China Home Furniture Industry Overview
|Study Period:||2019 - 2028|
|CAGR:||> 5.5 %|
*Disclaimer: Major Players sorted in no particular order
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China Home Furniture Market Analysis
China is the largest exporter of furniture around the world. Although China may have a reputation for producing substandard products, it does produce excellent quality furniture. Due to the Amazingly high population, china's furniture market is also the largest job providing sector as it involves everything from cutting wood to delivering it, the whole process involves a lot of labor.
China is a big country and has its local furniture industry based in different locations. The COVID-19 pandemic has had a major impact on home furniture markets and has also seriously affected the sales of home furniture
Over the past few years, multi-purpose and smart pieces of furniture have gained popularity to meet the rising demand in the home furniture market, to meet the criteria of aesthetics and functionality. Innovative raw materials for furniture, smart techniques, and new technology are in demand to fulfill the need for luxurious and compact furniture.
After the Covid-19 pandemic, China leads online furniture sales globally. The rapid development of e-commerce in China has increased the sales channels for furniture. The changing preference of consumers towards purchase mode has led to an increase of online distribution channels from 54% in 2018 to around 58% in 2022.
China Home Furniture Industry Segments
A complete background analysis of the Chinese home furniture market, which includes an assessment of the National accounts, economy, and emerging market trends by segments, significant changes in the market dynamics, and the market overview is covered in the report. The China Home Furniture Market is Segmented by Product (Living Room and Dining Room Furniture, Bedroom Furniture, Kitchen Furniture, Lamps and Lighting Furniture, and Plastic and Other Furniture), by Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores, Online Retail Stores, and Other Distribution Channels).
|Living Room and Dining Room Furniture|
|Lamps and Lighting Furniture|
|Plastic and Other Furniture|
|By Distribution Channels|
|Online Retail Stores|
|Other Distribution Channels|
China Home Furniture Market Trends
This section covers the major market trends shaping the China Home Furniture Market according to our research experts:
Increasing Disposable Income is Driving the Market
China is the most populated nation across the globe and due to this domestic demand of Furniture is quite high in China. The rise in per capita disposable income in China, increasing population, and urbanization are factors that are enhancing the demand for China's home furniture market. Urban wage earners and peasant families who have settled in towns and cities are the major furniture buyers. The urbanization rate of permanent residents in China reached 63.9% in 2020 leading to an increase in demand for furniture.
Increasing disposable income has influenced the individual to spend more on a comfortable lifestyle, this is expected to provide growth opportunities for the China home furniture market. Rising consumer spending and disposable income levels are expected to boost the consumption of home furniture products.
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Living Room Furniture Segment is Leading the Furniture Market
The largest segment is the segment Living Room Furniture which is growing steadily. The living room segment is immediately followed by kitchen and dining room equipment. This trend is especially noticeable because of the high population and increase in the southern and eastern parts of the country with the multiplication of high-rise buildings.
The high percentage of the population living in the urban areas has been the primary consumers of living room furniture and this will present the market with huge growth opportunities and potential in the near future. The number of residential property transactions is also expected to increase over the coming period, fuelled by rising real incomes and low unemployment levels allowing more people to buy homes, and increasing the demand for furniture.
China Home Furniture Market Competitor Analysis
The report covers major international players operating in the China home furniture market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
China Home Furniture Market Top Players
Red Apple Furniture
*Disclaimer: Major Players sorted in no particular order
China Home Furniture Market Recent Developments
- In July 2022, China's Qumei Home Furnishing Group, supported by Huatai Zijin Investment is going to buy Norwegian recliner manufacturer Ekornes owner of the Stressless brand. Ekornes will remain headquartered in Sykkylven, Norway, and its existing manufacturing sites in Norway, the US, Thailand, and Vietnam will remain in place. Qumei has planned to expand its retail network in China with an additional 500 stores and 1500-2000 concessions over the next five years.
- In January 2022, KUKA HOME opens a new 30,000 sq. ft. showroom in Las Vegas. It also started KUKA HOME First Flagship Store in Kirti Nagar, New Delhi.
China Home Furniture Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain/Supply Chain Analysis
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights of Technology Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Living Room and Dining Room Furniture
5.1.2 Bedroom Furniture
5.1.3 Kitchen Furniture
5.1.4 Lamps and Lighting Furniture
5.1.5 Plastic and Other Furniture
5.2 By Distribution Channels
5.2.2 Specialty Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Competion Overview
6.2 Company Profiles
6.2.1 Interi Furniture
6.2.2 Chengdu Sunhoo Industrial Co., Ltd.
6.2.3 JL&C Furniture Co., Ltd.
6.2.4 Red Apple Furniture
6.2.5 Kinwai Group
6.2.6 Qumei Furniture
6.2.7 Guangdong Landbond Furniture Group Co., Ltd.
6.2.8 Huari Furniture
6.2.10 Zhejiang Huaweimei Group Co., Ltd.*
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
China Home Furniture Market Research FAQs
What is the study period of this market?
The China Home Furniture Market is studied from 2019 - 2028.
What is the growth rate of China Home Furniture Market?
The China Home Furniture Market is growing at a CAGR of >5.5% over the next 5 years.
Who are the key players in China Home Furniture Market?
Interi Furniture, Red Apple Furniture, Kinwai Group, Qumei Furniture, Kuka Home are the major companies operating in China Home Furniture Market.
China Home Furniture Industry Report
In-depth industry statistics and market share insights of the China Home Furniture Market sector for 2020, 2021, and 2022. The China Home Furniture Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the China Home Furniture Market report PDF.