Furniture is made from a variety of materials, including wood, metal, plastic, and textiles. Traditionally, furniture was handmade, but the rise of industrialization led to the mass production of standardized items. Furniture can also be categorized based on its intended use. Office furniture is specifically designed for workspaces, outdoor furniture is designed to withstand weather conditions, and residential furniture is focused on providing comfort and enhancing style. The design and arrangement of furniture play a key role in shaping the functionality and ambience of a space. Currently, furniture in Thailand is available in a variety of styles and designs, ranging from classic and ornate to modern and minimalist, to meet the diverse needs of individuals.
Thailand is in the midst of a transformation from a predominantly rural country to an increasingly urban one. Over the past decade, the country's urbanization rate has shifted from 46.19 percent in 2013 to 53.64 percent in 2023, representing a compound annual growth rate (CAGR) of 1.51 percent. According to the publisher, this means that more than half of the population currently lives in cities and urban areas. While Thailand's urbanization rates are still low compared to other developed nations, which can reach levels of 80-90 percent, this transformation in Thailand is still significant, especially as most of this growth is occurring and is expected to occur in the Krung Thep area, better known as Bangkok, the capital and largest city in Thailand. Krung Thep is now home to more than 11.2 million people and the number of tourists and overnight visitors to this city is also on the rise. These dynamics boost the demand for furniture and stimulate the development of the Thai furniture industry.
However, the Thai furniture industry still faces several challenges in today's competitive landscape. Intense competition from neighboring countries such as Vietnam and Malaysia exert price pressure, and fluctuating raw material costs, especially for wood, may hinder the growth of the furniture market in Thailand.
What’s more, one area that will contribute to the furniture market's long-term growth is the millennial demographic. As millions of millennials prepare to buy their first homes in the next few years, there is an opportunity for furniture retailers to capture market share by paying close attention to their buying behaviors and preferences. Hereby, the publisher predicts a modest growth trajectory for the furniture industry in Thailand, the furniture market size in Thailand is expected to reach US$ 2.41 billion in 2033 with a compound annual growth rate (CAGR) of 4.1% from 2024 to 2033.
As one of the fastest-growing furniture manufacturers and most popular furniture exporters in Asia-Pacific region, furniture market of Thailand is highly segmented and competitive. In 2023, the export value of furniture in Thailand reached US$ 1.38 billion. According to the publisher, the export value of furniture in Thailand is projected to increase with a compound annual growth rate (CAGR) of 4.2%, reaching more than US$2 billion by 2033.
Topics covered:
- Thailand Furniture Industry Overview
- The economic and policy environment of Thailand's furniture industry
- Thailand Furniture Industry Market Size, 2024-2033
- Analysis of the main Thailand furniture production enterprises
- Key drivers and market opportunities for Thailand's furniture industry
- What are the key drivers, challenges and opportunities for Thailand's furniture industry during the forecast period 2024-2033?
- Which companies are the key players in the Thailand furniture industry market and what are their competitive advantages?
- What is the expected revenue of Thailand furniture industry market during the forecast period 2024-2033?
- What are the strategies adopted by the key players in the market to increase their market share in the industry?
Table of Contents
Companies Mentioned
- PLATO
- Asalon Co. Ltd
- Gerard Collection
- Corner 43 Decor
- AD ASIA Manufacturers Co. Ltd
- Rockworth Public Company
- SARNN
- iBalDesigns
- IKEA
- Modernform Group
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 60 |
| Published | February 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 1.68 Billion |
| Forecasted Market Value ( USD | $ 2.41 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Thailand |
| No. of Companies Mentioned | 10 |
