Furniture - Asia

Asia

In 2024, the revenue in the Furniture market in Asia amounts to a staggering €161.90bn.
This market is projected to experience an annual growth rate of 5.68% (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 €245bn in 2024.
To put this into perspective, the per-person revenue in the Furniture market in Asia is €35.62 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

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.

Mercado

Región

Comparación de regiones

Moneda

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 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.