Asia Pacific Home Furniture Market Introduction and Overview
According to SPER Market Research, the Asia Pacific Home Furniture Market is estimated to reach USD 210.63 billion by 2033 with a CAGR 6.05%.
The report includes an in-depth analysis of the Asia Pacific Home Furniture Market, including market size and trends, product mix, distribution channels, and supplier analysis. Home furniture encompasses a wide range of objects such as tables, beds, cupboards, couches, chairs, and ornamental accessories designed to enhance the appearance and feel of interior spaces. Furniture not only supports and permits fundamental everyday needs like sleeping and eating, but it is also seen as a vital component of house décor. Furthermore, the advent of internet platforms has simplified the process of acquiring furniture.
- March 2023: Wriver, a well-known luxury furniture brand, has announced the debut of a collection of new furniture pieces created in partnership with recognised award-winning design studios Morph Lab, MuseLAB, Studio Sumeet Nagi, and Wriver Design Studio, specifically for India Design 2023. The collections, which are steeped in international sensibilities and developed to enhance interior designs, aim to sync unique workmanship with material innovation while also promoting their objective of 'energising modern life'.
- March 2023: Kave Home, a Spanish furniture, design, and décor company, increased its presence in Southeast Asia with a strategic alliance with Nook & Cranny, a significant local furniture player, beginning with a flagship store in Singapore.
Market Opportunities and Challenges
Opportunities: The introduction of technology into furniture, such as smart beds, sofas, and tables, is becoming increasingly common. Consequently, market participants are gradually offering smart furniture. For example, in July 2023, Ebarza debuted its unique collection of smart furniture pieces. The furniture pieces are meticulously crafted to blend mechanical advancements with exquisite aesthetics, maximising space utilisation and giving diverse usefulness in a single, adaptable unit. In November 2023, Living Spaces, a well-known furniture business, and Diamond Mattress unveiled the Adaptive Sleep smart bed, a significant improvement in sleep technology. Living Spaces and Diamond Mattress collaborated to develop the Adaptive Sleep mattress, which blends cutting-edge body-sensing technology with mobile app integration. This technology aims to improve sleep quality by responding to each person's unique sleep habits. Furthermore, the mattress can be used with an adjustable foundation to provide customised comfort. As a result, these new product introductions are projected to open up prospects for market expansion.
Challenges: The furniture market is constrained by environmental concerns and legislation governing furniture manufacture and use. Furniture production requires the use of raw materials such as wood, metal, plastic, and other elements, all of which have negative environmental repercussions such as deforestation, greenhouse gas emissions, waste generation, and pollution. The habit of purchasing furniture also includes disposing of old and unwanted furniture, which adds to the environmental load. The worldwide furniture market is governed by a variety of regulations and standards, such as the European Union Timber Regulation, the California Air Resources Board Formaldehyde Emission Standards, and the International Organisation for Standardisation. These norms and standards are intended to ensure the sustainability and safety of furniture goods. These challenges impede the global economy.
Market Competitive Landscape
The research discusses the top international players in the market. In terms of market share, a few significant firms now control the market. However, thanks to technical developments and product innovation, midsize to small businesses are expanding their market presence by winning new contracts and entering new industries. IKEA, Bed Bath & Beyond Inc, Wayfair Inc, Future Group, Ashley Furniture Industries Inc, Carrefour, Crate & Barrel, Herman Miller, and Home Depot are the top Asia-Pacific home furnishings retailers. Home furnishings are offered in stores and through online purchasing.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product, By Distribution Channel
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| Regions covered | China, Japan, India, South Korea, Australia, Indonesia, Others
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| Companies Covered | 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.
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COVID-19 Impact on Asia Pacific Home Furniture Market
The COVID-19 epidemic caused supply chain disruptions and trade restrictions, reducing global consumption. The COVID-19 outbreak had a significant impact on both furniture manufacturing and consumer purchasing habits. Because of a lack of funds, consumers did not want to spend on non-essentials such as home decor. This resulted in a reduction in demand for domestic furnishings. A sustained recovery trend is expected in the next years, with the home furnishings sector seeing a significant increase in income due to the removal of limitations. The market is expected to provide attractive prospects for industry participants throughout the forecast period.
Key Target Audience:
- Homeowners
- Residential Interior Designers
- Real Estate Developers
- Furniture Retailers
- E-commerce Platforms
- Hospitality Industry (Hotels and Resorts)
- Property Management Companies
- Rental Property Owners
- Manufacturers and Suppliers of Furniture
- Corporate Offices and Coworking Spaces
Our in-depth analysis of the Asia Pacific Home Furniture Market includes the following segments:
| By Product: | Living-Room and Dining-Room Furniture Bedroom Furniture Kitchen Furniture Lamps and Lighting Furniture Plastic and Other Furniture |
| By Distribution Channel: | Supermarkets/Hypermarkets Specialty Stores Online Other Distribution Channels |
Key Topics Covered in the Report:
- Asia Pacific Home Furniture Market Size (FY’2024-FY’2033)
- Overview of Asia Pacific Home Furniture Market
- Segmentation of Asia Pacific Home Furniture Market By Product (Living-Room and Dining-Room Furniture, Bedroom Furniture, Kitchen Furniture, Lamps and Lighting Furniture, Plastic and Other Furniture)
- Segmentation of Asia Pacific Home Furniture Market By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online, Other Distribution Channels)
- Statistical Snap of Asia Pacific Home Furniture Market
- Expansion Analysis of Asia Pacific Home Furniture Market
- Problems and Obstacles in Asia Pacific Home Furniture Market
- Competitive Landscape in the Asia Pacific Home Furniture Market
- Impact of COVID-19 and Demonetization on Asia Pacific Home Furniture Market
- Details on Current Investment in Asia Pacific Home Furniture Market
- Competitive Analysis of Asia Pacific Home Furniture Market
- Prominent Players in the Asia Pacific Home Furniture Market
- SWOT Analysis of Asia Pacific Home Furniture Market
- Asia Pacific Home Furniture Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst