Market Size of Asia-Pacific Home Furniture Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | > 5.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Home Furniture Market Analysis
The Asia-Pacific Home Furniture Market is expected to register a CAGR of greater than 5% during the forecast period(2024-2029).
Because of the COVID-19 outbreak, there were problems with the supply chain and trade restrictions, which hurt global consumption. The COVID-19 epidemic had a big effect on both the way furniture was made and the way people bought it. Due to the lack of money, consumers didn't want to spend on non-essentials like home interiors. This led to a drop in the demand for residential furniture. A steady recovery trend is likely to be seen in the upcoming years, with the home furniture market showcasing a decent jump in revenues due to the relaxation of restrictions. The market is estimated to create lucrative opportunities for industry players during the forecast period. Moreover, following the COVID-19 pandemic, housing projects slowly but surely recovered. Customers are once again willing to spend money on household goods, which will increase demand for furniture during the projection period.
Rapid urbanization, strong growth in the housing market, and fast changes in home furniture are all factors that are driving up the demand for furniture. Chairs, tables, sofas, beds, table trays, and other furniture for the home are popular with both private and business customers. The rise of single-person households and small families in Asia-Pacific is another thing that helps explain the region's strong housing market and rising demand for home improvement goods.
The demand for home improvements is likely to be driven by a strong macroeconomic outlook in emerging Asian countries, changes in demographics, and rising consumer wealth. Also, as people's disposable incomes rise and their lifestyles change, they are more likely to want to buy furniture for their homes that looks nice and makes their lives easier and more comfortable. Brand growth may require innovation, retail excellence, and pricing tailored to target consumer segments. Product innovation, segmentation, and digital strategies are what are driving the growth in home furnishings.
