Asia Pacific Luxury Furniture Market size was valued at USD 240.8 Bn in 2022 and Asia Pacific Luxury Furniture Market revenue is expected to reach USD 352.7 Bn by 2029, at a CAGR of 6.2% over the forecast period (2023-2029).
Asia Pacific Luxury Furniture Market OverviewLuxury furniture is a piece that must have an extraordinary features beyond average needs. Whether it's made of wood or leather, the material has to be genuine and high-quality. From its design to its material, luxury furniture has to stand to test of time. A unique design that embodies sophistication and style is the foremost building block of luxury furniture. The interior designers take this opportunity and push boundaries to introduce an expressive furniture range in a home. The design of luxury furniture pushes all the right buttons in terms of aesthetic style. In the world of furniture, French or Italian furniture styles are especially relished as luxury furniture. Many luxury furniture pieces are limited editions or made-to-order, making they even more desirable among affluent consumers who value uniqueness and prestige. Luxury goods are those that are possessed mainly by wealthy and powerful individuals. This has made them valuable. It also implies that the value of luxury furniture is not really proportional to the purchase price. Anything that justifies its cost not by any particular utility but only by its beauty and rarity is thus considered a luxury. The way in luxury product acceptance. Results from a report on 2022 purchasing preferences reveal that 21% of consumer respondents are willing to invest in premium household appliances, and 14% expressed interest in investing in high-end furniture higher percentages than seen among the world. The major key players included in the global Asia Pacific Luxury Furniture are Shanghai JL&C Furniture Co. Ltd, PT. Wirasindo Santakarya, McMichael Furniture, IKEA, and Kovacs Design Furniture among others. Major companies are developing E-commerce and digital presence and launching new Premium Quality and Luxury Brands that also provide customizations and personalization to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments. China leads online furniture sales globally with an estimated sale of over USD 68.6 billion in 2021. The rapid development of e-commerce in China has increased the sales channels for furniture in the past 2-3 years. The online sales of furniture through online distribution channels increased from 54% in 2021 to around 58% in 2022 as consumers are showing a rising preference for the purchase of furniture products online. The steady growth in e-commerce and the rise in retailers adopting online channels for selling their furniture products is anticipated to further increase the demand for furniture products in the country. The increase in revenue is the most important indicator that China produces better quality furniture as compared to its competitors. According to a study, in the year 2021 alone, 60% of the total revenue of China came from its furniture industry by selling locally as well as in the international market. The market took a hit in 2021 due to the COVID-19 pandemic but long-term growth is expected to bounce back. Industry revenue is expected to grow at an annualized 3.3% over the next five years, to total $107.1 billion.To know about the Research Methodology :- Request Free Sample Report
Asia Pacific Luxury Furniture Market DynamicsChanging Lifestyles Influencing Consumers: Conceptualizing and Identifying Future Directions Asia Pacific has witnessed a transformation in the consumer lifestyle which has been influenced by geodemographic, socio-culture factors, psychographics, preferences, norms, and behavior. Consumers want to lead a life full of luxury and comfort. The Asian middle class has provided a big boost to the consumer culture due to the fast growth of the services sector per capita income of people has increased rising disposable incomes continue to drive increasing spending and generate consumer demand for a wide range of new goods and services. The consumption pattern of a country depends on the liberalization of economic policies, buying habits of the younger generation, financial independence at a young age, an increase in the number of nuclear families, and an increase in media exposure of the people. The current generation does not mind paying extra for better facilities and ambiance. Another major factor that has led to increased consumerism is the growth of credit culture in India Growing Demand for Luxury Furniture in Asia Pacific's Booming Luxury Tourism and Hospitality Sector The luxury tourism and hospitality industry caters to affluent travelers seeking exclusive and opulent travel experiences. It encompasses high-end hotels, resorts, spas, private villas, luxury cruises, and other upscale accommodations that provide personalized services, world-class amenities, and exceptional attention to detail. Luxury tourists expect premium dining options, top-notch leisure facilities, and unique cultural experiences. The sector aims to create an indulgent and memorable journey for its guests, often combining luxurious accommodations with breathtaking locations, creating a sense of exclusivity and refinement that appeals to discerning travelers willing to invest in extraordinary and sophisticated travel experiences. Rising demand for kid's furniture to boost the market growth Since Asian countries follows the two-child policy, many new parents want to give their children the best that they have got. So, a rise in the demand for kids’ furniture has been seen in the Asia Pacific. A study shows that 72% of Asian parents want to go for premium furniture for their kids keeping in mind their child’s safety. Premium furniture is more suitable for kids as it is free from any type of harmful material and is less accident-prone. Parents don’t generally have to worry about sharp edges these factors are driving the market growth during the forecast period premium furniture is also available in different styles, and colors as well as cartoon and superhero characters which are popular among kids of different age groups. It is important for furniture companies who are doing business in China to consider the importance of this segment of the market from the design phase all the way to the selling phase.
