Asia Pacific Luxury Furniture Market size was valued at US$ 216,453 Mn. in 2020. Asia Pacific Luxury Furniture will encourage a great deal of transformation in the Home Décor Market.
Asia Pacific Luxury Furniture Market Overview:Furniture is used in multiple industries for large applications like home decoration, seating, sleeping, storage, and many more. These are used in homes and commercial areas and public areas like in hotels and restaurants, Luxury Outdoor Furniture. There has been a huge growth in this industry for the last few years because of home decoration and interior. To know about the Research Methodology :- Request Free Sample Report Though market forecasting through 2027 is based on real output, demand, and supply of 2020, 2020 numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2027 is done based on past data from 2016 to 2019 with the impact of global lockdown on the market in 2020 and 2021.
Asia Pacific Luxury Furniture Market Dynamics:Furniture is needed to decorate indoor and outdoor areas of homes, hotels, and offices. The quality, aesthetic value, comparable price, and sophisticated design of the materials used are key factors that distinguish between luxury and non-luxury furniture. Experienced and creative artisans make luxury furniture from high-quality metal, wood, glass, plastic, and leather. These luxurious pieces of furniture are designed with zero margin errors, which extends their lifespan. These factors are driving the demand of the market. This high disposable income and consumer reliance on luxury furniture drive market growth in this region. The growing popularity of indoor luxury furniture such as bedrooms, bathrooms, kitchens, and other types of furniture can increase sales of luxury furniture in the home segment. The surge in disposable income as economic conditions in different countries in the Asia-Pacific region steadily improve. The market is in high demand for luxury furniture made from precious wood such as mahogany and alder. The growing demand for eco-friendly luxury furniture is expected to provide opportunities through the forecast period. The construction industry & real estate is expected to grow in the region. Urbanization and individual lifestyle improvements are driving the growth of the Asia Pacific luxury furniture market. Rapid urbanization & industrialization across the region and the rising permeation of online retailing in developing countries influence customers to purchase luxury furniture. Developing economies, growing disposable income, & the focus on aesthetics and urban lifestyles are increasing the higher usage of high-end furniture products. Adding luxury furniture can improve the look and value of your home. Luxury furniture made of wood and metal is becoming more popular among consumers due to its high aesthetic value and durability. An increase in the awareness of modern lifestyle & the demand for eco-friendly furniture is expected to drive market growth. The rise of eco-friendly and multifunctional luxury furniture is also supporting the market growth of developed countries in the Asia Pacific. Home remodeling and replacement are expected to increase demand for luxury furniture as homeowners replace old furniture with new products that look better. Urbanization is driving market growth, with increasing urban populations in all major and developing countries in the region and increasing demand for luxury furniture. Factors such as rising prices of raw materials, especially wood and leather are restraining the growth of the luxury furniture market in the APAC region. Market trends and challenges are analyzed and compiled in the report. The data of 2020 is considered for a better understanding of the client. Moreover, Analytics of the market is based on real numbers of past years from 2016 to 2019 with market forecast until 2027. Recent Development: • March 2021- The global furniture giant IKEA rented 100,000 sq. ft. in Bengaluru to set up its first store in the city. • April 2020 - IKEA acquired AI imaging startup GeomagicalLabs, with a product that allows a user to quickly scan a room using any smartphone & render that into a panoramic 3D picture in a few minutes.
Asia Pacific Luxury Furniture Market Segment Analysis:By Distribution Channel, the Offline segment dominated the market with 83% in 2020. Owing to the traditional medium of shopping, entry of major furniture players in emerging economies to set up retail stores and several customers prefer to visit retailers and want to experience 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 projcted 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. The objective of the report is to present a comprehensive analysis of the Asia Pacific Luxury Furniture market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear, futuristic view of the industry to the decision-makers. The report also helps understand the Asia Pacific Luxury Furniture market dynamics and structure by analyzing the market segments and projecting the Asia Pacific Luxury Furniture market size. The report investor's guide is represented by the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Asia Pacific Luxury Furniture market.
