Furniture - Cambodia

Cambodia

In 2024, the Furniture market in Cambodia is projected to generate a revenue of €117.00m.
It is anticipated that the market will experience an annual growth rate of 4.49% from 2024 to 2029 (CAGR).
The largest segment within this market is the Living Room Furniture segment, which is estimated to have a market volume of €43.65m in 2024.
When compared globally, in the United States leads in terms of revenue generation, with an estimated €242bn in 2024.
Considering the population figures, the per capita revenue in Cambodia's Furniture market is expected to be €6.83 in 2024.
Cambodia's furniture market is experiencing a surge in demand with a growing middle class and increasing urbanization.

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.

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Analyst Opinion

The Furniture market in Cambodia has been experiencing significant growth in recent years.

Customer preferences: Cambodian consumers have been increasingly interested in purchasing furniture that is both functional and aesthetically pleasing. They are looking for furniture that can fit well into their homes and reflect their personal style. In addition, there is a growing demand for eco-friendly and sustainable furniture options, as consumers become more conscious of their environmental impact.

Trends in the market: One of the key trends in the Cambodian furniture market is the rise of online shopping. With the increasing availability of internet access and the convenience it offers, more and more consumers are turning to online platforms to purchase furniture. This trend has been further accelerated by the COVID-19 pandemic, as people are spending more time at home and are looking to improve their living spaces. Online furniture retailers are capitalizing on this trend by offering a wide range of products and providing a seamless shopping experience. Another trend in the Cambodian furniture market is the growing popularity of modular and multifunctional furniture. As living spaces become smaller and more compact, consumers are seeking furniture that can serve multiple purposes and maximize the use of limited space. Modular furniture allows for easy customization and adaptability, while multifunctional furniture offers practical solutions for storage and space-saving.

Local special circumstances: Cambodia's rapidly growing middle class and increasing urbanization are major factors driving the growth of the furniture market. As more people move to cities and their disposable incomes rise, they are more likely to invest in furniture for their homes. The construction of new residential and commercial buildings also contributes to the demand for furniture.

Underlying macroeconomic factors: Cambodia's strong economic growth and stable political environment have created a favorable business climate for the furniture market. The country's GDP has been steadily increasing, leading to higher consumer spending power. Additionally, the government has been actively promoting the development of the manufacturing sector, including furniture production, through various incentives and policies. This has attracted both domestic and foreign investors, further fueling the growth of the market. In conclusion, the furniture market in Cambodia is experiencing growth due to changing customer preferences, such as a desire for functional and eco-friendly furniture, as well as the increasing popularity of online shopping and modular furniture. The country's growing middle class, urbanization, and favorable macroeconomic factors also contribute to the market's development.

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.