Furniture - Eastern Asia

Eastern Asia

Highlights

The revenue generated in the Furniture market in Eastern Asia is an impressive US$121.40bn in 2024.
It is projected to experience an annual growth rate of 6.46% (CAGR 2024-2029).
The largest segment within this market is the Living Room Furniture segment, which has a market volume of US$41.54bn in 2024.
When compared globally, United States stands out as the country generating the highest revenue in the Furniture market, with a staggering US$264bn in 2024.
In terms of per capita revenue, in Eastern Asia generates approximately US$74.30 per person in 2024.
This figure reflects the amount of revenue generated in the Furniture market relative to the total population of the region.
In Eastern Asia, Japan's furniture market is dominated by minimalist designs, reflecting the country's aesthetic preference for simplicity and functionality.

Key regions:

Definition:

The Furniture market covers different movable objects designed to support various human activities such as sitting, sleeping, and storing items. These objects can include chairs, tables, beds, couches, and cabinets, among others. The design and layout of furniture can have a significant impact on the comfort and functionality of a space, making it an important aspect of interior design and home decor.

Structure:

The Furniture market is divided into seven segments:

The Living Room Furniture segment focuses on furnishings such as sofas, side tables, and media cabinets typically found in the living room. This segment is divided into the following subsegments: Seats & Sofas and Cabinets, TV Stands & Side Tables.
The Bedroom Furniture segment covers furnishings and other accessories used for sleeping and the storage of clothing and other personal items. This segment is divided into the following subsegments: Beds, Mattresses, Closets, Nightstands, & Dressers, and Bedding.
The Kitchen & Dining Furniture segment covers a diverse range of products that are used to meet people’s eating, food storage and preparation needs. This segment is divided into the following subsegments: Kitchenware and Dining Tables, Kitchen Islands & Pantries.
The Outdoor Furniture segment covers products specifically designed to withstand exposure to the elements, such as rain, sun, and wind, and is often made from materials that are weather-resistant.
The Home Office Furniture segment focuses on products that ensure a good working environment at home compared to that of a traditional office. This segment is divided into the following subsegments: Desks & Chairs and Bookcases & Filing Cabinets.
The Lamps & Lighting segment covers various devices and fixtures that provide illumination in a space. This segment is divided into the following subsegments: Table & Floor Lamps, Ceiling Lights & Chandeliers, and Light Bulbs & Fittings.
The Home Décor segment covers a variety of accessories and furnishings designed to make a space more aesthetically appealing. This segment is divided into the following subsegments: Decorations, Carpets & Rugs, Candles, and Curtains & Blinds.

Additional Information:

The Furniture market consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This market includes only business to consumer (B2C) sales. Business to business (B2B) sales (e. g., furniture for coffee shops, offices, etc.) are excluded in the figures shown. For more information on the displayed data, click the info button on the right-hand side of each box. In terms of key players in the furniture market, IKEA is the leading furniture company; however, with the rise of eCommerce, players such as Wayfair are gaining ground.

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Furniture market in Eastern Asia is experiencing significant growth and development due to various factors. Customer preferences in the region are driving the demand for furniture. Eastern Asian consumers have a strong preference for modern and minimalist designs, which prioritize functionality and simplicity. This preference is influenced by the region's cultural values, such as the concept of "less is more" and the importance of creating a harmonious living space. Additionally, there is a growing trend towards eco-friendly and sustainable furniture choices, as consumers become more conscious of their environmental impact. Trends in the market reflect these

Customer preferences:. The demand for multifunctional furniture, such as storage beds and modular sofas, is on the rise as consumers seek to maximize space in their homes. This trend is particularly prevalent in densely populated cities like Tokyo and Seoul, where living spaces are often limited. Another emerging trend is the use of natural materials, such as wood and bamboo, in furniture design. This reflects the region's commitment to sustainability and the desire for products that are both aesthetically pleasing and environmentally friendly. Local special circumstances also contribute to the development of the Furniture market in Eastern Asia. For example, rapid urbanization and rising disposable incomes in countries like China and South Korea have led to an increase in housing construction and renovation projects. This has created a strong demand for furniture, as consumers look to furnish their new homes or upgrade their existing ones. Additionally, the growing trend of remote work and flexible working arrangements has led to an increased focus on home office furniture and ergonomic designs. Underlying macroeconomic factors further support the growth of the Furniture market in Eastern Asia. The region's strong economic growth, coupled with a rising middle class, has led to an increase in consumer spending power. This has allowed consumers to invest more in their homes and prioritize the purchase of high-quality furniture. Furthermore, government initiatives promoting the development of the furniture industry, such as tax incentives and subsidies, have encouraged both domestic and foreign investment in the market. In conclusion, the Furniture market in Eastern Asia is experiencing growth and development due to customer preferences for modern and minimalist designs, the demand for multifunctional and eco-friendly furniture,

Local special circumstances: such as rapid urbanization and rising disposable incomes, and

Underlying macroeconomic factors: such as strong economic growth and government support.

Data coverage:

Data encompasses B2C enterprises. Figures are based on home furnishings and furniture found in every room of the home. This market is categorized by the room where the furniture is likely to be used and consists of the following: Living Room, Bedroom, Kitchen & Dining room, Outdoor, Home Office, and Baby & Children's Furniture. The Furniture market also includes Lamps and Lighting and Home Décor because the furnishings and accessories within these categories 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.