Asia-Pacific Home Furniture Market - Growth, Trends, and Forecast (2019 - 2024)

Market Overview

Asia-Pacific home furniture market is expected to register a CAGR of 5.2% during the forecast period (2019-2024).

• Asia Pacific’s strong housing market and rising demand for home improvement products are driven by population growth, rapid urbanization, and a rising number of single-person households and nuclear families.
• The healthy macroeconomic outlook in emerging Asian countries, shifting demographics and rising consumer affluence are expected to reign supreme in home improvement demand. Innovation, retailing excellence, and pricing tailored to target consumer segments may be imperative to brand growth.
• The growth in home furnishings is driven by product innovation, segmentation, and digital strategies.
• Nowadays, every customer prefers and relies on online retail platforms for buying furniture, due to the availability of a wide array of home furnishings products at affordable price. Improving lifestyle and increasing disposable income are the key factors affecting the home furnishings market in Asia-Pacific.

Scope of the Report

A complete background analysis of the Asia-Pacfic home furniture market, which includes an assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report.

Key Market Trends

Kitchen Furniture Segment

Kitchen furniture includes fitted kitchen units, as well as other wooden furniture used for preparing food or for food storage. The segement growth is driven by surging urbanization and remodeling in residential kitchens. Kitchen furniture is gaining momentum in investments with a consistent growth in the hotel industry, which, in turn, thrives on rise in travel and tourism.

Moreover, the developed regions with a high percentage of population living in urban areas have been the primary consumers for kitchen furniture and fixtures, which may present the market with huge growth opportunity and potential in the near future.

Bedroom Furniture Segment

A key driver fueling the growth of the market is the rising standard of living, which is leading to the increased introduction of premium products. Both developed and developing countries are witnessing growth in the population of high net-worth individuals, and a gradual increase in the preference for a luxurious lifestyle. With an increase in disposable income, the consumers spending capacity and their expenditure on luxury goods and services are increasing.

Competitive Landscape

The report covers major international players operating in the market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, mid-size 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 at store and through internet retailing.

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• The market estimate ME sheet in Excel format
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