APAC Home Furniture Market Trends 2024- Industry Share, Revenue, Growth Drivers, Business Challenges, Opportunities and Future Competition till 2033: SPER Market Research
The term “furniture” refers to mobile items that enable a variety of human activities such as sleeping, eating, and working with objects while seated, such as tables, chairs, stools, beds, and hammocks. Furniture also serves as a place to store items or hold objects at a suitable working height, such as tables and desks, which are horizontal surfaces above ground. It can be fashioned from a variety of materials, including metal, plastic, and wood. Furniture can be created with a variety of woodworking joints and frequently reflects local culture. Depending on the intended use, furniture designs can be updated utilising both machine and manual methods.
According to SPER market research, ‘Asia Pacific Home Furniture Market Size- By Product, By Distribution Channel – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Asia Pacific Home Furniture Market is predicted to reach USD XX billion by 2033 with a CAGR of 6.05%.
Drivers:
Technology is gradually being integrated into furniture, such as smart beds, sofas, and tables. As a result, market participants are gradually introducing smart furniture. For example, in July 2023, Ebarza unveiled its one-of-a-kind range of smart furniture. The furniture pieces are precisely designed to combine mechanical improvements with exquisite aesthetics, maximising space utilisation and providing different functionality in a single, flexible unit. In November 2023, Living Spaces, a well-known furniture company, and Diamond Mattress introduced the Adaptive Sleep smart bed, a significant advancement in sleep technology. Living Spaces and Diamond Mattress cooperated to create the Adaptive Sleep mattress, which combines advanced body-sensing technology with mobile app connectivity. This technology seeks to improve sleep quality by adapting to each individual’s unique sleeping habits. Furthermore, the mattress can be combined with an adjustable foundation to provide personalised comfort. As a result, these new product introductions are expected to create opportunities for market expansion.
Challenges:
The limited supply of qualified manpower, longer product replacement cycles, environmental concerns, and rising manufacturing costs will all stymie the expansion of the wooden furniture market over the forecast period. Furthermore, the high cost and the need to increase supply chain visibility and efficacy may impede the target market’s growth. Furthermore, the middle-class prefers to buy low-cost, second-hand home furniture over expensive ones. This is expected to slow market expansion. Furthermore, stiff competition from unorganised industry competitors in many places throughout the world is constraining major firms’ commercial expansion. Fluctuating raw material prices and shifting import and customs duties on fixture products in many countries across the world are projected to stymie overall industry growth.
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Impact of COVID-19 on Asia Pacific Home Furniture Market
The COVID-19 pandemic had a significant impact on consumer behaviour and industrial trends in the furniture sector. Due to financial constraints, buyers were hesitant to spend on non-essential items, particularly home interiors, and therefore residential demand for furniture declined. Following the COVID-19 pandemic, there has been a slow but gradual return to home projects, and consumers are once again eager to spend on household items, driving increased demand for furniture over the forecast period.
Asia Pacific Home Furniture Market Key Players:
China dominates the Home Furniture market in Asia Pacific. The revenue of the Chinese furniture market has steadily increased over the years, with living room furniture, home décor, and bedroom furniture accounting for the majority of sales. Furthermore, the market’s major players include Markor International Furniture Co, Ltd, Cassina IXC Ltd, Bals Corporation, Godrej Interio, Zuari Furniture, Dalian Huafeng Furniture Group Co Ltd, and Others.
Asia Pacific Home Furniture Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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.
For More Information, refer to below link:-
Asia Pacific Home Furniture Market Future Outlook
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