Asia-Pacific Furniture Market Outlook, 2028

The Asia Pacific region boasts a diverse range of traditional craftsmanship techniques. Wood carving, bamboo weaving, lacquerwork, and other age-old methods have been preserved and passed down through generations. These techniques contribute to the distinctiveness of Asian furniture, blending functionality with artistic expression. Many Asian cultures have a deep-rooted connection to nature. This is often reflected in furniture design, where materials like wood, bamboo, and natural fibers are commonly used. Furniture pieces are often designed to harmonize with the natural environment, creating a sense of balance and tranquility. Furniture in the Asia Pacific region often holds spiritual, cultural, and symbolic significance. Pieces are crafted with attention to detail, reflecting cultural beliefs, rituals, and values. Elements like intricate carvings, patterns, and motifs carry stories and meanings that are integral to the culture. Contemporary Asian furniture often blends traditional aesthetics with modern design elements. This fusion creates furniture that appeals to both heritage and innovation, resulting in pieces that are relevant in today's dynamic world. In response to urbanization and limited space, Asian furniture often features multifunctional and adaptable designs. Pieces like foldable tables, modular seating, and convertible beds cater to the practical needs of urban living. Philosophical and religious principles play a significant role in furniture design. Concepts like Feng Shui in China, Wabi-Sabi in Japan, and Vastu Shastra in India influence furniture placement, material choices, and overall design aesthetics. In many Asia Pacific countries, there's a concerted effort to preserve traditional furniture-making techniques and cultural practices. This is often achieved through workshops, apprenticeships, and institutions dedicated to passing down knowledge. According to the research report, "Asia-Pacific Furniture Market Outlook, 2028," published by Bonafide Research, the market is anticipated to grow at a 7.03% CAGR by 2023–28. The large population of the Asia Pacific region provides a substantial consumer base and economies of scale. This allows manufacturers to produce furniture in large quantities, reducing production costs and making the products more affordable for both domestic and international markets. Many countries in the Asia Pacific region are export-oriented economies. Their focus on exporting furniture to markets around the world has enabled them to gain a strong foothold in the global furniture industry. These countries have established extensive trade networks and partnerships that facilitate the distribution of their products. The Asia Pacific region has embraced technological advancements in furniture production. Manufacturers have integrated advanced machinery, automation, and computer-aided design (CAD) systems to improve efficiency, precision, and the overall quality of furniture production. Asian manufacturers are known for their innovative approaches to furniture design. They are quick to adopt new trends and technologies, offering customizable solutions to meet the evolving needs of consumers. This adaptability to changing consumer preferences has contributed to their market leadership. Many governments in the Asia Pacific region have implemented policies to attract foreign investment and encourage manufacturing growth. These policies, combined with flexible labor laws and supportive infrastructure, have created a favorable business environment for furniture manufacturers.

Based on the countries, China is dominating the Asia Pacific Furniture market in 2022. China has established itself as a global manufacturing powerhouse, and this extends to the furniture industry. Its massive manufacturing capacity, advanced production facilities, and skilled workforce. China's competitive labor costs, along with efficient production processes, enable it to produce furniture at lower costs compared to many other countries. This cost advantage makes Chinese furniture attractive to both domestic and international markets. China produces a vast array of furniture, catering to different styles, preferences, and price points. From traditional wooden furniture to modern designs incorporating new materials and technologies, China's diverse product range appeals to a wide range of consumers. China's booming economy and rising middle class have led to increased domestic demand for furniture. As more Chinese consumers seek higher living standards, the demand for quality furniture has surged. Chinese furniture designs often incorporate elements of the country's rich cultural heritage. From traditional Ming and Qing dynasty styles to contemporary interpretations, Chinese aesthetics appeal to both domestic and international consumers. China hosts numerous trade shows and furniture expos that showcase its manufacturing capabilities and innovative designs. Events like the China International Furniture Fair (CIFF) attract global attention and facilitate business connections. Based on the material, Plastic is projected to grow with more CAGR by 2023-28 in Asia Pacific Furniture Market.

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Manmayi Raval

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Plastic furniture is often more cost-effective to manufacture and purchase compared to furniture made from traditional materials like wood or metal. This affordability appeals to a wide range of consumers, including those seeking budget-friendly options. Plastic can be molded into a variety of shapes and forms, allowing for innovative and contemporary furniture designs that cater to different styles and aesthetics. This versatility appeals to consumers looking for modern and unique furniture pieces. Plastic furniture is often chosen for outdoor spaces due to its resistance to weathering, UV exposure, and moisture. Its durability and low maintenance make it suitable for patio, balcony, and garden areas. Plastic furniture can replicate the appearance of more expensive materials like wood, metal, or stone at a fraction of the cost. This "affordable luxury" aspect makes it an attractive option for consumers seeking stylish furniture without a high price tag. Plastic furniture is commonly used in cafes, outdoor seating areas, and community spaces due to its durability and weather resistance. Plastic furniture is ideal for homes with children, as it is less likely to chip, scratch, or cause injuries compared to furniture with sharp edges or heavy materials. In terms of material, the Sofa & Couch segment is expected to attain a market in 2022 in the Asia Pacific furniture market. As homeowners invest in interior decor and home renovations, sofas and couches play a pivotal role in creating inviting and aesthetically pleasing living spaces. Sofa & Couch designs span a wide range of styles, from traditional to modern, minimalist to luxurious. This variety allows consumers to find pieces that match their preferred interior design aesthetics. Sofas and couches often serve as the focal point of living rooms and common areas, making them a significant piece of furniture in terms of both functionality and design. Apartments and smaller living spaces in urban areas often require compact and space-efficient furniture. Sofa designs that cater to such constraints are in demand. The hospitality and commercial sectors, including hotels, restaurants, and offices, also contribute to the demand for sofas and couches for their waiting areas and lounges. As the population ages, there's a growing emphasis on ergonomic and comfortable furniture. Sofas with features like adjustable headrests and lumbar support cater to this demographic.