Asia Pacific Luxury Furniture Market TrendsThe luxury furniture market has been experiencing a boom in its economy. The increasing trend of building new houses has also taken the furniture industry to yet another level. Due to urbanization, different brands have also surfaced in the furniture industry. Their most loyal customers are younger people, who tend to be better at adopting new trends and have significant purchasing power as well. The Popularity of Eco-friendly Furniture The concept of eco-friendly furniture is quite popular these days. The consumers understand its importance and thus are ready to invest in it even though they have to pay a higher price. Ecofriendly furniture is free from any type of harmful chemicals which may include artificial odor as well as formaldehyde which is harmful to health. The Increase in the Production of Office Furniture Asian luxury furniture market is one of the most popular hubs for economic activities. Many international brands are investing in it every year. Many multinationals, as well as domestic corporations, have their offices over here, while many more organizations are also opening every other month. This is why a huge increase in the demand for office furniture has been observed. Since deforestation is causing serious problems in China plastic and glass furniture is becoming more popular, especially in offices. Growing demand for luxury furniture in America Many American retailers have a keen interest in luxury furniture. Giants like IKEA and Havertys export furniture from the Asian market and sell them in their shops. Other brands like Ashley Furniture, Rooms to Go, Ethan Allan, and Raymour & Flanigan are some of the other companies which sell furniture made in China. Ashley Furniture has even opened some stores in China as well to bring more power to the Chinese consumer.
The Furniture Industry Provides a lot of Job OpportunitiesDue to its amazingly high population, the Asia Pacific region has a lot of people looking for job opportunities. The furniture industry has provided many jobs. Since the making of the furniture involves everything from cutting wood to delivering it, the whole process involves a lot of labor. The initial purpose of developing the furniture industry by the Chinese government was to provide its poor people with options to work and provide for their families. Initially, its target market was low to medium local consumers only.
Restraints and Challenges in Asia Pacific Luxury Furniture MarketThe Luxury furniture industry in the Asia Pacific is expected to witness multi-fold growth during the forecast period. However, as we have analyzed the industry is facing various challenges around issues like the availability of suitable raw materials at a competitive price, production processes, transport, and logistics cost, etc. The most loyal customers are younger people, who tend to be better at adopting new trends and have significant purchasing power as well. It is leading reduction of forests and high-quality wood is becoming more scarce and expensive. Moreover, there are lots of organizations that are working to preserve the environment to limit deforestation. The government is taking the initiative to increase the number of trees in the country to ensure that the furniture market in China keeps thriving while keeping the environment safe. This process is slow therefore furniture makers import wood from other countries and some organizations export finished wooden products and furniture to China.
Asia Pacific Luxury Furniture Market Segment AnalysisBy Distribution Channel, the Offline segment dominated the market with 83% in 2022. Owing to the traditional medium of shopping, the entry of major furniture players in emerging economies to set up retail stores and several customers prefer to visit retailers and want to experience the exact size and other aesthetics of products. These factors are driving the growth of the segment in the market. The online segment is expected to grow at a CAGR of 7 % through the forecast period. Increasing Internet penetration, increasing disposable income, digitization, and developing countries are the key factors in boosting the online segment in the Asia-Pacific region. Key benefits of online retailing are increased choice and a higher level of personalization, which may stimulate customers' purchase decisions. In the Asia-Pacific region, countries such as India and China are recognized as the largest e-markets for furniture purchased online. These numbers are projected to continue to grow. The rising digitalization of luxury furniture & interior shopping offers immense potential to retailers, & many players such as Amazon and IKEA are investing heavily to increase their online presence in household e-commerce. These factors are expected to drive the market's growth through the forecast period.
