Malaysia Furniture Market Outlook to 2020 - Growth in Furniture Export & Rise in Trend of Online Furniture Sales to Drive Future
LONDON, Oct. 20, 2016 /PRNewswire/ --
Executive Summary
The report titled "Malaysia Furniture Market Outlook to 2020 – Growth in Furniture export & rise in trend of online furniture sales to drive future" provides a comprehensive analysis of Furniture market in Malaysia. The report covers various aspects such as market size of Furniture market, market size of furniture export and import, segmentation by Residential furniture market, non-residential furniture market, organized and unorganized market, Product categories, types of material used, by utility. The report also provides competitive landscape and profile of major players operating in Furniture market of Malaysia. The future analysis of overall furniture market and by segments has also been discussed in each of the sub segment. The report is useful for furniture exporters, retailers, manufacturers and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Malaysia Furniture Market
The furniture industry in Malaysia has undergone a dynamic change from traditional operations to technology driven industry over the last few years 2010-2015. The growth in the furniture industry in past decades was phenomenal and was quite evident through consistent surge in exports. In 2015, the furniture industry of Malaysia was valued at USD ~ million. The market had grown at a CAGR of ~% during 2010-15. Malaysia furniture market has witnessed a growth in recent years on account of increase in furniture export, rising demand for Malaysian Furniture products globally, increase in residential and Non-Residential units, increase in travel & Tourist industry and entry of new players. The surge in growth is majorly originated from growth in export market. Malaysia furniture market has been segmented by residential and non-residential market and by organized and unorganized market. Residential furniture market accounted for a market share of ~% and non-residential furniture market had accounted for ~% in the overall Malaysia furniture market. The furniture market of Malaysia has been predominantly driven by the small scale unorganized sector which has accounted for ~% of the furniture producing outlets in 2015. The unorganized market has accounted for a market share of ~% in 2015.the online furniture market had increase from USD ~ million in 2010 to USD ~ Million in 2015. It has been forecasted that the furniture market of Malaysia will increase at a CAGR of ~% during 2016-20 to be valued at USD ~ million.
Residential Furniture Market
In Furniture industry, the residential furniture market is booming in Malaysia. Residential furniture market has dominated the domestic furniture industry with a share of ~% in 2015. The residential furniture market size had been driven by the increase in residential units in the country, increase in disposable income, the concept of fully furnished apartments, growth of the middle-class income segment and change in customers' preference towards branded products. The market size of residential furniture in 2015 was USD ~ million grown at a CAGR of ~% during 2010-2015. In residential furniture market, the major demand is originated through bedroom furniture products in 2015, followed by living room, dining room & kitchen furniture. Bed has contributed largely in terms of sales revenue in product category list of residential furniture segment. The other important categories are Sofa Sets, Dressers, Dining table, cabinets and others. In residential sector, wooden material furniture contributed to ~ % share in 2015 in terms of sales revenue. Metal furniture and plastic furniture commanded ~ % and ¬~ % share respectively. The other material furniture includes fabric furniture, leather furniture, upholstery and others. Kuala Lumpur and George Town were the major cities, which contributed largely to residential furniture market with the share of ~ % and ~ % respectively in terms of sales revenue in 2015. It is anticipated that the market for residential furniture will increase in at a CAGR of ~% from 2016-20 to be values at USD ~ million in 2020.
Non-Residential Furniture Market
The non-residential segment includes furniture which are used in hotels, bars and restaurants, lodges, offices, manufacturing companies, Shopping Malls and others small and large scale business firms. In 2015, the share of non-residential furniture in overall furniture market was ~%. The market for Non-residential furniture was valued at USD ~ million in 2015, grown at a CAGR of ~% during 2010-2015. The growth in the hospitality sector and travel & tourism industry will enhance the structure of hotel industry in the country, which will lead to the growth Non-residential furniture market in Malaysia. Non-Residential furniture market was primarily guided through office and industrial furniture during 2015, which was followed by hotel and retail furniture. The other furniture market in non-residential segment encompasses hospital furniture, school college furniture and others. Customized based and contract based furniture plays an important role in Non-Residential sector. The star hotels, resorts, bars & Restaurants mostly prefer customized furniture as the furniture can be designed as per their needs and it can be sync with the interiors. The other normal class hotels, bars, restaurant prefer contract based furniture over customized furniture as the customized furniture are expensive and they take more time for installation than contract based furniture. It has been forecasted that the non-residential furniture market will grow at a CAGR of ~% from 2016-2020 to be valued at USD ~ million in 2020.
Competition in Furniture Space
There is an intense competition between the furniture companies in residential furniture market in the country. The leading organized players in Residential furniture markets such as Lorenzo furniture, Teakia Furniture, Maju Home, Macy Home Furniture, IKEA and others are facing tough competition from the unorganized players in the country. These organized players are focusing on increase in their presence in all the cities of Malaysia. The companies such as Lazada, Rakuten You beli are some of the leading players of online sell of Furniture in Malaysia. The online furniture market had been growing at a CAGR of ~% during 2010-2015. In 2010, the market was valued at USD ~ million and has currently increased to USD ~ million in 2015.
Key Topics Covered in the Report:
-The market size of the Malaysia Furniture market.
-The market size of residential furniture market.
-Market segmentation of the Residential market on the basis of product category, utility, demand from major cities, Distribution channel
-The market size of Non-residential furniture market.
-Market segmentation of the Non-Residential market on the basis of customized furniture and contract based furniture, By utility
-The market size of the Malaysia Online Furniture market.
-Competitive landscape of leading players in Malaysia Furniture Market.
-Porters Five forces analysis of Malaysia Furniture market
-Trade scenario of Malaysia Furniture market
-Trends and Development in the Malaysia Furniture market
-Issues and challenges for Malaysia Furniture market
-Government Regulations in Malaysia Furniture market
-Competitive landscape detailed company profiles and market share of the major exporters, retailers, manufacturers of Malaysia Furniture market
-Macro Economic factors affecting Malaysia Furniture market
-Future outlook and projections of Malaysia Furniture market on the basis of – residential & Non-residential Furniture market
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