Living Room Furniture - Taiwan

Taiwan

In Taiwan, the Living Room Furniture market generates revenue of US$365.80m in 2024.
It is projected to experience an annual growth rate of 4.08% (CAGR 2024-2029).
When compared globally, in the United States tops the chart with revenue amounting to US$73,080m in 2024.
Considering the population figures, the per person revenue in Taiwan reaches US$15.27 in 2024.
Taiwanese consumers are increasingly opting for modern and minimalist living room furniture designs to create a sleek and contemporary look.

Key regions: China, Germany, Brazil, France, United States

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Analyst Opinion

The Living Room Furniture market in Taiwan is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: in Taiwan are shifting towards modern and minimalist designs, with a focus on functionality and space-saving solutions. Consumers are increasingly seeking furniture that can maximize the use of limited living spaces, such as compact sofas, multi-functional coffee tables, and storage ottomans. Additionally, there is a growing demand for sustainable and eco-friendly materials, as Taiwanese consumers are becoming more conscious of the environmental impact of their purchases. Trends in the market include the rise of smart furniture, which integrates technology and connectivity into everyday living room items. This includes features such as built-in charging ports, wireless charging pads, and voice-controlled functionalities. Taiwanese consumers are embracing these innovations, as they seek to enhance convenience and efficiency in their homes. Another trend is the increasing popularity of modular furniture, which allows for customization and flexibility in design. This appeals to consumers who want to personalize their living spaces and adapt to changing needs over time.

Local special circumstances: in Taiwan also contribute to the development of the Living Room Furniture market. The high population density and limited living spaces in urban areas create a need for compact and multifunctional furniture solutions. Additionally, the growing number of single-person households and smaller families further drives the demand for space-saving furniture. Furthermore, the strong cultural emphasis on hospitality and entertaining guests at home fuels the demand for comfortable and stylish living room furniture. Underlying macroeconomic factors also play a role in the growth of the Living Room Furniture market in Taiwan. The country's stable economy and increasing disposable income levels enable consumers to invest in quality furniture for their homes. Additionally, the government's efforts to promote domestic consumption and stimulate the housing market contribute to the overall growth of the furniture industry. The rise of e-commerce platforms and the increasing penetration of online shopping also provide convenience and accessibility to consumers, further boosting the market. In conclusion, the Living Room Furniture market in Taiwan is experiencing growth and development driven by changing customer preferences, emerging trends, local special circumstances, and

Underlying macroeconomic factors:. The market is characterized by a shift towards modern and minimalist designs, the adoption of smart and modular furniture, and the need for space-saving solutions. With the continued focus on sustainability, innovation, and customization, the market is expected to further expand in the coming years.

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.