Furniture - Southeast Asia

  • Southeast Asia
  • In 2024, the Furniture market in Southeast Asia is projected to generate a revenue of US$15.33bn.
  • This market is expected to experience an annual growth rate of 3.71% (CAGR 2024-2029).
  • Among the various segments within the Furniture market, the largest one is the Living Room Furniture segment, which is estimated to have a market volume of US$5.27bn in 2024.
  • When compared globally, in the United States stands as the country with the highest revenue in the Furniture market, amounting to US$263bn in 2024.
  • Taking into account the population figures, the per person revenue in Southeast Asia is calculated to be 0.00 in 2024.
  • The furniture market in Thailand is experiencing a surge in demand for sustainable, eco-friendly designs.

Key regions: Worldwide, United States, China, India, Germany

 
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Analyst Opinion

The Furniture market in Southeast Asia is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend.

Customer preferences:
in the Furniture market in Southeast Asia are shifting towards more modern and contemporary designs. Customers are looking for furniture that is not only functional but also aesthetically pleasing. This is driving demand for sleek and minimalist designs that fit well in smaller living spaces, which are common in urban areas of Southeast Asian countries. Additionally, customers are increasingly valuing sustainability and eco-friendly materials in their furniture choices. As a result, there is a growing demand for furniture made from renewable resources and produced using environmentally friendly manufacturing processes. Trends in the Furniture market in Southeast Asia are also influenced by global and regional market trends. One notable trend is the rise of e-commerce in the furniture industry. Online platforms are becoming increasingly popular for purchasing furniture, offering customers a wide range of options and the convenience of shopping from home. This trend is particularly evident in countries such as Singapore and Malaysia, where online furniture retailers have gained significant market share. Another trend is the increasing popularity of smart furniture, which incorporates technology into everyday furniture items. This trend is driven by the growing adoption of smart home technology in Southeast Asia.

Local special circumstances:
in Southeast Asia also play a role in the development of the Furniture market. For example, the rapid urbanization in the region has led to an increase in demand for furniture in urban areas. As more people move to cities and live in smaller living spaces, the need for compact and multifunctional furniture has grown. Additionally, the diverse cultural influences in Southeast Asia contribute to a wide variety of furniture styles and designs. This allows customers to choose from a range of options that reflect their personal tastes and preferences.

Underlying macroeconomic factors:
are also driving the growth of the Furniture market in Southeast Asia. The region has experienced strong economic growth in recent years, leading to an increase in disposable income and consumer spending. As a result, more people are able to afford higher quality furniture and are willing to invest in durable and long-lasting pieces. Furthermore, the growing middle class in Southeast Asia has created a larger customer base for the furniture industry. This demographic segment values quality and style in their furniture choices, driving demand for higher-end products. In conclusion, the Furniture market in Southeast Asia is developing and growing due to customer preferences for modern and sustainable designs, global and regional market trends such as the rise of e-commerce and smart furniture, local special circumstances such as urbanization and cultural diversity, and underlying macroeconomic factors such as strong economic growth and a growing middle class. These factors contribute to the positive outlook for the Furniture market in Southeast Asia.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is segmented by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen and Dining room, Bathroom, Outdoor, and Home Office. The Furniture market also includes Lamps and Lighting and Home Decor because the furnishings and accessories within these segments are not specific to any room.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as consumer spending and GDP. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing is well suited for forecasting the Furniture market with a projected steady growth. The main drivers are furniture and furnishings, carpets and other floor coverings, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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