Furniture - Taiwan

Taiwan

In 2024, the revenue in the Furniture market in Taiwan amounts to US$1,264.00m.
It is projected that the market will experience an annual growth rate of 3.00% (CAGR 2024-2029).
Within the Furniture market, the largest segment is Home Décor, which has a market volume of US$489.80m in 2024.
In comparison to other countries worldwide, in the United States generates the highest revenue in the Furniture market, reaching US$263bn in 2024.
In terms of per capita figures, each person in Taiwan generates 0.00 in revenue in 2024.
Taiwan's furniture market is experiencing a surge in demand for sustainable and minimalist designs, reflecting the country's commitment to environmental consciousness and modern aesthetics.

Key regions: Worldwide, United States, China, India, Germany

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

Region

Region comparison

Currency

Analyst Opinion

The Furniture market in Taiwan has been experiencing significant growth in recent years. Customer preferences have shifted towards modern and minimalist designs, with a focus on functionality and space-saving solutions. This trend is driven by the increasing number of small apartments and limited living spaces in urban areas. Additionally, there is a growing demand for eco-friendly and sustainable furniture materials.

Customer preferences: In Taiwan, customers are increasingly looking for furniture that is not only aesthetically pleasing but also functional and space-saving. This is due to the limited living spaces in urban areas, where many people live in small apartments or houses. As a result, furniture manufacturers are focusing on designing innovative and versatile pieces that can serve multiple purposes and maximize space utilization. Another important customer preference in the Taiwanese furniture market is the demand for eco-friendly and sustainable materials. Consumers are becoming more conscious of the environmental impact of their purchasing decisions and are willing to pay a premium for furniture made from sustainable materials such as bamboo or recycled materials. This trend is also driven by government initiatives to promote sustainable consumption and production practices.

Trends in the market: One of the key trends in the Taiwanese furniture market is the rise of online retail. With the increasing popularity of e-commerce platforms, more and more consumers are opting to purchase furniture online. This trend is driven by the convenience of online shopping, as well as the wider range of options available online compared to traditional brick-and-mortar stores. Another trend in the market is the growing popularity of smart furniture. With advancements in technology, furniture manufacturers are incorporating smart features such as built-in charging ports, wireless charging pads, and voice control into their products. This trend is driven by the increasing reliance on technology in daily life and the desire for convenience and connectivity.

Local special circumstances: Taiwan has a strong tradition of craftsmanship and design, which has contributed to the growth of the furniture industry. Taiwanese furniture manufacturers are known for their attention to detail and high-quality craftsmanship. This has helped them establish a reputation for producing furniture that is not only aesthetically pleasing but also durable and long-lasting. Additionally, Taiwan has a well-developed logistics infrastructure, which enables efficient distribution of furniture products both domestically and internationally. This has allowed Taiwanese furniture manufacturers to expand their reach and tap into global markets.

Underlying macroeconomic factors: The strong economic growth in Taiwan has contributed to the development of the furniture market. As disposable incomes increase, consumers have more purchasing power and are willing to spend on furniture and home decor. Furthermore, the government's support for the creative industry has helped foster innovation and design in the furniture sector. In conclusion, the Furniture market in Taiwan is experiencing growth due to customer preferences for modern and minimalist designs, functionality, and space-saving solutions. The rise of online retail and the demand for eco-friendly materials are also driving the market. Taiwan's tradition of craftsmanship, well-developed logistics infrastructure, and strong economic growth are further contributing to the development of the furniture industry.

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.