Luxury Furniture Market Growth and Analysis in Asia-Pacific with top Key Players
The key growth drivers for Asia-Pacific luxury furniture market include the rising disposable income,
evolving consumer lifestyles and a notable increase in the GDPs of several countries in the region. Further, the rapid increase in the real-estate sector in this region, which majorly initiates the adoption of luxury furniture by both domestic as well as commercial users is one of the supplementing factors for the market growth. In addition to this, China is expected to observe the fastest growth, due to the rise in disposable income and rapid urbanization.
Wood, metal, glass and leather are some of the widely used materials for manufacturing luxury furniture. Among the different types, wooden luxury furniture dominates the market, generating around 24% of the total market revenue in 2014. Some of the features in the wooden luxury furniture such as high aesthetic appeal has enabled highest adoption rate of the product as compared to the furniture made from other materials. From a growth perspective, glass based luxury furniture would witness the highest CAGR of 8% during the forecast period, due to its increasing adoption in modern furniture designs.
Luxury furniture find usage in both domestic as well as commercial spaces. In 2014, domestic end use segment contributed around 2/3rd of the total market revenue. Commercial segment, which constituted the remaining share, has witnessed a rapid adoption, specifically in corporate offices and hospitality sectors. In 2014, hospitality sector constituted major portion of the commercial segment market. Further, this sector is expected to witness fastest growth over the forecast period, due to the fast moving trend of replacement of the conventional furniture by multifunctional luxury furniture.
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Asia Pacific luxury furniture market is fragmented with presence of several domestic as well as international manufacturers, which provide luxury furniture products in the region. The major players operating 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.
Key Findings of Asia-Pacific Luxury Furniture Market:
• Wooden luxury furniture is expected to dominate the market, accounting for around 24% of the market revenue in 2014
• From end-use perspective, market would be dominated by the domestic segment, which would further be led by the living & bedroom segment
• Commercial end use segment would be dominated by the hospitality sector throughout the analysis period
• China, followed by India, would be the two fastest growing markets over the forecast period
Asia-Pacific luxury furniture market exhibits intense competition. There are lot of domestic players operating in the market and launch of new products coupled with innovative designs are some of 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.
LIST OF TABLES:
TABLE 1 APAC LUXURY FURNITURE MARKET REVENUE BY GEOGRAPHY, 2014-2020 ($MILLION)
TABLE 2 APAC LUXURY FURNITURE BASE CASE SCENARIO MARKET REVENUE BY COUNTRY, 2020-2025 ($MILLION)
TABLE 3 APAC LUXURY FURNITURE OPTIMISTIC CASE SCENARIO MARKET REVENUE BY COUNTRY, 2020-2025 ($MILLION)
TABLE 4 APAC LUXURY FURNITURE CRITICAL CASE SCENARIO MARKET REVENUE BY GEOGRAPHY, 2020-2025 ($MILLION)
TABLE 5 APAC LUXURY FURNITURE MARKET BY MATERIAL, 2014-2020 ($MILLION)
TABLE 6 APAC LUXURY FURNITURE METAL MATERIAL MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 7 APAC LUXURY FURNITURE WOOD MATERIAL MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 8 APAC LUXURY FURNITURE PLASTIC MATERIAL MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 9 APAC LUXURY FURNITURE GLASS MATERIAL MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 10 APAC LUXURY FURNITURE LEATHER MATERIAL MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 11 APAC LUXURY FURNITURE OTHERS MATERIAL MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 12 APAC LUXURY FURNITURE MARKET BY END USE, 2014-2020 ($MILLION)
TABLE 13 APAC LUXURY FURNITURE DOMESTIC-USE MARKET BY TYPE, 2014-2020 ($MILLION)
TABLE 14 APAC LUXURY FURNITURE DOMESTIC-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 15 APAC LUXURY FURNITURE KITCHEN-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 16 APAC LUXURY FURNITURE LIVING AND BEDROOM-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 17 APAC LUXURY FURNITURE BATHROOM-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 18 APAC LUXURY FURNITURE OUTDOOR-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 19 APAC LUXURY FURNITURE LIGHTING-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 20 APAC LUXURY FURNITURE COMMERCIAL-USE MARKET BY TYPE, 2014-2020 ($MILLION)
TABLE 21 APAC LUXURY FURNITURE COMMERCIAL-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 22 APAC LUXURY FURNITURE OFFICE-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 23 APAC LUXURY FURNITURE HOSPITALITY-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 24 APAC LUXURY FURNITURE OTHERS-USE MARKET BY COUNTRY, 2014-2020 ($MILLION)
TABLE 25 LUXURY FURNITURE MARKET IN CHINA BY MATERIAL, 2014-2020 ($MILLION)
TABLE 26 LUXURY FURNITURE MARKET IN INDIA BY MATERIAL, 2014-2020 ($MILLION)
TABLE 27 LUXURY FURNITURE MARKET IN SINGAPORE BY MATERIAL, 2014-2020 ($MILLION)
TABLE 28 LUXURY FURNITURE MARKET IN MALAYSIA BY MATERIAL, 2014-2020 ($MILLION)
TABLE 29 LUXURY FURNITURE MARKET IN JAPAN BY MATERIAL, 2014-2020 ($MILLION)
TABLE 30 LUXURY FURNITURE MARKET IN REST OF ASIA PACIFIC BY MATERIAL, 2014-2020 ($MILLION)
TABLE 31 SNAPSHOT OF JL&C FURNITURE CO. LTD.
TABLE 32 SNAPSHOT OF PT. WIRASINDO SANTAKARYA
TABLE 33 SNAPSHOT OF MCMICHAEL FURNITURE
TABLE 34 SNAPSHOT OF KOVACS DESIGN FURNITURE
TABLE 35 SNAPSHOT OF DE BRUIN-JUDGE FURNITURE LTD.
TABLE 36 SNAPSHOT OF DE BRUIN-JUDGE FURNITURE LTD.
TABLE 37 SNAPSHOT OF FAR FAST FURNITURE
TABLE 38 SNAPSHOT OF FAR FAST FURNITURE
TABLE 39 SNAPSHOT OF SHANGHAI CASAGI FURNITURE LTD.
TABLE 40 SNAPSHOT OF WEGMANS FURNITURE INDUSTRIES SDN
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