Furniture - ASEAN

  • ASEAN
  • In 2024, the revenue in the Furniture market in ASEAN amounted to US$15.32bn.
  • It is projected that the market will experience an annual growth rate of 3.70% (CAGR 2024-2029).
  • The largest segment within this market is the Living Room Furniture segment, which had a market volume of US$5.26bn in 2024.
  • When compared globally, in the United States generates the highest revenue in this market, reaching US$263bn in 2024.
  • Taking into account the total population figures, the per person revenue in ASEAN is estimated at 0.00 in 2024.
  • In the ASEAN furniture market, Indonesia's rich tradition of craftsmanship shines through its intricately designed wooden furniture pieces.

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

 
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Analyst Opinion

The Furniture market in asean 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 asean region are shifting towards modern and stylish furniture. With the rise of social media and increased exposure to global trends, consumers are seeking furniture pieces that are not only functional but also aesthetically pleasing. This has led to an increased demand for contemporary designs and innovative materials. Additionally, customers are placing a greater emphasis on sustainability and eco-friendly practices, driving the demand for furniture made from recycled materials or produced using environmentally friendly manufacturing processes. Trends in the furniture market in asean are also influenced by global and regional factors. One major trend is the increasing popularity of online shopping. The convenience and accessibility of e-commerce platforms have made it easier for consumers to browse and purchase furniture from the comfort of their own homes. This has led to a rise in online furniture retailers and a shift in consumer behavior towards online shopping. Another trend in the asean furniture market is the growing demand for customized and personalized furniture. Consumers are looking for unique pieces that reflect their individual style and preferences. This trend has opened up opportunities for local artisans and craftsmen to showcase their skills and creativity. Customization services and bespoke furniture options are becoming more common as a result.

Local special circumstances:
in each country within asean also play a role in shaping the furniture market. For example, in countries with a large expatriate population, there is a demand for furniture that caters to the needs and tastes of foreigners. This has led to the emergence of furniture stores and brands that specialize in catering to the expatriate market.

Underlying macroeconomic factors:
are also contributing to the growth of the furniture market in asean. Economic growth and rising disposable incomes in the region have increased consumer spending power. As a result, consumers are more willing to invest in higher-quality furniture and home decor items. Additionally, urbanization and the growth of the middle class have led to an increase in housing construction and renovation projects, driving the demand for furniture. In conclusion, the furniture market in asean is experiencing growth and development due to changing customer preferences, global and regional trends, local special circumstances, and underlying macroeconomic factors. As consumers in the region seek modern and stylish furniture, online shopping and customization options are becoming more popular. The rise of e-commerce and the demand for personalized furniture are shaping the market. Local factors, such as expatriate populations, also influence the furniture market. Finally, economic growth, rising incomes, and urbanization are driving the demand for furniture in the asean region.

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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