Furniture - Nepal | Statista Market Forecast

Furniture - Nepal

Nepal

Highlights

In 2024, the revenue in the Furniture market in Nepal amounts to NPR US$109.60m.
It is projected that the market will experience an annual growth rate of 1.35% (CAGR 2024-2029).
The largest segment in this market is the Living Room Furniture segment, which has a market volume of NPR US$36.48m in 2024.
When compared globally, United States generates the highest revenue in this market, with US$264bn in 2024.
In terms of per capita revenue, in Nepal generates NPR US$3.51 per person in 2024.
Nepal's furniture market is experiencing a surge in demand for eco-friendly and traditional handmade furniture.

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 Nepal has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Nepalese customers have shown a growing preference for modern and stylish furniture designs. They are increasingly looking for furniture that not only serves its functional purpose but also adds aesthetic value to their homes. This shift in preferences can be attributed to the influence of global design trends and the increasing exposure to international lifestyles through social media and travel. Customers are also seeking furniture that is durable and of high quality, as they value long-lasting and sustainable products.

Trends in the market: One of the key trends in the Nepalese furniture market is the rising demand for eco-friendly and sustainable furniture. As environmental awareness grows, customers are actively seeking furniture made from renewable materials and produced through sustainable manufacturing processes. This trend is driven by a combination of factors, including increased awareness of the environmental impact of furniture production, government initiatives promoting sustainable practices, and the influence of global sustainability movements. Another trend in the market is the growing popularity of online furniture shopping. With the increasing penetration of the internet and the rise of e-commerce platforms, customers are now able to browse and purchase furniture online. This trend has been accelerated by the COVID-19 pandemic, which has led to a shift towards online shopping in general. Online furniture shopping offers convenience, a wider range of options, and the ability to compare prices and read customer reviews, making it an attractive option for many Nepalese customers.

Local special circumstances: Nepal's rapid urbanization and increasing disposable income have contributed to the growth of the furniture market. As more people move to urban areas and experience an improvement in their living standards, the demand for furniture has increased. Additionally, the government's focus on infrastructure development and the construction of new residential and commercial buildings has created opportunities for the furniture industry to cater to the growing demand.

Underlying macroeconomic factors: The overall economic growth of Nepal has also played a role in the development of the furniture market. As the country's economy expands, more people have the means to invest in furniture and improve their living spaces. Additionally, the growth of the middle class has led to an increase in discretionary spending, with a portion of this income being allocated towards furniture purchases. In conclusion, the Furniture market in Nepal is witnessing growth due to changing customer preferences, emerging trends such as eco-friendly furniture and online shopping, local special circumstances such as urbanization and infrastructure development, and underlying macroeconomic factors such as economic growth and increasing disposable income. The market is expected to continue its upward trajectory as customers seek furniture that aligns with their evolving lifestyles and values.

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.