Furniture - Mongolia

Mongolia

In Mongolia, the revenue in the Furniture market in 2024 is estimated to be €86.68m.
It is projected that the market will experience an annual growth rate of 1.21% (CAGR 2024-2029).
Among the various segments in the market, the largest one is the Living Room Furniture segment, which is expected to have a market volume of €31.23m in 2024.
When compared to other countries worldwide, in the United States generates the highest revenue in the Furniture market, with a total of €242bn in 2024.
Taking into consideration the population size, in Mongolia, the per person revenue in the Furniture market is approximately €24.81 in 2024.
Mongolia's furniture market is experiencing a surge in demand for traditional, handcrafted pieces, reflecting a growing appreciation for cultural heritage and craftsmanship.

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 Mongolia has been experiencing significant growth in recent years. Customer preferences have shifted towards more modern and stylish furniture options, leading to an increase in demand for imported furniture. Additionally, the rise in disposable income and urbanization has also contributed to the growth of the furniture market in Mongolia.

Customer preferences: Customers in Mongolia are increasingly seeking modern and stylish furniture options. This trend can be attributed to the influence of global design trends and the desire for a more contemporary living environment. As a result, there has been a growing demand for imported furniture that offers unique and fashionable designs. Customers are also looking for furniture that is durable and of high quality, as they want their purchases to last for a long time.

Trends in the market: One of the key trends in the furniture market in Mongolia is the increasing popularity of online shopping. With the advancement of technology and the widespread use of smartphones, customers are now able to browse and purchase furniture online. This has provided them with a wider range of options and the convenience of shopping from the comfort of their own homes. As a result, online furniture retailers have seen a significant increase in sales. Another trend in the market is the growing demand for eco-friendly and sustainable furniture. Customers are becoming more conscious about the environmental impact of their purchases and are seeking furniture made from sustainable materials. This trend is aligned with the global movement towards sustainability and is expected to continue to drive the growth of the furniture market in Mongolia.

Local special circumstances: Mongolia's unique climate and geography present some challenges for the furniture market. The extreme weather conditions, including harsh winters and hot summers, require furniture that is durable and can withstand these conditions. Additionally, the nomadic culture of Mongolia means that there is a demand for furniture that is portable and can be easily moved. This has led to the popularity of modular furniture that can be easily assembled and disassembled.

Underlying macroeconomic factors: The growth of the furniture market in Mongolia can be attributed to several underlying macroeconomic factors. Firstly, the rise in disposable income has allowed consumers to spend more on furniture and home decor. As the economy continues to grow, more individuals are able to afford higher quality furniture and are willing to invest in their homes. Urbanization is another factor driving the growth of the furniture market. As more people move to urban areas, there is an increased demand for furniture to furnish new homes and apartments. This trend is expected to continue as urbanization rates continue to rise. In conclusion, the furniture market in Mongolia is experiencing significant growth due to changing customer preferences, including a desire for modern and stylish furniture options. The rise in disposable income and urbanization has also contributed to the growth of the market. Online shopping and the demand for eco-friendly furniture are also important trends in the market. The unique climate and nomadic culture of Mongolia present some challenges, but also create opportunities for furniture retailers. Overall, the furniture market in Mongolia is expected to continue to grow 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.