SYDNEY, June 2, 2015 /PRNewswire/ --
According to a new report by ApacMarket.com titled, "Asia-Pacific Luxury Furniture (China, India, Singapore, Malaysia, and Japan) Market (Material, End Use and Country) - Analysis, Segmentation and Forecast, 2014 - 2020 ", the Asia-Pacific Luxury Furniture market is expected to reach $5.4 billion by 2020, registering a CAGR of 6.2% during 2015 - 2020. The rising disposable incomes, improving consumer lifestyles and a significant increase in the GDPs largely supplement the growth of the market in the Asia Pacific region. Further, the growth is also supplemented by the ongoing developments in the real estate sector in the region, which largely boost the adoption of luxury furniture by both domestic as well as commercial users. China would witness the fastest growth, owing to the rise in disposable incomes and rapid urbanization.
Furniture made from wood has witnessed the highest adoption due the fact that aesthetic appeal of wooden furniture is stronger as compared to furniture made from other materials. Consequently, the wooden furniture segment is the major revenue contributor to the overall luxury furniture market, accounting for 24% of the total market revenue in 2014. Metal is the second most popular material for luxury furniture, constituting about 1/5th of the market. Metal is mostly used in the manufacturing of outdoor, living & bedroom and kitchen furniture owing to its durability. The market for luxury furniture made from metal would grow at a relatively higher CAGR of 6.7 % during the forecast period. Other prominent materials include leather, plastic, glass and others (rattan or wicker, fabric, fibre, stone, marble, granite, poly urethane and acrylic). Amongst all the above mentioned materials, the market for glass is expected to grow at the highest CAGR of 8%, owing to its increasing use in modern furniture designs.
From end use perspective, the domestic segment constitutes nearly 2/3rd of the total market. The remaining 1/3rd of the market is occupied by the commercial segment. Commercial places such as corporate offices; and hospitality sectors exhibit a rapid adoption for luxury furniture. Hospitality sector contributed for the major market size in commercial segment 2014. Conventional furniture is expected to be replaced by luxury furniture products in hospitality sector. Thus, hospitality segment would grow with fastest rate during the forecast period.
Large number of domestic as well as International manufacturers provide luxury furniture products in the APAC region. The market participants in the region include JL&C Furniture Co. Ltd., PT. Wirasindo Santakarya, McMichael Furniture, Kovacs Design Furniture, De Bruin-Judge Furniture Ltd., Dynamic Furniture Industries (M) Sdn Bhd, Falcon Incorporation PTE Ltd., Shanghai Casagi Furniture Ltd. and Wegmans Furniture Industries Sdn Bhd. None of the key market players offer all types of furniture. A company may prominently deal in a specific type of furniture such as kitchen, bathroom, lighting and others. This creates fragmentation in the market in terms of sellers, which is gradually leading to the increasing trend of contracts between interior designers and furniture manufacturers. This strategy helps the companies to expand their reach in specific end use areas.
Key findings of the study:
- Luxury furniture made from wood is estimated to dominate the market, occupying a share of about 1/4th of the total market in 2014. However, the luxury furniture made from glass would witness the highest growth rate, registering a CAGR of 8% during 2015-2020
- The domestic end use segment would dominate the market throughout the analysis period
- The living & bedroom segment occupied almost half of the domestic market in 2014. However, the adoption lighting segment would grow rapidly at a CAGR of 7.6% during 2015 - 2020
- The hospitality sector would continue to dominate the commercial market throughout the analysis period
- China would witness fastest adoption of luxury furniture during the forecast period, followed by India
There is a stiff competition in the Asia-Pacific luxury furniture market. A large number of domestic players operate in the market. New product launches complemented with innovative designs are the key strategies adopted by the companies. Additionally, sales through e-commerce platforms help the market players to expand their reach and in turn boosts the overall market growth.
To request more information about the report, visit the website at http://www.apacmarket.com/top-market/apac-luxury-furniture-china-india-singapore-malaysia-japan-market
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