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Asia Pacific Furniture Market Forecast 2027 By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room, Blinds & Shades, Mattresses], Commercial [Business/Office, Educational, Healthcare, Hospitality]), By Material (Plastic, Wood, Metal), By Distribution Channel (Online, Offline), By Price Range (High-End Price Furniture, Medium range Price Furniture, Low Price Range Furniture), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: June 2021 | Publisher: Graphical Research Report ID: GR1856 | Delivery : PDF  Request Free Sample

Asia Pacific Furniture Market size exceeded USD 271 billion in 2020 and is estimated to witness over 5.7% growth rate from 2021 to 2027.

The rapid investment in the construction sector in-line with the development of smart city projects is expected to open new opportunities for furniture industry players in the coming years. As per the International Data Corporation, the global smart city initiatives attracted technology investments of over USD 81 billion in 2018 and are projected to exceed USD 158 billion by 2022. Moreover, the growing per capita income in the developing countries in the Asia Pacific region will augment the market demand.

Asia Pacific Furniture Market

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The growing innovation coupled with increasing demand for aesthetically advanced furniture will drive the Asia Pacific furniture market revenue. With advancements in technology, a new plethora of possibilities in structure and design is opened to manufacturers, leading to unprecedented developments. Furthermore, the entering of major furniture manufacturers into the Asia Pacific region has also boosted the overall market demand in the previous years. Major players, such as IKEA, have adopted various encouraging marketing schemes mainly in the developing economies, which have triggered sales in the recent times.

The surge in COVID-19 cases has severely impacted the indoor as well as outdoor furniture industry. A decline in consumption coupled with the reluctance of consumer spending toward non-essential needs will hamper market growth. Growing lockdown restrictions and control measures have led to social distancing measures. Furthermore, fall in furniture demand has enforced industry players to reduce production.

Asia Pacific Market, By Material

Among the various product segments, wood held a Asia Pacific furniture market share of 65% in 2020. Besides conveying aesthetically better appearance in comparison to other materials, wooden frames are of the desired choice of construction firms in their endeavors to build a ‘Green Building’, by incorporating natural materials into their construction activities.

Asia Pacific Market, By Application

Asia Pacific Furniture Market

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The residential sector dominated around 65% Asia Pacific furniture market share in 2020. The availability of multiple choices of residential furniture especially dining room and bedroom furniture is predicted to fuel the segment growth.

Asia Pacific Market, By Distribution channel

Asia Pacific Furniture Market

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The offline segment accounted around 85% industry share in 2020. Offline distribution channels dominate the furniture industry owing to the traditional medium of shopping. Several customers prefer to visit retailers and want to experience exact size and other aesthetics of products. The entry of major furniture players in emerging economies to set up retail stores is further driving the segment growth. For instance, in September 2020, Ikea announced a plan to set up a global operation center in India.

Asia Pacific Market, By Price Range

In 2020, the medium range price furniture segment held 75% market share in terms of revenue. Medium price range furniture dominates the furniture industry owing to a wide range of products along with economic prices of products. The development of low-cost production technologies, usage of advanced tools, and quality of products are supporting the segment expansion.

Competitive Industry Landscape

Some of the major players in the Asia Pacific furniture market include Kohler, IKEA Group, Heritage Home, OPPEIN, Ashley Furniture, NAFCO Corporation, Godrej Interio, and others.
 

Frequently Asked Question(FAQ) :

The market size for furniture in Asia Pacific had surpassed USD 271 billion in 2020 and will record a CAGR of over 5.7% through 2027.
Wood segment had captured a market share of 65% in 2020 with increasing adoption of wooden material as a desired choice of construction firms in their endeavors to build Green Buildings.
Residential sector accounted for around 65% of market share in 2020 owing to the availability of multiple choices of furniture especially for dining room and bedroom.
Offline distribution segment had held around 85% of market share in 2020 as several customers prefer visiting retail outlets as they want to experience exact size and other aesthetics of products.
Medium range price furniture segment had held 75% market share in 2020 owing to heightened demand driven by the availability of large number of products and affordable prices.

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