Furniture - Southern Asia

Southern Asia

Highlights

In 2024, the Furniture market in Southern Asia is estimated to generate a revenue of US$8.67bn.
It is projected to experience an annual growth rate of 5.41% from 2024 to 2029 (CAGR 2024-2029).
The largest segment within the market is the Home Décor segment, which is expected to reach a market volume of US$2.65bn in 2024.
When compared globally, United States generates the highest revenue in the Furniture market, with a total of US$264bn in 2024.
On a per capita basis, the revenue generated in 2024 amounts to US$4.53 per person.
The furniture market in Southern Asia is experiencing a surge in demand for handcrafted wooden furniture, reflecting the region's rich cultural heritage and appreciation for traditional craftsmanship.

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 Southern Asia is experiencing significant growth and development.

Customer preferences: Customers in Southern Asia are increasingly looking for furniture that is both stylish and functional. They are seeking furniture that not only enhances the aesthetic appeal of their homes but also provides practical solutions for storage and organization. Additionally, there is a growing demand for furniture that is eco-friendly and sustainable, as customers in this region are becoming more conscious of the environmental impact of their purchasing decisions.

Trends in the market: One of the key trends in the furniture market in Southern Asia is the rise of online shopping. With the increasing penetration of smartphones and internet connectivity, customers are now able to browse and purchase furniture from the comfort of their own homes. This has led to the emergence of online furniture retailers, who are able to offer a wide range of products at competitive prices. Furthermore, online platforms provide customers with the convenience of doorstep delivery and easy return policies, making it an attractive option for many. Another trend in the market is the growing popularity of customized and modular furniture. Customers are increasingly looking for furniture that is tailored to their specific needs and preferences. Modular furniture allows customers to mix and match different components to create a personalized and flexible living space. This trend is driven by the desire for versatility and adaptability in furniture, as customers in Southern Asia often have limited living spaces and need furniture that can maximize functionality.

Local special circumstances: One of the unique aspects of the furniture market in Southern Asia is the rich cultural heritage and craftsmanship that is reflected in the design and production of furniture. Many customers in this region value traditional and handcrafted furniture, which often showcases intricate detailing and unique patterns. This has created a niche market for artisanal furniture, which appeals to customers who appreciate the craftsmanship and cultural significance of these pieces.

Underlying macroeconomic factors: The growing middle class in Southern Asia is a key driver of the furniture market. As disposable incomes rise, more customers are able to afford higher-quality furniture and are willing to invest in durable and long-lasting pieces. Additionally, rapid urbanization and population growth in this region have led to an increased demand for furniture, as more people move into new homes and apartments. Furthermore, government initiatives to promote affordable housing and urban development have also contributed to the growth of the furniture market in Southern Asia. In conclusion, the Furniture market in Southern Asia is experiencing growth and development due to changing customer preferences, emerging trends such as online shopping and customized furniture, local special circumstances such as the appreciation for craftsmanship, and underlying macroeconomic factors such as the growing middle class and urbanization.

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.