China Furniture Market, By Material (Wood, Metal, Plastic, Others), By Type (Home Furniture, Office Furniture, Hospitality Furniture, Others), By Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online, Others), By Region (Eastern, Central, Western)Trend Analysis, Competitive Market Share & Forecast, 2018-2028
China Furniture Market is Forecast to Grow at a CAGR of 11.3% in the Forecast Period
China Furniture market is growing at a high CAGR because of the increasing disposable income of the consumers and rising expenditure towards home decor along with flourishing tourism and increasing investment in the hospitality sector such as the development of airports, hotels, restaurants, etc…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the China Furniture market was worth USD 71.5 billion in the year 2021. It is estimated to grow at a CAGR of 11.3%, earning revenue of around USD 155.1 billion by the end of 2028. The growth of the China furniture market is attributed to the high population of the country along with the increasing disposable income of the consumers and rising expenditure towards home decor. The flourishing tourism and increasing investment in the hospitality sector such as the development of airports, hotels, restaurants, etc., is also propelling the demand for different types of furniture, bolstering the overall market growth. However, the highly fragmented nature of the China furniture market and the presence of a high number of industry participants may act as a huge restraining factor for the market growth.
Increasing Demand from Hospitality Sector is Driving the China Furniture Market Growth
The demand for furniture is gaining substantial traction from the hospitality sector. This is owing to the rising investment in infrastructural development along with flourishing tourism. The number of private investments towards the construction of commercial facilities such as hotels, cafes, sports facilities, shopping malls, etc., is also increasing. This is anticipated to fuel the demand for different types of furniture including sofas, chairs, beds, etc., in the forecast period, driving the overall market growth.
Integration of Internet of Things (IoT) into Furniture is Propelling the China Furniture Market Growth
The furniture manufacturers are increasingly integrating advanced technologies such as IoT into their products to gain an edge over the market. The manufacturers are exploiting the offerings of IoT in the process to upload and edit designs, track efficiency and maintenance, etc. They are also fitting sensors into basic furniture such as dining room chairs, shelving units, etc., to make them more intelligent and further support smart homes. This is anticipated to emerge as a major driving factor for the China furniture market growth in the forecast period.
China Furniture Market - By Distribution Channel
Based on the distribution channel, the China furniture market is segmented into supermarkets and hypermarkets, specialty stores, online, and others. The specialty store segment accounts for the largest market share in 2021 owing to the availability of a wide range of furniture under one roof. However, the online store segment is projected to register the highest growth rate during the forecast period as various furniture companies are launching websites or selling their products through popular consumer goods platforms such as Alibaba to target younger and working consumers.
Impact of COVID-19 on China Furniture Market
The China furniture market was tremendously halted due to the COVID-19 pandemic outbreak in the country. The huge burden on the healthcare sector and nationwide lockdown resulted in manufacturing and supply disruptions. Furthermore, offices and other commercial facilities such as hotels, restaurants, etc., were also closed due to lockdown. All these factors resulted in a sharp decline in the demand for furniture in China. The market is anticipated to register slow growth in the upcoming years as well due to the negative impact of the pandemic on the economic stability of the consumers.
The leading market players of the China furniture market are Louvre, Quanu, QM, RedApple, Landbond, M&Z, KUKA, ZUOYOU, Shuangye, Homekoo, Suofeiya, OPPEIN, Sleemon, Cheers, Markos, Lamex, Aurora, SUNON, and other prominent players.
The China furniture market is highly fragmented and competitive with the presence of several global and regional industry participants. The companies constantly launch new products with new designs and price ranges to target customers of varied income groups. Global companies often open new stores in different parts of the world to boost their sales. Furthermore, the adoption of competitive strategies such as mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the China Furniture market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the China Furniture market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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