Asia Pacific Multifunctional Furniture Market, Growth trends, COVID-19 Impact and Forecast (2022-2027)

The Multifunctional furniture market is segmented on the basis of product type (Chairs, Tables, Windows and Doors), distribution channels (Online markets, Mass merchandisers, super markets and hyper markets), application (commercial, residential) and geography (India, China, Russia and others) .

Market Snapshot

Asia-Pacific multifunctional furniture market
Study Period: 2018-2027
Base Year: 2021
CAGR: >7.61 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The growth of the outdoor furniture market has been aided by a shift in consumer expenditure toward improved living, fueled by rising per capita and disposable income. Moreover, demand for superior outdoor furniture facilities such as a table, chairs, or combo sets has been channeled by renovations in historic residential buildings and new constructions. Consumers are looking for outdoor furniture that provides the same level of comfort as indoor furniture in today's world, which has fueled demand for seating sets in the Asia Pacific furniture market. Also, with a growing focus on sustainability and aesthetic appeal, the use of wood in creating outdoor garden furniture has gained significance. Furniture is essential in houses, hotels, and offices to decorate the interiors and exteriors. Some primary criteria that distinguish luxury furniture from non-luxury furniture are the materials' quality, aesthetic value, comparative pricing, and design sophistication. Due to the modest but continuous improvement in the economic situations of several countries in the Asia-Pacific area, consumers in the region have seen an increase in disposable income. In addition, the real estate and construction industries are expected to expand significantly in this region. Also, urbanization and better individual lives are two major drivers driving the Asia-Pacific furniture market.

The surge in COVID-19 cases has severely impacted the indoor and outdoor furniture industry. A decline in consumption coupled with the reluctance of consumer spending toward non-essential needs will hamper the market growth. Growing lockdown restrictions and control measures have led to social distancing measures. Furthermore, the fall in furniture demand has enforced industry players to reduce production.

Scope of the Report

The report's scope is to present a comprehensive analysis of the Asia Pacific Furniture market to the stakeholders in the industry. The Multifunctional furniture market is segmented on product type (Chairs, Tables, Windows, and Doors), distribution channels (Online markets, Mass merchandisers, supermarkets, and hypermarkets), application (commercial, residential), and geography (India, China, Russia, and others). The report provides the most dominant trends in the Asia Pacific Furniture market and how these trends will influence new business investments and market development throughout the forecast period. A complete background analysis of the Asia-Pacific multifunctional furniture market, which includes an assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and logistics spending by the end-user industries, is covered in the report.

By Application
Commercial
Residential
By distribution channel
Mass Merchandisers
Online
Supermarket
Hyper Market
Others*
By Product Type
Chairs
Tables
Windows
Doors
Others*
By Geography
India
China
Russia
Others*

Report scope can be customized per your requirements. Click here.

Key Market Trends

Urbanization driving the growth of furniture market

The home segment will be significant for revenue generation. Urbanization in emerging economies and the growth of the real estate sector in developed economies are some factors boosting the demand for home furniture. The increasing government initiatives for urban housing development and the rising demand for multifunctional furniture will also contribute to furniture market growth in the home segment.

Asia-Pacific multifunctional furniture trends

Momentum of growth in kitchen furniture market

Kitchen furniture includes fitted kitchen units, as well as other wooden furniture used for preparing food or for food storage. The segement growth is driven by surging urbanization and remodeling in residential kitchens. Kitchen furniture is gaining momentum in investments with a consistent growth in the hotel industry, which, in turn, thrives on rising in travel and tourism. The developed regions with a high percentage of the population living in urban areas have been the primary consumers for kitchen furniture and fixtures, which may present the market with huge growth opportunity and potential in the near future.

Asia-Pacific multifunctional furniture market forecast

Market Concentration

The existence of several well-known firms characterizes the market. These companies control a large portion of the market, have a wide product portfolio, and have an Asia Pacific presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations. Some major players in the Asia Pacific furniture market include Kohler, Walmart, Godrej interio, IKEA Group, Heritage Home, OPPEIN, Ashley Furniture, NAFCO Corporation, Godrej Interio, and others.

The market's major companies have a significant impact because most of them have extensive Asia Pacific networks through which they can reach their massive client bases. Key players, particularly in Europe and Asia Pacific, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships to drive revenue growth and strengthen their positions in the Asia Pacific market.

Recent Developments

  • In March 2021- The global furniture giant IKEA rented 100,000 sq. ft. in Bengaluru to set up its first store in the city.
  • In April 2020 - IKEA acquired AI imaging startup GeomagicalLabs, with a product that allows a user to quickly scan a room using any smartphone & render that into a panoramic 3D picture in a few minutes.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS AND INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Insights on impact of technology

    5. 4.5 Industry Attractiveness - Porters' Five Forces Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitutes

      5. 4.5.5 Intensity of Competitive Rivalry

    6. 4.6 Impact of COVID-19 on the Market

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Commercial

      2. 5.1.2 Residential

    2. 5.2 By distribution channel

      1. 5.2.1 Mass Merchandisers

      2. 5.2.2 Online

      3. 5.2.3 Supermarket

      4. 5.2.4 Hyper Market

      5. 5.2.5 Others*

    3. 5.3 By Product Type

      1. 5.3.1 Chairs

      2. 5.3.2 Tables

      3. 5.3.3 Windows

      4. 5.3.4 Doors

      5. 5.3.5 Others*

    4. 5.4 By Geography

      1. 5.4.1 India

      2. 5.4.2 China

      3. 5.4.3 Russia

      4. 5.4.4 Others*

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concetration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Kohler

      2. 6.2.2 IKEA

      3. 6.2.3 Walmart

      4. 6.2.4 Milano

      5. 6.2.5 La-Z boy

      6. 6.2.6 Zuari Furniture

      7. 6.2.7 Godrej Interior

      8. 6.2.8 Markor International Furnitures

      9. 6.2.9 Bals Corporation*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNTIES AND FUTURE TRENDS

  8. 8. DISCLAIMER AND ABOUT US

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Asia Pacific Multifunctional Furniture Market market is studied from 2018 - 2027.

The Asia Pacific Multifunctional Furniture Market is growing at a CAGR of >7.61% over the next 5 years.

Walmart, Markor International Furniture Co., Ltd., Godrej Interio, IKEA, Zuari Furniture, Bals Corporation are the major companies operating in Asia Pacific Multifunctional Furniture Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!