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China Furniture market size is estimated to increase by USD 57.74 billion between 2022 and 2027. The market size is forecast to grow at a CAGR of 11.19%. The growth of the market depends on several factors, including the growing urbanization and middle-class population in China, the growing focus on home renovation and decoration, and the growing new infrastructure projects.
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The growing urbanization and middle-class population in China are notably driving the market growth, although factors such as the uncertainty in prices of raw materials used in furniture production may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing urbanization and middle-class population are the key factors driving the growth of the market. Urbanization and the growing middle-class population in China have been significant drivers of the market in recent years. China's rapid urbanization has led to a massive influx of people into cities, resulting in increased demand for housing and, subsequently, furniture. As individuals and families move into urban areas, they require furnishings for their new homes including beds, sofas, dining sets, and storage solutions. Moreover, the growing middle-class population in China has played a crucial role in driving the market in China.
As income levels rise and lifestyles change, middle-class consumers are becoming more aspirational and are willing to invest in higher-quality and aesthetically pleasing furniture. They seek products that reflect their social status and personal taste, leading to an increased demand for stylish and innovative furniture designs. Moreover, the expanding middle-class population in China is also characterized by changing consumer preferences. which will drive the growth of the market in China during the forecast period.
Increasing focus on using sustainable and eco-friendly materials is the primary trend in the market growth. Chinese consumers are increasingly aware of environmental issues and the impact of their purchasing choices. As a result, there has been a significant demand for furniture made from sustainable and eco-friendly materials. Manufacturers and retailers in China have responded to this trend by offering furniture options that prioritize environmental sustainability. They are incorporating materials that are renewable and recyclable and have a lower carbon footprint.
Moreover, in China, consumers are actively seeking furniture products with such certifications as they provide assurance that the materials used are sustainably sourced and produced. The Chinese government has also recognized the importance of sustainability in the furniture industry and has introduced policies and regulations to promote eco-friendly practices. This has further encouraged manufacturers to adopt sustainable production processes and materials. Thus, increasing focus on using sustainable and eco-friendly materials is one of the growing trends, which are expected to drive the growth of the market in China during the forecast period.
Uncertainty in the prices of raw materials used in furniture production is a major challenge to the growth of the market. Fluctuation in the prices of raw materials and assembly components used in manufacturing furniture is a key concern that is curtailing market growth. This adversely affects the profit margins of manufacturers and retailers. The prices of raw materials such as steel, plastics, textiles, wood particleboard, and cartons have increased considerably. Steel, wood or wood-related products, and aluminum are the most important raw materials used in manufacturing furniture.
In the past, the profit margins of market competitors were negatively affected because of the decreasing gap between production cost increment and companies ability to increase the prices of their products in the market. All these factors are collectively harming the profitability of the market in China, resulting in a decline in the growth of the market in focus during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Decor House: The company offers furniture solutions for residences, shops, and offices. Also, the company focuses on interior design and custom made furniture.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the indoor segment will be significant during the forecast period. The indoor furniture segment in China encompasses a wide range of furniture types, each serving a specific purpose and contributing to the overall aesthetics and functionality of interior spaces.
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The indoor segment was valued at USD 59.47 billion in 2017 and continue to grow by 2021. In this segment, one key category within indoor furniture is living room furniture. Living room furniture includes sofas, armchairs, coffee tables, entertainment units, TV stands, bookshelves, and other furniture pieces commonly found in living rooms. The bedroom furniture comprises beds, mattresses, bedside tables, dressers, wardrobes, vanity sets, and other furniture pieces specifically designed for bedrooms. The dining room furniture category focuses on furniture used in dining areas.
Kitchen furniture is another integral part of indoor furniture. It includes kitchen cabinets, kitchen islands, pantry units, and kitchen carts designed for storage and organization in the kitchen. Home office furniture has gained significance with the rise in remote work culture and the need for dedicated workspaces at home. This category includes office desks, chairs, filing cabinets, bookcases, and other furniture pieces tailored for home office spaces. Thus, the growing demand for this furniture in China will drive the growth of the indoor segment in the market in China during the forecast period.
The market report forecasts market growth by revenue provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
In the competitive landscape of the market, the bargaining power of buyers/consumers and suppliers plays a pivotal role, alongside the threat of substitute products and intense competitive rivalry. Technological innovations drive insights into living room and dining room furniture, lamps and lighting, plastic, and other furniture categories. Consumers conduct home and property improvement research, exploring options in supermarkets, specialty stores, and online retail channels. Market competition overview and company profiles illuminate the furniture and furnishings research domain, with key market trends favoring major players amidst recent developments. The China home furniture industry witnesses significant growth, driven by rising disposable incomes and consumer spending. The dominance of living room furniture underscores market size and concentration, with notable advancements in kitchen and dining room equipment. Technological innovation permeates the industry, benefiting mid-size to smaller companies. Porter's Five Forces analysis evaluates industry attractiveness, emphasizing the threat of new entrants.
The Market is influenced by various factors, including the bargaining power of suppliers and the intensity of competitive rivalry. Technological innovations, particularly in lamps and lighting furniture, are reshaping the market landscape, with a notable presence in supermarkets/hypermarkets, online retail stores, and other distribution channels. Market competition overview highlights the significance of home furniture research and the importance of physical ambiance in attracting consumers. Hypermarkets and online retail stores play a crucial role in the China home furniture market, which witnesses substantial growth due to rising disposable income and consumer spending. The dominance of the living room furniture segment underscores market dynamics, driven by technological advancements and product innovation. Value chain analysis and Porter's Five Forces Analysis assess industry attractiveness amidst medium market concentration.
China Furniture Market Scope |
|
Report Coverage |
Details |
Page number |
111 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.19% |
Market growth 2023-2027 |
USD 57.74 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.25 |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Decor House, DIOUS FURNITURE GROUP, Dongguan Webber Ltd., Farrington Interiors, Foshan Furniture, Foshan Juou Furniture Co. Ltd., GUANG DONG ZHIDA CO. LTD., Guangzhou Xinju Co. Ltd., Huizhou Xinjiayi Co. Ltd., Interi Furniture Manufacturing Co. Ltd., Jason Furniture HangZhou Co. Ltd., JEB Holding Company Ltd., Landbond, Louver Furnishing, Mingzhu Furniture Co. Ltd., Quanyou, Qumei Home Furnishings Group Co. Ltd., Shenzhen Zuoyou Home Sales Co. Ltd., Shuangye Furniture, and Suofeiya Home Collection Co. Ltd. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis, market growth and trends during the for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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