Asia Pacific Luxury Furniture Market Scope: Inquiry Before Buying
Asia Pacific Luxury Furniture Market Report Coverage Details Base Year: 2020 Forecast Period: 2021-2027 Historical Data: 2016 to 2020 Market Size in 2020: US $ 216,453 Mn. Forecast Period 2021 to 2027 CAGR: 5.3 % Market Size in 2027: US $ 310,714 Mn. Segments Covered: by Material • Wood • Glass • Metal • Others by Distribution Channel • Online • Offline by Application • Residential • Commercial
Asia Pacific Luxury Furniture Market, by Country• China • India • Japan • Australia • Rest of Asia Pacific
Asia Pacific Luxury Furniture Market Key Players• Shanghai JL&C Furniture Co. Ltd • PT. Wirasindo Santakarya • McMichael Furniture • IKEA • Kovacs Design Furniture • De Bruin-Judge Furniture Ltd (DBJ) • 6Dynamic Furniture Industries (M) Sdn Bhd • Far East Furniture • Falcon Incorporation PTE Ltd • Shanghai Casagi Furniture Ltd • Wegmans Furniture Industries Sdn Bhd FAQ: 1] 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 based on Material, Distribution Channel, and Application. 2] Which country is expected to hold the highest share in the Asia Pacific Luxury Furniture Market? Ans. India is expected to hold the highest share in the Asia Pacific Luxury Furniture Market. 3] What is the market size of the Asia Pacific Luxury Furniture Market by 2027? Ans. The market size of the Asia Pacific Luxury Furniture Market by 2027 is US $ 310,714 Mn. 4] Who are the top key players in the Asia Pacific Luxury Furniture Market? Ans. Shanghai JL&C Furniture Co. Ltd, PT. Wirasindo Santakarya, McMichael Furniture, IKEA, Kovacs Design Furniture, De Bruin-Judge Furniture Ltd (DBJ), 6Dynamic Furniture Industries (M) Sdn Bhd, Far East Furniture, Falcon Incorporation PTE Ltd, Shanghai Casagi Furniture Ltd, Wegmans Furniture Industries Sdn Bhd. 5] What was the market size of the Asia Pacific Luxury Furniture Market in 2020? Ans. The market size of the Asia Pacific Luxury Furniture Market in 2020 was US $ 216,453 Mn.
1. Asia Pacific Luxury Furniture Market: Research Methodology 2. Asia Pacific Luxury Furniture Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Asia Pacific Luxury Furniture Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Asia Pacific Luxury Furniture Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by country • China • India • Japan • Australia • Rest of Asia Pacific 3.12. COVID-19 Impact 4. Asia Pacific Luxury Furniture Market Segmentation 4.1. Asia Pacific Luxury Furniture Market, by Material (2020-2027) • Wood • Glass • Metal • Others 4.2. Release liner Asia Pacific Luxury Furniture Market, by Distribution Channel (2020-2027) • Online • Offline 4.3. Asia Pacific Luxury Furniture Market, by Application (2020-2027) • Residential • Commercial 5. Company Profile: Key players 5.1. Shanghai JL&C Furniture Co. Ltd 5.1.1. Company Overview 5.1.2. Financial Overview 5.1.3. Global Presence 5.1.4. Capacity Portfolio 5.1.5. Business Strategy 5.1.6. Recent Developments 5.2. PT. Wirasindo Santakarya 5.3. McMichael Furniture 5.4. IKEA 5.5. Kovacs Design Furniture 5.6. De Bruin-Judge Furniture Ltd (DBJ) 5.7. 6Dynamic Furniture Industries (M) Sdn Bhd 5.8. Far East Furniture 5.9. Falcon Incorporation PTE Ltd 5.10. Shanghai Casagi Furniture Ltd 5.11. Wegmans Furniture Industries Sdn Bhd