The term "furniture" refers to moveable devices that support a variety of human activities such as sleeping, eating, and working with objects while seated, such as tables, chairs, and stools, beds, and hammocks. Furniture also acts as a place to store stuff or hold objects at an appropriate working height, such as tables and desks, which are horizontal surfaces above the ground. It can be made of several materials, including metal, plastic, and wood. Furniture can be made using a number of woodworking joints, and it often reflects local culture. Furniture designs can be updated by handcrafted or machine-based processes, depending on the intended use.
Asia Pacific Home Furniture Market Driving Factors and Challenges
Drivers: The growing popularity of interior designs such as cubicles, anchoring points, and others in corporate infrastructure settings is expected to reduce demand for newer styles of home furnishings in such settings. Growing consumer leisure activities like as gardening and planting will create new prospects for garden chairs and patio tables among these consumers. Furthermore, the regular release of the companies' opulent home amenities is likely to entice individuals to purchase them, hence increasing demand for such products. For example, in February 2020, BAXTER, an Italian home fixture products manufacturer, and its Indian supplier, Sources Unlimited, introduced new, opulent, and beautifully built fixture items.
Challenges: The restricted supply of trained labour, longer product replacement cycles, environmental concerns, and growing manufacturing costs will all impede the growth of the wooden furniture market during the forecast period. Furthermore, the high cost and the requirement to improve supply chain visibility and efficacy may pose a hindrance to the target market's growth. Furthermore, the middle-income population chooses to acquire low-cost, second-hand home furnishings over high-end ones. This is projected to impede market expansion. Furthermore, fierce competition from unorganised industry participants in many regions throughout the world is limiting the important corporations' commercial growth. Fluctuating raw material prices and shifting import and customs tariffs on fixture products in numerous countries throughout the world are expected to hinder overall industry growth.
Impact of COVID-19 on Asia Pacific Home Furniture Market
The COVID-19 pandemic had a profound impact on consumer behaviour and manufacturing trends in the furniture industry. Due to financial restrictions, customers were hesitant to spend on non-essential things, especially home interiors, and therefore residential demand for furniture fell. Following the COVID-19 pandemic, there has been a sluggish but steady comeback of home projects, and consumers are once again willing to spend on household items, driving up demand for furniture over the projection period.
Asia Pacific Home Furniture Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Markor International Furniture Co, Ltd, Cassina IXC Ltd, Bals Corporation, Godrej Interio, Zuari Furniture, Dalian Huafeng Furniture Group Co Ltd, Beijing Qumei Furniture Group Corp, Ltd, Durian Furniture, Ashley Furniture Industries Inc, Herman Miller.
Asia Pacific Home Furniture Market Segmentation:
By Product: Based on the Product, Asia Pacific Home Furniture Market is segmented as; Living-Room and Dining-Room Furniture, Bedroom Furniture, Kitchen Furniture, Lamps and Lighting Furniture, Plastic and Other Furniture.
By Distribution Channel: Based on the Distribution Channel, Asia Pacific Home Furniture Market is segmented as; Supermarkets/Hypermarkets, Specialty Stores, Online, Other Distribution Channels.
By Region: This research includes data for China, Japan, India, South Korea, Australia, Indonesia, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.