Furniture is required to dcor the interiors and exteriors in homes, hotels and offices. The quality of material used, aesthetic value, comparative price, and sophistication in design are some of the key factors that differentiate luxury furniture from non-luxury furniture. The consumers in Asia-Pacific have witnessed increase in the disposable income due to the slow but steady improvement in economic conditions of various countries in the APAC region. Also, real-estate and construction industry is expected to grow substantially in this region. In addition to this, urbanization and improving lifestyles of individuals, are some of the important factors responsible for the prominent growth of the luxury furniture market in Asia Pacific. However, factors such as increasing cost of raw materials, specifically that of wood and leather, would limit the market growth. Opportunities for the market can be, online retailing and the increasing demand of multifunctional furniture.
The Asia-Pacific luxury furniture market is analyzed, based on material, end-user, and country. Major product types include metal, wood, plastic, glass and leather. On the basis of end use, the market has been segmented into domestic and commercial sector. Domestic end-use market is further sub-segmented into kitchen, living & bedroom, bathroom, outdoors and lighting. Similarly, the commercial segment has been further categorized into office, hospitality and other commercial sectors. The domestic segment has dominated the market owing to the extensive use of luxury furniture in homes. Within the domestic segment, a significant portion of the market share is contributed by living and bedroom furniture and is estimated to be the largest segment throughout the analysis period. Also, the hospitality sector has accounted for largest market share in commercial segment and is expected to grow at an exponential rate over the forecast period. The industry is segmented across as China, India, Singapore, Malaysia, Japan and rest of Asia Pacific. India would witness the fastest growth in the forecast period, followed by china.
The key players in the market include JL&C Furniture Co. Ltd., PT. Wirasindo Santakarya, McMichael furniture, Kovacs Design furniture, De Bruin-Judge Furniture Ltd., De Bruin-Judge Furniture Ltd., Dynamic Furniture Industries (M) Sdn Bhd, Far fast furniture, Falcon Incorporation PTE Ltd., Shanghai Casagi Furniture Ltd. and Wegmans Furniture Industries Sdn Bhd.
Luxury Furniture Market Key Segments
By End Use
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