September 14, 2021
As cited by the research report titled ‘Asia Pacific Furniture Market Forecast 2027 By Application, By Material, By Distribution Channel, By Price Range, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, Asia Pacific furniture market is projected to grow with a healthy CAGR over 2021-2027, subsequently accumulating a valuation of USD 400 billion by the forecast period end.
Rapid urbanization, increasing per-capita income of the population, and improving lifestyle of people are the major factors driving the Asia Pacific furniture market growth. In addition, easier availability of affordable yet high-quality labor force and raw materials is positively impacting business players in this domain.
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Escalating number of smart city projects along with the favorable government policies and funding schemes are further generating lucrative prospects for the market scenario. In fact, according to a report by the International Data Corporation, investments worth around USD 81 billion were received from various countries to implement the global smart city initiatives in 2018. This number is anticipated to increase to USD 158 billion by 2022, indicating a high demand for commercial and residential furniture in the upcoming years.
Moreover, improving technological prowess and the government efforts to encourage young tech entrepreneurs to innovate manufacturing technologies is attracting global market players to establish manufacturing plants in the region and partner with domestic businesses.
Notably, technology is playing a major role in the development of furniture market in APAC, with many companies moving from traditional ways of producing furniture to use of advanced technologies like AI and AR to create desirable and futuristic designs for their consumers. This is helping manufacturers to explore different structures and designs for gaining a competitive edge.
Based on material type, the industry is segmented into wood, metal, plastic, and others. Among these, wood segment held 65% market share in 2020 and is likely to witness strong demand over the projected timeline. Advantageous characteristics like sturdiness, increased durability of furniture, variety of designs and finishes, enhanced aesthetic appeal, and many others make wood a preferable choice over alternatives.
Prominent players influencing the Asia Pacific furniture industry trends are Godrej Interio, Nafco Corporation, Ashley Furniture HomeStore, Oppein Home Gr, Heritage Home Group LLC, Ikea Group, and Kohler Co.