Furniture - Asia

  • Asia
  • In 2024, the revenue in the Furniture market in Asia amounts to a staggering €160.20bn.
  • This market is projected to experience an annual growth rate of 6.16% (CAGR 2024-2029).
  • The largest segment within this market is the Living Room Furniture segment, which has a market volume of €54.43bn in 2024.
  • When comparing this market to the global scale, it is worth noting that in the United States generates the highest revenue, reaching €244bn in 2024.
  • To put this into perspective, the per-person revenue in the Furniture market in Asia is €35.25 in 2024.
  • This number reflects the revenue generated per individual in relation to the total population.
  • The furniture market in Japan is experiencing a surge in demand for minimalist designs and modular furniture solutions.

Key regions: Worldwide, United States, China, India, Germany

 
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Analyst Opinion

The Furniture market in Asia is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trajectory.

Customer preferences:
in the Furniture market in Asia are evolving. Customers are increasingly seeking high-quality and durable furniture that is also aesthetically pleasing. They are willing to invest in furniture that adds value to their homes and reflects their personal style. Additionally, there is a growing demand for eco-friendly and sustainable furniture options. Customers are becoming more conscious of the environmental impact of their purchases and are actively seeking out furniture made from renewable materials.

Trends in the market:
are also shaping the development of the Furniture market in Asia. One notable trend is the rise of e-commerce. Online furniture retailers are gaining popularity as customers appreciate the convenience of browsing and purchasing furniture from the comfort of their homes. This trend is particularly prominent in countries with high internet penetration rates. Another trend is the increasing popularity of multifunctional furniture. As living spaces become smaller and more compact in urban areas, customers are looking for furniture that can serve multiple purposes and maximize the use of limited space.

Local special circumstances:
further contribute to the growth of the Furniture market in Asia. For example, in countries like China and India, rapid urbanization is driving the demand for furniture. As more people move to cities and set up new homes, the need for furniture increases. Additionally, cultural factors play a role in shaping customer preferences. Traditional Asian design elements and craftsmanship are highly valued, and customers are often willing to pay a premium for furniture that reflects these cultural influences.

Underlying macroeconomic factors:
also play a role in the development of the Furniture market in Asia. Economic growth in the region has led to an increase in disposable income, enabling more people to afford higher-quality furniture. As the middle class expands, the demand for furniture is expected to continue to rise. Furthermore, favorable government policies and initiatives to support the furniture industry, such as tax incentives and subsidies, are also contributing to the market's growth. In conclusion, the Furniture market in Asia is experiencing growth and development due to evolving customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As customer demands continue to evolve and economies in the region continue to grow, the Furniture market in Asia is expected to thrive in the coming years.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Vue d’ensemble

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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