Furniture - Malaysia

Malaysia

In 2024, the Furniture market in Malaysia is projected to generate a revenue of MYR €4.03bn.
This market is expected to experience an annual growth rate of 3.86%, known as the Compound Annual Growth Rate (CAGR), between 2024 and 2029.
Among the various segments within the Furniture market, the largest one is the Living Room Furniture segment, which is estimated to have a market volume of MYR €1.36bn in 2024.
When comparing in Malaysia to other countries globally, it is worth noting that in the United States leads in terms of revenue generation within the Furniture market, with an estimated revenue of €242bn in 2024.
However, when considering the per capita perspective, in Malaysia generates MYR €116.30 per person in revenue in 2024.
"The furniture market in Malaysia is experiencing a surge in demand for eco-friendly and sustainable products, driven by increasing consumer awareness and government initiatives."

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

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Furniture market in Malaysia has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Furniture market in Malaysia have shifted towards more modern and contemporary designs. Customers are increasingly looking for furniture that is not only functional but also aesthetically pleasing. This trend is in line with global preferences, as customers seek to create stylish and comfortable living spaces. In addition, customers in Malaysia are also placing a greater emphasis on sustainability and eco-friendly materials, which has led to an increase in demand for furniture made from recycled or sustainable materials. Trends in the Furniture market in Malaysia are also influenced by global market trends. One such trend is the rise of e-commerce, which has made it easier for customers to purchase furniture online. This has led to increased competition among furniture retailers, as customers have more options to choose from. Another trend is the growing popularity of smart furniture, which incorporates technology into everyday furniture items. This includes features such as built-in usb ports, wireless charging capabilities, and voice-controlled functions. These trends are expected to continue shaping the Furniture market in Malaysia in the coming years.

Local special circumstances: in Malaysia also play a role in the development of the Furniture market. Malaysia is known for its diverse culture and heritage, which is reflected in the furniture designs available in the market. Traditional Malaysian furniture, such as handcrafted wooden pieces, continues to be in demand among customers who appreciate the craftsmanship and cultural significance. Additionally, the government of Malaysia has implemented various initiatives to promote the local furniture industry, such as providing support for small and medium-sized enterprises and encouraging exports. These efforts have contributed to the growth of the Furniture market in Malaysia.

Underlying macroeconomic factors: have also influenced the development of the Furniture market in Malaysia. The country's strong economic growth and rising disposable incomes have increased consumer spending power, leading to higher demand for furniture. In addition, malaysia's urbanization and growing middle class have also contributed to the growth of the Furniture market, as more people are moving into new homes and apartments. The government's focus on infrastructure development and the construction industry has also created opportunities for the furniture market, as new buildings and housing projects require furnishing. In conclusion, the Furniture market in Malaysia is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards modern and contemporary designs, the rise of e-commerce, the demand for sustainable furniture, and the influence of local culture and government initiatives are all contributing to the growth of the market. With continued economic growth and urbanization, the Furniture market in Malaysia is expected to continue its upward trajectory 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 categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.