South Korea Furniture Market Overview, 2028

South Korea Furniture Market Overview, 2028

Furniture market in South Korea is growing significantly, fueled by an increase in online purchasing, rising disposable income, and urbanization. The South Korean furniture market is anticipated to increase as a result of factors such as shifting lifestyle preferences and government initiatives. The market will expand even further due to rising demand for multipurpose furniture with cutting-edge features like smart networking technologies. Additionally, rising foreign investment and government initiatives to promote exports through tax breaks on imported materials have led to an increase in the number of foreign companies selling high-end furniture in South Korea, which will continue to support domestic manufacturers' growth prospects in the years to come. Many South Koreans live in apartments or smaller homes as a result of urbanization and a lack of available space. As a result, there is now a demand for furniture that is not only fashionable but also practical and small-space-friendly. In this setting, multipurpose furniture is favoured, including sofa beds, foldable tables, and modular storage options. There is a greater interest in Korean lifestyle and design as a result of the rising popularity of Korean pop culture, which includes music, dramas, and films. As a result, the market for furniture that embodies the chic, contemporary, and minimalist style associated with the Korean Wave is expanding. Consumers in South Korea place a high value on fine craftsmanship and materials. This has increased demand for furniture consisting of high-end components like solid wood, leather, and fine fabrics. By promoting innovation, encouraging experimentation, and exhibiting up-and-coming talent, South Korean design schools and furniture shows contribute to the development of the sector.

According to the research report ""South Korea Furniture Market Overview, 2028,"" published by Bonafide Research, the South Korea Furniture market is expected to reach market size of USD 18.93 Billion by 2028. South Korea is a major consumer of minimalist designs that emphasize clear lines, straightforward shapes, and an uncluttered appearance. Neutral color schemes and subtle furniture designs contribute to peaceful and well-balanced interiors. Compact and multipurpose furnishings are in high demand due to the constrained living space in many urban areas. To make the most of small quarters, foldable tables, sofa beds, and modular shelving systems that maximize space are frequently employed. Eco-friendly and sustainable materials are becoming increasingly important. It is preferable to buy furniture made of bamboo, wood that has been harvested ethically, and other eco-friendly materials. Having furniture that can be used for several different functions is really desirable. For instance, coffee tables with storage built in or dining tables that can double as workspaces cater to the practical needs of modern living. The need for furniture is mostly driven by the construction and real estate sectors because new homes, flats, and commercial spaces need to be furnished. The rise in urbanization and home construction has a direct impact on the demand for furniture. For furniture, fabrics, upholstery materials, and finishes are provided by the textiles industry. The durability, aesthetic appeal, and comfort of furniture are significantly influenced by the fabric selection. The distribution of furniture from producers to shops and eventually to customers depends on the transportation and logistics sector. Customers may easily access furniture because to effective transit networks.

Based on material market is segmented into wood, metal, plastic, glass, and others. There is significant increase in demand for plastic material use in furniture and is expected to grow at significant rate as well. Plastic materials are versatile in design, allowing furniture designers to produce sleek, contemporary, and minimalist designs that are in line with South Korea's modern and urban design preferences. Plastic furniture is generally lightweight and portable, making it ideal for the dynamic and tight living spaces seen in South Korean cities. Plastic furniture can be less expensive to create and acquire than other types of furniture, making it more accessible to a wider spectrum of users. Based on market includes, beds, tables & desks, sofa & couch, chairs & stools, cabinets & shelves, and others. Beds products are leading the market of South Korea furniture market. South Koreans like to live in cities, and many of them live in apartments or small houses with limited space. Beds are a practical solution for saving space while providing a pleasant resting environment. Sleep is thought to be necessary for good health, and South Koreans place a high value on health and wellness. Beds that are comfortable and supportive contribute to improved sleep quality and general well-being. As South Korea adopts modern lives, there is a greater desire for comfy and sophisticated bed designs. Beds are a focal point in bedrooms and help to improve the overall attractiveness of living spaces.

Based on application market includes, residential, office, hotel, others (hospital furniture). There is significant rise of furniture in hotel application in South Korea. South Korea has seen a tremendous boost in tourism over the years, with both domestic and international visitors increasing. Hotels are investing in well-furnished and pleasant lodgings that provide a home-away-from-home experience to cater to the different needs of guests. Hotels in South Korea are reflecting the country's design-forward culture by using well-designed and aesthetically pleasing furnishings to create visually appealing and Instagram-worthy settings. South Korea has a variety of lodging options, ranging from luxury hotels to boutique motels and guesthouses. To appeal to their target customers, each category necessitates a particular style of furniture. Furthermore, based on distribution channel market is segmented into specialty stores (traditional stores, branded furniture/flagships stores, lifestyle stores, home centers), supermarkets and hypermarkets (department stores, discount department stores), online, others (office supply stores, buying through a designer). Online channel is predicted to register highest growth rate during the forecast period. The furniture sector is turning digital, with retailers and manufacturers utilizing e-commerce platforms to reach a larger audience and deliver a seamless online buying experience. Online purchasing allows for a simple comparison of costs and features among various brands and shops. Furthermore, consumer evaluations and ratings provide useful information that influences buying decisions. Some of the major online distributors of furniture in South Korea include, Coupang, Gmarket, Auction, IKEA and many more.

Considered in this report:
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:
• South Korea Furniture market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Material:
• Wood
• Metal
• Plastic
• Glass
• Others

By Product:
• Beds
• Tables & Desks
• Sofa & Couch
• Chairs & Stools
• Cabinets & Shelves
• Others

By Category:
• Indoor
• Outdoor

By Application:
• Residential
• Office
• Hotel
• Others (Hospital Furniture)

By Distribution Channel:
• Specialty Stores (Traditional Stores, Branded Furniture/Flagships Stores, Lifestyle Stores, Home Centers)
• Supermarkets and Hypermarkets (Department Stores, Discount Department Stores)
• Online
• Others (Office Supply Stores, Buying Through a Designer)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Furniture industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.