage, creative space-saving solutions, and elegant design is driving the furniture market's growth, especially with the expanding younger population and their unique furniture tastes. Through the forecast period, key companies are working on ways to attract more customers by optimising their products according to consumer tastes and preferences, which is expected to influence house furniture sales. Because of the cheaper pricing and compact designs, RTA furniture is becoming increasingly popular among clients.

 

With the increase in the number of tiny households, multi-functional furniture has become more popular, allowing for more storage. It has been observed that the use of extra home areas for offices is expanding, resulting in an increase in demand for office furniture. Because of various sellers, including worldwide and regional competitors, the furniture market is highly fragmented. The furniture market is currently being driven by a booming real estate industry. Also, rising disposable income has pushed people to spend more on a comfortable lifestyle, which would help the Asia pacific furniture market flourish. China and Vietnam, which create low-cost furniture, are expected to fuel the furniture market's expansion.

 

COVID-19 Impact on global furniture market:

The COVID-19 epidemic has had a massive influence on the economy, the ecology, and practically all human activities, and almost every country is experiencing a downturn. The COVID-19 pandemic, which began in 2020, not only depressed global economic growth prospects, but also had a detrimental impact on international market demand for furniture exports. Following the outbreak of the COVID-19 pandemic, consumer markets in Asia Pacific gradually declined, and consumption expectations fell significantly; foreign trade companies were frequently confronted with cancellations of orders by international buyers, particularly in the furniture industry, which saw a significant drop in export volume due to demand-side factors, economic recession, and decreased consumer demand caused by the severe COVID-19 pandemic in Asia Pacific. In the post-COVID era, the furniture industry has considerable prospects, as an increasing number of businesses are willing to work from home. These are the main reasons why the furniture industry is predicted to develop faster in the future.

 

Asia Pacific Furniture Market Segment Analysis:

By Material, the wood category has a market share of 44 % due to the cost-effectiveness of such items when compared to other sorts. In addition, the continual supply of well-built wooden chairs and sofa sets in related industries is expected to lessen demand for such products in household settings.

 

The metal sector is expected to grow greatly since metal objects are more durable and sturdy than other types. Metal-based products are also common in commercial gardens and playgrounds. As a result, increased demand for such products is being driven by developing playground and garden infrastructure settings.

 

 

Asia Pacific Furniture Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a Asia Pacific presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive Asia Pacific networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the Asia Pacific market, key players in the market, particularly in Europe and Asia Pacific, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Asia Pacific Furniture market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia Pacific Furniture market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia Pacific Furniture Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Asia Pacific Furniture market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia Pacific Furniture market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia Pacific Furniture market.

 

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Asia Pacific Furniture market. The report also analyses if the Asia Pacific Furniture market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Asia Pacific Furniture market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Asia Pacific Furniture market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia Pacific Furniture market is aided by legal factors.

 

Asia Pacific Furniture Market Scope:

Asia Pacific Furniture Market Scope
Market Size in 2023	USD 243.19 Bn.
Market Size in 2030	USD 406.37 Bn.
CAGR (2024-2030)	7.61%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By Material Wood Metal Plastic Others
	By Category Indoor Outdoor
	By End User Residential Office Hotel Others
	By Country India China Australia Rest of Asia Pacific

 

FURNITURE MARKET KEY PLAYERS: 

• Markor International Furniture Co., Ltd.
• Nitori Co., Ltd
• 6Otsuka Kagu Co Ltd
• Cassina IXC Ltd
• Bals Corporation
• Godrej Interio
• Zuari Furniture
• Durian Furniture
• Dalian Huafeng Furniture Group Co Ltd
• Beijing Qumei Furniture Group Corp., Ltd.
• Ikea
• Ashley Furniture Industries Inc
• Walmart
• Williams-Sonoma Inc