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Based on the Category, Indoor segment are growing more CAGR by 2023-28 in the Asia-Pacific furniture market. One of the central factors is the ongoing process of urbanization. With cities in the Asia-Pacific experiencing significant population density, living spaces are adapting to the constraints of urban life. Apartments and compact living arrangements are becoming the norm, which in turn, necessitates a reimagining of interior design and furniture solutions. As the dimensions of living spaces shrink, the importance of efficient and multifunctional furniture becomes paramount. The Indoor segment rises to this challenge, providing options that optimize space without compromising on comfort or aesthetic appeal. Within this context, the concept of the home is shifting. No longer solely a shelter, homes are now seen as sanctuaries of relaxation, work, and entertainment. The evolving concept of a "smart home" drives the need for furniture that can seamlessly integrate with technology, be it for charging devices or providing a comfortable workspace for remote work. This demand aligns with the transformative nature of the Indoor segment, which offers solutions designed to enhance comfort, productivity, and convenience within the confines of indoor living spaces. Based on application, the hotel segment is expected to have more revenue share in 2022 in the Asia-Pacific furniture market. The Asia-Pacific region is renowned as a global tourism hub, attracting travelers from around the world seeking diverse experiences. As tourism continues to flourish, the demand for hotel accommodations escalates, driving the necessity for thoughtfully furnished spaces that resonate with the preferences and expectations of discerning travelers. Furniture emerges as a pivotal factor in enhancing the aesthetic appeal, functionality, and comfort of hotel rooms, lobbies, and communal areas, ultimately contributing to an enriched guest experience. The trend toward boutique and design-focused hotels amplifies the role of furniture as an artistic and thematic conduit. These hotels, often celebrated for their distinctive narratives and avant-garde designs, demand furniture that seamlessly aligns with their creative vision, transforming each guest's stay into an immersive journey. Online are expected to have a market share of more in the Asia Pacific Furniture market by 2028, according to the distribution channel. The Asia Pacific region has witnessed significant advancements in digital infrastructure and internet connectivity. Increased access to smartphones, tablets, and computers has enabled consumers to explore and shop for furniture online, driving the growth of e-commerce. Online shopping offers unparalleled convenience and accessibility. Consumers can browse and purchase furniture from the comfort of their homes, avoiding the need to visit physical stores. This is particularly appealing given the region's diverse geography and urban congestion. Online platforms offer detailed product descriptions, specifications, and high-quality images. Virtual tours and 3D visualizations allow customers to envision how furniture will fit within their living spaces, enhancing the purchasing experience. Online shopping saves time and effort compared to visiting multiple physical stores. Consumers can easily compare prices, features, and reviews across different platforms, facilitating well-informed decisions. For instance, some well-known online furniture retailers and platforms in the Asia Pacific region that have contributed to the growth of the online distribution channel include Taobao, Tmall, JD, Lazada, Shopee, Flipkart, Pepperfry. Companies Covered in this report: Steelcase Inc., MillerKnoll, Inc, Haworth Inc., Okamura Corporation, Krueger International, Inc, Vitra, Kinnarps Holding AB, Inter IKEA Systems B.V., HNI Corporation, Kimball International, Ralph Lauren Corporation, Steris plc and Godrej & Boyce Mfg. Co. Ltd. Considered in this report • Geography: Asia Pacific • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Asia Pacific Furniture market Outlook with its value and forecast along with its segments • Country-wise Furniture market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Country covered in the report: • China • Japan • India • Australia • South Korea By Material • Wood • Metal • Plastic • Glass • Others By product • Beds • Tables & Desks • Sofa & Couch • Chairs & Stools • Cabinets & Shelves • Other By Category • Indoor • Outdoor By Application • Residential • Office • Hotel • Others (Hospital Furniture) By Distribution Channel • Specialty Stores (Traditional Stores, Branded Furniture/Flagships Stores, Lifestyle Stores, Home Centers) • Supermarkets and Hypermarkets (Department Stores, Discount Department Stores) • Online • Others (Office Supply Stores, Buying Through a Designer) The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations, and organisations related to the Furniture industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.