Asia Pacific Luxury Furniture Market Regional AnalysisChina is the biggest exporter of Luxury Furniture Market China is the largest economy in Asia Pacific and presents significant opportunities for the luxury furniture market. The country has a strong industrial base also Chinese furniture exporters surpassed those of Italy to become the largest in the world. Cost-effective production and labor resources are key factors behind this success also increasing domestic demand for home decoration as people's standards of living improve. Many leading furniture manufacturers and brands from abroad produce their furniture in China, as traditional Chinese furniture makers usually make the products better than their Western counterparts, and for a lower price. China has a highly developed glass and porcelain industry with cheaper products with higher quality. Actually, China is the biggest export country of glass and porcelain products in the world. Today, they are still taking a 25.1% share of worldwide glass and glassware exports which drives the market growth. The luxury furniture market in China reached USD 82.3 Bn in 2022 and is expected to grow annually by 12.5% between 2022 to 2029 reaching USD 146.4 Bn. China is the second furniture industry in the world and the biggest online market in 2022 57% of furniture was brought offline and 43% online and the numbers are to stay on a similar level in next year this presents huge opportunities for foreign furniture manufacturers, as it gives high chance to reach consumers in the luxury furniture market rather easily they search for high-quality furniture, especially from abroad, online. India is the second-largest country holding the largest market share in 2022. The demand for branded furniture has increased in India due to the emerging upper and middle-class urban population. Although demand for local artisan furniture still exists, the growth is in imports as Indians seek contemporary designs in a modern world. The reduction in import tariffs has also driven the growth of imported furniture. All these factors provide a very favorable environment for those importers interested in importing furniture to India. Import products are Bedding, Mattresses, Mattresses supports, Cushions & similar stuffed furnishing, and lamps.
Asia Pacific Luxury Furniture Market Competitive LandscapeIn the highly competitive Asia Pacific luxury furniture market, key players such as Kovacs Design Furniture, Shanghai JL&C Furniture Co. Ltd, PT. Wirasindo Santakarya, McMichael Furniture, and IKEA for market share by leveraging their strong brand reputation, innovative design capabilities, and extensive distribution networks. These companies focus on meeting the increasing demand for personalized and sustainable luxury furniture while catering to diverse consumer preferences across the region. Competitive strategies encompass expanding their product portfolios with a range of high-end offerings, targeting emerging markets in Southeast Asia and South Asia, and enhancing online retail channels to tap into the growing e-commerce trend. IKEA in China is a very good and mature market, and the brand increases its market share every year. In 2021, Ikea partnered with Chinese e-commerce giant, Alibaba, to open the first major virtual store on Alibaba’s e-commerce website, Tmall. This is an incredibly innovative move within the market as the virtual store allows the Swedish furniture company to access many more consumers and allows them to experiment with a new method for marketing their goods. This bodes well for other furniture brands and manufacturers because it shows the incredible growth within the market and the innovations that are available for companies to reach consumers.
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Asia Pacific Luxury Furniture Market
Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 240.8 Mn. Forecast Period 2023 to 2029 CAGR: 6.2% Market Size in 2029: US $ 352.7 Mn. Segments Covered: by Material Wood Leather Metal Fabric Plastic Others by Furniture Type Sofas and Couches Beds and Mattresses Dining Tables and Chairs Cabinets and Storage Units Desks and Office Furniture Outdoor Furniture Other by Distribution Channel Online Offline
Asia Pacific Luxury Furniture Market by RegionChina South Korea Japan India Australia Indonesia Malaysia Vietnam Taiwan Bangladesh Pakistan and Rest of APAC
Asia Pacific Luxury Furniture Market key players include1. Kovacs Design Furniture 2. Shanghai JL&C Furniture Co. Ltd 3. PT. Wirasindo Santakarya 4. McMichael Furniture 5. IKEA 6. De Bruin-Judge Furniture Ltd (DBJ) 7. 6Dynamic Furniture Industries (M) Sdn Bhd 8. Far East Furniture 9. Falcon Incorporation PTE Ltd 10. Shanghai Casagi Furniture Ltd 11. Wegmans Furniture Industries Sdn Bhd 12. Giorgio Armani Casa 13. Roche Bobois 14. Poliform 15. Kovacs Design Furniture 16. Homifurniture 17. Herman Miller, Inc. 18. Hülsta-Werke Hüls GmbH & Co. KG 19. Poltrona Frau Group 20. Baker Furniture, Inc. 21. Kimball International, Inc. 22. Duresta Upholstery Ltd. 23. Scavolini S.p.A. 24. Kartell S.p.A. 25. Bernhardt Furniture Company
Frequently Asked Questions:1] What is the growth rate of the Global Asia Pacific Luxury Furniture Market? Ans. The Global Asia Pacific Luxury Furniture Market is growing at a significant rate of 6.2 % over the forecast period. 2] Which Country is expected to lead the Global Asia Pacific Luxury Furniture Market during the forecast period? Ans. China is expected to lead the Asia Pacific Luxury Furniture Market over the forecast period. 3] What is the projected market size & growth rate of the Asia Pacific Luxury Furniture Market? Ans. The market size of the Asia Pacific Luxury Furniture Market is expected to reach USD 352.7 Bn by 2029. 4] Who are the top players in the Asia Pacific Luxury Furniture Industry? Ans. The major key players in the Global Asia Pacific Luxury Furniture Market are Kovacs Design Furniture, Shanghai JL&C Furniture Co. Ltd, PT. Wirasindo Santakarya, McMichael Furniture, and IKEA 5] What segments are covered in the Asia Pacific Luxury Furniture Market report? Ans. The segments covered in the Asia Pacific Luxury Furniture Market report are Type, Application, Distribution Channel, and Region.
