Living Room Furniture - Asia | Statista Market Forecast

In 2024, the Living Room Furniture market in Asia is projected to generate a revenue of US$58.69bn.
This market is expected to experience an annual growth rate of 6.70% from 2024 to 2029 (CAGR 2024-2029).
Among all countries, United States leads the global comparison, with a revenue of US$73bn in 2024.
When considering the total population, the per person revenue in 2024 amounts to US$12.91.
In Japan, there is a growing trend towards minimalist and functional living room furniture designs, reflecting the country's appreciation for simplicity and practicality.

Definition:

This Living Room Furniture segment refers to movable objects that are designed to be used in a living room, which is typically a central and multi-functional space in a home. It includes items that are intended to make the room more comfortable and functional, such as seating, tables, and storage unts (e.g., TV stands, console tables, etc.)

Structure:

The Living Room Furniture segment is divided into two subsegments:

The Seats & Sofas subsegment refers to furniture designed for sitting, lounging, or reclining, and typically includes items such as sofas, armchairs, recliners, and ottomans.
The Cabinets, TV Stands, & Side Tables subsegment refers to furniture items that are designed to store or hold various objects such as media equipment, drinks, books, or lamps.

Additional Information:

The Living Room Furniture segment consists of revenue and average revenue per capita data. Per capita figures consider the whole population. This segment 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.

Sofas and armchairs, dining chairs
Bar tables and chairs, stools, and benches
Coffee, console, and side tables
TV and media furniture

Consumer electronics
Household appliances
Lamps and lighting
Floor covering

The Living Room Furniture market in Asia is experiencing significant growth and development, driven by various factors such as changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: in the Asian market have shifted towards more modern and contemporary living room furniture designs. Customers are increasingly looking for furniture pieces that are not only functional but also aesthetically pleasing and stylish. This has led to a rise in demand for sleek and minimalistic furniture designs in the region. Additionally, there is an increasing preference for furniture pieces that are space-saving and multifunctional, catering to the smaller living spaces commonly found in Asian countries.

Trends in the market: are also shaping the development of the Living Room Furniture market in Asia. One notable trend is the growing popularity of online furniture shopping. With the increasing penetration of the internet and smartphones, customers are now able to browse and purchase furniture online, offering them convenience and a wider range of options. e-commerce platforms and online furniture retailers have capitalized on this trend by offering competitive prices, easy delivery options, and personalized customer service.

Local special circumstances: in different Asian countries also influence the development of the Living Room Furniture market. For example, in countries like China and India, rapid urbanization and rising disposable incomes have led to an increase in demand for new homes and furniture. This has created a huge market opportunity for furniture manufacturers and retailers to cater to the growing demand. On the other hand, countries like Japan and South Korea have a strong culture of minimalism and simplicity, which has influenced the design and style of living room furniture in these markets.

Underlying macroeconomic factors: play a crucial role in the development of the Living Room Furniture market in Asia. Economic growth, urbanization, and rising disposable incomes are key drivers of market growth. As countries in Asia continue to experience economic development and an increase in middle-class population, the demand for living room furniture is expected to rise. Furthermore, favorable government policies and initiatives to promote the real estate sector and home ownership also contribute to the growth of the market. In conclusion, the Living Room Furniture market in Asia is witnessing significant growth and development due to changing customer preferences, emerging market trends, local special circumstances, and underlying macroeconomic factors. As the region continues to experience economic growth and urbanization, the demand for modern and contemporary living room furniture is expected to increase. Additionally, online furniture shopping is gaining popularity, providing customers with convenience and a wider range of options.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

From homeware to office furniture, even expanding over to pet care, the furniture industry is all-encompassing and ever-growing. Be it homes, schools, offices, or even outdoors, furniture is what gives a room its function and purpose.