Taiwan Home Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Taiwan Home Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Taiwan’s home furniture market is mature and stable with some major advantages developed from its traditional industries. Taiwan is one of the largest exporters of furniture in the world and some of the majorly exported furniture items include metal furniture mainly due to the convenience of upstream metal materials. The main countries to which Taiwan exports furniture products include the United States, Japan, and Germany It is estimated that roughly one-third of China, Vietnam, and Philippines furniture exports also result from Taiwan.

Due to the rising disposable income consumers are willing to pay a premium to purchase personalized furniture in the country and home furniture demand is witnessing growth and is expected to gain further momentum in upcoming years. There is also a rising trend of multifunctional furniture in Taiwan owing to the development of environmental protection and green building materials.

Taiwanese furniture makers are utilizing all kinds of natural-looking products made of materials such as wood, bamboo, and rattan and are also resorting to materials like metal, glass, and other artificial materials to meet the demands of customers. Furthermore, some of the prominent design trends of the Taiwanese furniture industry include inheritance of classic simplicity and elegance, cross-border trend, new fashion light luxury style and blending the essence of Eastern and Western aesthetics style of elements.

Key Market TrendsIncrease in Household Units in the Region

The demand for new housing units is increasing and residential construction activity is rising in Taiwan. The new housing projects around Taiwan hit a nearly five-year high of 53,646 units in the first half of 2019. The construction of new houses and renovation of the existing ones leave customers with more expenses on home furniture products as the houses need to be well furnished. The increase in the number of households and the rise in income levels are attributing to the growth of indoor furniture especially bedroom and kitchen furniture products.

Wood Furniture is the Dominant Category

Wooden furniture is Taiwan’s major type of furniture. It consists of items such as office, kitchen, bedroom, and dining room furniture. Processed wood and plywood are used majorly for furniture production in the country. The latest trend for wooden furniture is to produce furniture made from the combination of wood and metal and also composite panels. Taiwan relies on imported wood more for domestic use rather than manufacture to export use. Taiwan mostly imports from Japan, China, the United States, The European Union, and Saudi Arabia.

Competitive Landscape

The Taiwanese home furniture industry is competitive and fragmented with the presence of local players. Taiwan's furniture manufacturers are establishing their own brands and designing furniture by cooperating with international manufacturers to develop and produce new products and open the Taiwanese furniture brand marketing through the original channels of the manufacturers.

Additional Benefits:

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

Companies Mentioned
 
Chyuan Chern Furniture Company Limited
Meiqi mahogany furniture
Cheng Shing Wooden Industrial Company Limited
Shiken Teak
Yung Shing Furniture Company
Chun Ming Wooden Crafts Co., Ltd.
Meicha
Royce
Guifeng Furniture Factory
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