1. Asia Pacific Luxury Furniture Market: Research Methodology 2. Asia Pacific Luxury Furniture Market: Executive Summary 3. Asia Pacific Luxury Furniture Market: Competitive Landscape 3.1. MMR Competition Matrix 3.2. Competitive Landscape 3.3. Key Players Benchmarking 3.4. Market Structure 3.4.1. Market Leaders 3.4.2. Market Followers 3.4.3. Emerging Players 3.5. Consolidation of the Market 4. Asia Pacific Luxury Furniture Market: Dynamics 4.1. Market Trends by Region 4.2. Market Drivers by Region 4.3. Market Restraints 4.4. Market Opportunities 4.5. Market Challenges 4.6. PORTER’s Five Forces Analysis 4.7. PESTLE Analysis 4.8. Value Chain Analysis 4.9. Regulatory Landscape by Region 5. Asia Pacific Luxury Furniture Market Size and Forecast by Segments (by Value USD and Volume Units) 5.1. Asia Pacific Luxury Furniture Market Size and Forecast, by Material (2022-2029) 5.1.1. Wood 5.1.2. Leather 5.1.3. Metal 5.1.4. Fabric 5.1.5. Plastic 5.1.6. Others 5.2. Asia Pacific Luxury Furniture Market Size and Forecast, by Application (2022-2029) 5.2.1. Sofas and Couches 5.2.2. Beds and Mattresses 5.2.3. Dining Tables and Chairs 5.2.4. Cabinets and Storage Units 5.2.5. Desks and Office Furniture 5.2.6. Outdoor Furniture 5.2.7. Other 5.3. Asia Pacific Luxury Furniture Market Size and Forecast, by Distribution Channel (2022-2029) 5.3.1. Online Retail 5.3.2. Specialty Stores 5.3.3. Departmental Stores 5.3.4. Furniture Boutiques 5.3.5. Others 5.4. Asia Pacific Luxury Furniture Market Size and Forecast, by Region (2022-2029) 5.4.1. North America 5.4.2. Europe 5.4.3. Asia Pacific 5.4.4. Middle East and Africa 5.4.5. South America 5.5. Asia Pacific Asia Pacific Luxury Furniture Market Size and Forecast, by Country (2022-2029) 5.5.1. China 5.5.2. S Korea 5.5.3. Japan 5.5.4. India 5.5.5. Australia 5.5.6. Indonesia 5.5.7. Malaysia 5.5.8. Vietnam 5.5.9. Taiwan 5.5.10. Bangladesh 5.5.11. Pakistan 5.5.12. Rest of Asia Pacific 6. Company Profile: Key players 6.1. IKEA 6.1.1. Company Overview 6.1.2. Financial Overview 6.1.3. Business Portfolio 6.1.4. SWOT Analysis 6.1.5. Business Strategy 6.1.6. Recent Developments 6.2. Kovacs Design Furniture 6.3. Shanghai JL&C Furniture Co. Ltd 6.4. PT. Wirasindo Santakarya 6.5. McMichael Furniture 6.6. De Bruin-Judge Furniture Ltd (DBJ) 6.7. 6Dynamic Furniture Industries (M) Sdn Bhd 6.8. Far East Furniture 6.9. Falcon Incorporation PTE Ltd 6.10. Shanghai Casagi Furniture Ltd 6.11. Wegmans Furniture Industries Sdn Bhd 6.12. Giorgio Armani Casa 6.13. Roche Bobois 6.14. Poliform 6.15. Kovacs Design Furniture 6.16. Homifurniture 6.17. Herman Miller, Inc. 6.18. Hülsta-Werke Hüls GmbH & Co. KG 6.19. Poltrona Frau Group 6.20. Baker Furniture, Inc. 6.21. Kimball International, Inc. 6.22. Duresta Upholstery Ltd. 6.23. Scavolini S.p.A. 6.24. Kartell S.p.A. 6.25. Bernhardt Furniture Company 7. Key Findings 8. Industry Recommendation