Living Room Furniture - Eastern Asia

In 2024, the revenue in the Living Room Furniture market in Eastern Asia is estimated to reach US$41.54bn.
It is projected to have an annual growth rate of 8.15% (CAGR 2024-2029).
Among all countries, United States leads in terms of revenue, generating US$73bn in 2024.
When considering the population size, per person revenues in Eastern Asia are expected to be US$25.41 in 2024.
In Eastern Asia, the living room furniture market in Japan is dominated by minimalist designs and natural materials such as wood and bamboo.

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 Eastern Asia has been experiencing significant growth in recent years. Customer preferences in the region have been shifting towards more modern and minimalist designs, with a focus on functionality and space-saving solutions. This trend is driven by the increasing population density in urban areas, where living spaces are becoming smaller and more compact. Customers are looking for furniture that can maximize the use of limited space while still providing comfort and style. Additionally, there is a growing demand for eco-friendly and sustainable furniture options, as consumers in Eastern Asia are becoming more conscious of the environmental impact of their purchases. One of the key trends in the Living Room Furniture market in Eastern Asia is the rise of online retail. With the increasing penetration of the internet and smartphones in the region, more and more customers are turning to online platforms to purchase furniture. Online retailers offer a wide range of options, competitive prices, and convenient delivery services, making it an attractive option for consumers. This trend has also led to the emergence of new online furniture brands and marketplaces, further fueling the growth of the market. Another trend in the market is the growing popularity of smart furniture. With advancements in technology, customers in Eastern Asia are increasingly interested in furniture that can integrate with their smart home systems. Smart furniture offers features such as built-in speakers, wireless charging capabilities, and adjustable lighting, providing a seamless and connected living experience. This trend is expected to continue as more customers embrace smart home technology. In addition to

Customer preferences: there are also local special circumstances that contribute to the development of the Living Room Furniture market in Eastern Asia. For example, in countries like China and Japan, where traditional culture and aesthetics play a significant role, there is a demand for furniture that combines modern design with traditional elements. This blend of old and new creates a unique style that appeals to customers in the region. Underlying macroeconomic factors also play a role in the growth of the Living Room Furniture market in Eastern Asia. The region has witnessed rapid urbanization and rising disposable incomes, which have led to an increase in the demand for furniture. As more people move to cities and experience an improvement in their living standards, they are willing to invest in high-quality furniture to enhance their homes. Additionally, the growing middle class in Eastern Asia has contributed to the expansion of the market, as more individuals can afford to purchase furniture. Overall, the Living Room Furniture market in Eastern Asia is developing in response to changing customer preferences, the rise of online retail, the popularity of smart furniture,

Local special circumstances: and

Underlying macroeconomic factors:. As the region continues to urbanize and the middle class expands, the market is expected to further grow and evolve to meet the needs and desires of consumers.

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.