APAC Furniture Market size is poised to cross USD 400 billion by 2027, according to a latest forecast report by Graphical Research.
The rise in per capita income in the Asia Pacific region and willingness to spend on better lifestyle are driving investments in home improvement & decoration especially in India and China. Furthermore, reduced prices of products owing to market competitiveness in the countries’ furniture industry are supporting business expansion. The growing population along with urbanization will positively support the industry revenues during the forecast timeframe. Projects, such as Shantytown Redevelopment Project, are expected to fuel the furniture sales in the country.
COVID-19 outbreak has highly affected the Asia Pacific region owing to the rapid surge in coronavirus patients, especially in India and China. The virus originated from China and hence the impact is seen mostly in the country. China has been the major producer as well as consumer of furniture. As most of the citizens infected are from China and India, production had been put on hold for a while due to strict lockdown measures, causing supply shortages in the region. Moreover, due to supply chain disruptions, several countries, such as China and India, are unable to supply raw materials, such as wood, metal, and plastics, to North America. Additionally, many manufacturing companies are also facing financial issues in the manufacturing of furniture products due to lesser profit from the sales; however, the price of products is observed to be stable during the pandemic.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
Based on material, the wood segment generated over USD 188 billion in revenue share in 2020. Benefits, such as aesthetic appeal and durability among others, will significantly boost the wooden furniture industry. Redwood, cedar, mahogany, teak, etc., are some of the preferred choices of homeowners due to their natural appearances.
Based on distribution channel, the offline segment held the largest market share; however, the online segment is anticipated to exhibit the highest CAGR throughout assessment period. Online furniture distribution channel is the fastest growing segment owing to the growing presence of several e-commerce platforms along with a wide range of discounts offered by these channels. Several furniture manufacturers are also engaged in distributing their products through personal and third-party online distribution networks. It is enabling the manufacturers to minimize costs in terms of retail space saving and supporting consumers to access a wide range of products at a time.
On the basis of price range, the mid-range was the largest revenue generating segment in 2020 and is anticipated to follow similar trends throughout the assessment period. The easily affordable prices of these furniture make them highly desirable among the developing economies of the Asia Pacific region.
The APAC furniture market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Material
Asia Pacific Market, By Application
- Upholstered furniture
- Non-upholstered furniture
- Kitchen Cabinet
- Dining Room
- Blinds & Shades
The above information has been provided for the following countries:
- Asia Pacific
- South Korea