Asia Pacific Luxury Furniture Market With Attractiveness, Competitive Landscape & Forecasts to 2029

Market Overview

The Asia Pacific Luxury Furniture Market has witnessed a remarkable surge, reaching a valuation of USD 240.8 billion in 2022, and is projected to attain USD 352.7 billion by 2029, displaying a robust Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period (2023-2029).

Report Scope And Research Methodology

This comprehensive report provides a profound analysis of the Asia Pacific Luxury Furniture Market, presenting valuable insights into market dynamics, drivers, restraints, and regional trends. The study encompasses the impact of changing lifestyles, growing demand in the luxury tourism sector, and key market players driving the industry's growth.

The report employs a thorough research methodology, offering a detailed examination of short-term and long-term impacts on the market, particularly in light of the COVID-19 pandemic. Decision-makers can leverage this information to formulate strategies for both the short and long term.

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Market Dynamics

The Asia Pacific region has experienced a transformative shift in consumer lifestyles, influenced by various factors such as geodemographics, socio-cultural elements, psychographics, and preferences. Rising disposable incomes, increased spending, and a desire for luxury and comfort are propelling the demand for luxury furniture. The market also benefits from a booming luxury tourism and hospitality sector.

Regional Insights

China emerges as a key player, boasting the largest economy in the Asia Pacific. The luxury furniture market in China is anticipated to grow annually by 12.5% between 2022 and 2029, reaching USD 146.4 billion. India holds the second-largest market share, with a growing demand for branded furniture, especially contemporary designs.

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Segment Analysis

by Material

Wood
Leather
Metal
Fabric
Plastic
Others

by Furniture Type

Sofas and Couches
Beds and Mattresses
Dining Tables and Chairs
Cabinets and Storage Units
Desks and Office Furniture
Outdoor Furniture
Other

by Distribution Channel

Online
Offline

In 2022, the Offline segment held a dominant 83% share of the market in terms of Distribution Channel. Many customers prefer to visit retailers in order to see the exact size and other aesthetics of products, partly due to the traditional mode of shopping, and partly because major furniture players have established retail stores in emerging economies. The market segment is expanding as a result of these factors.

Over the projection period, the online segment is anticipated to grow at a CAGR of 7%. The Asia-Pacific region's online market is experiencing significant growth due to rising Internet penetration, rising disposable income, digitization, and developing nations. Higher levels of personalization and choice are two important advantages of online retailing that could influence consumers' purchase decisions. In the largest e-markets for furniture bought online are thought to be in the Asia-Pacific area, specifically in nations like China and India. Growth in these numbers is anticipated to continue. Retailers can benefit greatly from the increasing digitalization of interior design and luxury furniture sales, and major players like Amazon and IKEA are making significant investments to expand their online footprints in this market. Over the course of the forecast period, these factors are anticipated to propel the market's growth.

For detail insights on this market, request for methodology here@https://www.maximizemarketresearch.com/request-sample/21252

Key players

1. Kovacs Design Furniture
2. Shanghai JL&C Furniture Co. Ltd
3. PT. Wirasindo Santakarya
4. McMichael Furniture
5. IKEA
6. De Bruin-Judge Furniture Ltd (DBJ)
7. 6Dynamic Furniture Industries (M) Sdn Bhd
8. Far East Furniture
9. Falcon Incorporation PTE Ltd
10. Shanghai Casagi Furniture Ltd
11. Wegmans Furniture Industries Sdn Bhd
12. Giorgio Armani Casa
13. Roche Bobois
14. Poliform
15. Kovacs Design Furniture
16. Homifurniture
17. Herman Miller, Inc.
18. Hülsta-Werke Hüls GmbH & Co. KG
19. Poltrona Frau Group
20. Baker Furniture, Inc.
21. Kimball International, Inc.
22. Duresta Upholstery Ltd.
23. Scavolini S.p.A.
24. Kartell S.p.A.
25. Bernhardt Furniture Company

For detail insights on this market, request for methodology here@https://www.maximizemarketresearch.com/request-sample/21252

Table of content for the Asia Pacific Luxury Furniture Market includes:

Part 01: Executive Summary

Part 02: Scope of the Asia Pacific Luxury Furniture Market Report

Part 03: Global Asia Pacific Luxury Furniture Market Landscape

Part 04: Global Asia Pacific Luxury Furniture Market Sizing

Part 05: Global Asia Pacific Luxury Furniture Market Segmentation

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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