ASIA-PACIFIC HOME FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

ASIA-PACIFIC HOME FURNITURE MARKET - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia Pacific’s strong housing market and rising demand for home improvement products are driven by population growth, rapid urbanization, and a rising number of single-person households and nuclear families.

Key Highlights

• The healthy macroeconomic outlook in emerging Asian countries, shifting demographics and rising consumer affluence are expected to reign supreme in home improvement demand. Innovation, retailing excellence, and pricing tailored to target consumer segments may be imperative to brand growth.
• The growth in home furnishings is driven by product innovation, segmentation, and digital strategies.
• Nowadays, every customer prefers and relies on online retail platforms for buying furniture, due to the availability of a wide array of home furnishings products at affordable price. Improving lifestyle and increasing disposable income are the key factors affecting the home furnishings market in Asia-Pacific.

Key Market TrendsKitchen Furniture Segment

Kitchen furniture includes fitted kitchen units, as well as other wooden furniture used for preparing food or for food storage. The segement growth is driven by surging urbanization and remodeling in residential kitchens. Kitchen furniture is gaining momentum in investments with a consistent growth in the hotel industry, which, in turn, thrives on rising in travel and tourism.

Moreover, the developed regions with a high percentage of the population living in urban areas have been the primary consumers for kitchen furniture and fixtures, which may present the market with huge growth opportunity and potential in the near future.

Bedroom Furniture Segment

A key driver fueling the growth of the market is the rising standard of living, which is leading to the increased introduction of premium products. Both developed and developing countries are witnessing growth in the population of high net-worth individuals, and a gradual increase in the preference for a luxurious lifestyle. With an increase in disposable income, the consumers spending capacity and their expenditure on luxury goods and services are increasing.

Competitive Landscape

The report covers major international players operating in the market. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. The leading players in Asia-Pacific home furnishings are IKEA, Bed Bath & Beyond Inc., Wayfair Inc., Future Group, Ashley Furniture Industries Inc., Carrefour, Crate & Barrel, Herman Miller, and Home Depot. Home furnishings are available at store and through internet retailing.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Markor International Furniture Co., Ltd.
Nitori Co., Ltd
Otsuka Kagu Co Ltd
Cassina IXC Ltd
Bals Corporation
Godrej Interio
Zuari Furniture
Durian Furniture
Dalian Huafeng Furniture Group Co Ltd
Beijing Qumei Furniture Group Corp., Ltd.
Ikea
Ashley Furniture Industries Inc
Walmart
Williams
Sonoma Inc
Herman Miller*

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