Report Overview

China Furniture Market- Industry Trends & Forecast Report 2028

China furniture market was worth USD 71.5 billion in 2021 and is further projected to reach USD 155.1 billion by the year 2028, growing at the CAGR of 11.3% in the forecast period of 2022-2028. The market is flourishing at a high rate owing to the expanding production of furniture in different ranges and styles along with changing industry dynamics and rising focus on interior designing of residential and commercial spaces. Furthermore, rapid urbanization in China along with increasing construction real estate properties are also favoring the growth of the China furniture market.

China Furniture - Overview

A piece of furniture is a movable object that is primarily used for seating and other activities such as sleeping. Stools, chairs, sofas, beds, and hammocks are some of the most popular and commonly used furniture. This furniture is made of a wide range of materials including metal, plastic, wood, etc. Various techniques of woodworking joints are applied to making furniture that often reflects the local culture. Furniture is also considered essential in enhancing the decor and beauty of the house or commercial space.

China Furniture Market Forecast and Trends

Growth Drivers

Increasing Disposable Income of the Consumers

China is estimated to be the largest consumer economy today as measured in purchasing power parity (PPP) terms. With rapid economic development in China, the disposable income of the customers is also increasing, resulting in higher spending towards their desires such as purchasing homes and home decors. Furthermore, there has also been a significant rise in the working-class population in China, which is also anticipated to influence the China furniture market growth in the forecast period.

Expanding Online Sales of Furniture

The Chinese e-commerce industry is among the fastest-growing sectors in China. It is rapidly seeping into the furniture industry as well with increasing launches of consumer goods platforms and websites from leading furniture companies. The customers have the convenience of browsing through a wide range of products based on their needs and budgets. They can also access the crucial details such as size, material, etc., as well as compare with other brands on these online platforms, which acts as a major contributing factor for the overall China furniture market growth.

Restraints

High Fragmentation Due to Presence of Several Players

The Chinese furniture market is highly fragmented with the presence of several furniture manufacturing companies in this region. Companies such as Louvre, Quanu, QM, RedApple, Landbond, and others, are some of the most popular names of furniture manufacturers in China. The fragmented nature of this market acts as a major restraint for the growth of the market as such the companies compete based on price and will decline the profit to the nominal. It also puts huge constraints on the raw material suppliers and increases its prices.

Impact of COVID-19 on China Furniture Market

The China furniture market was tremendously halted due to the COVID-19 pandemic outbreak in the country. The huge burden on the healthcare sector and nationwide lockdown resulted in manufacturing and supply disruptions. Furthermore, offices and other commercial facilities such as hotels, restaurants, etc., were also closed due to lockdown. All these factors resulted in a sharp decline in the demand for furniture in China. The market is anticipated to register slow growth in the upcoming years as well due to the negative impact of the pandemic on the economic stability of the consumers.

China Furniture Market - By Material

Based on material, the China furniture market is segmented into wood, metal, plastic, and others. The wood segment holds the largest market share in 2021 owing to its use in almost all types of furniture including beds, tables, cupboards, stools, etc. However, the metal segment also covers a substantial market share owing to its advantage of customization. Metals that are used in making furniture such as iron, aluminum, stainless steel, etc., can be molded into any form as well as offer high durability.

China Furniture Market - By Type

Based on type, the China furniture market is segmented into the home furniture, office furniture, hospitality furniture, and others. The home furniture segment accounts for the largest market share in 2021 owing to the high demand for furniture for bedrooms and living rooms. The increasing construction of residential buildings and rising demand for homes in China owing to the increasing disposable income acts as a major driving for the growth of the residential furniture segment. However, office furniture and hospitality furniture are also growing at a substantial rate.

China Furniture Market - By Distribution Channel

Based on the distribution channel, the China furniture market is segmented into supermarkets and hypermarkets, specialty stores, online, and others. The specialty store segment accounts for the largest market share in 2021 owing to the availability of a wide range of furniture under one roof. However, the online store segment is projected to register the highest growth rate during the forecast period as various furniture companies are launching websites or selling their products through popular consumer goods platforms such as Alibaba to target younger and working consumers.

Competitive Landscape

The leading market players of the China furniture market are Louvre, Quanu, QM, RedApple, Landbond, M&Z, KUKA, ZUOYOU, Shuangye, Homekoo, Suofeiya, OPPEIN, Sleemon, Cheers, Markos, Lamex, Aurora, SUNON and other prominent players.

The China furniture market is highly fragmented and competitive with the presence of several global and regional industry participants. The companies constantly launch new products with new designs and price ranges to target customers of varied income groups. Global companies often open new stores in different parts of the world to boost their sales. Furthermore, the adoption of competitive strategies such as mergers, acquisitions, collaborations, joint ventures, etc., is also prominent in this market.

Recent Development

• In February 2021, IKEA, a Swedish furniture giant, announced the launch of a new range of affordable gaming furniture and accessories in collaboration with Asus’s Republic of Games in China.

Scope of the Report

By Material

• Wood
• Metal
• Plastic
• Others

By Type

• Home Furniture
• Office Furniture
• Hospitality Furniture
• Others

By Distribution Channel

• Supermarkets And Hypermarkets
• Specialty Stores
• Online
• Others
• By Region

• Eastern
• Central
• Western

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Production
   5. Assumption & Limitation
3. Executive Summary
4. China Furniture Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. China Furniture Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Material
         1. Wood
         2. Metal
         3. Plastics
         4. Others
      2. By Type
         1. Home Furniture
         2. Office Furniture
         3. Hospitality Furniture
         4. Others
      3. By Distribution Channel
         1. Supermarkets
         2. Specialty Stores
         3. Online
         4. Others
      4. By Region
         1. Eastern
         2. Central
         3. Western
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Market Share Analysis, 2021
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Development (Merger, Acquisition, Partnership, and others)
7. Impact of COVID-19 on China Furniture Market Industry
8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
   1. Louvre
   2. Quanu
   3. QM
   4. RedApple
   5. Landbond
   6. M&Z
   7. KUKA
   8. ZUOYOU
   9. Shuangye
   10. Homekoo
   11. Suofeiya
   12. OPPEIN
   13. Sleemon
   14. Cheers
   15. Markos
   16. Lamex
   17. Aurora
   18. SUNON
   19.  Other Prominent Players
9. Key Strategic Recommendations

*Financial information in case of non-listed companies is provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

List of Figures

Figure 1        China Furniture Segmentation

Figure 2        China Furniture Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        China Furniture Market Size, By Value (USD Million), 2018-2028

Figure 5        China Furniture Market Share, By Material, By Value, 2018-2028

Figure 6        China Furniture Market Share, By Type, By Value, 2018-2028

Figure 7        China Furniture Market Share, By Distribution Channel, By Value, 2018-2028

Figure 8        China Furniture Market Share, By Region, By Value, 2018-2028

List of Tables

Table 1         China Furniture Market Size, By Material, By Value, 2018-2028

Table 2         China Furniture Market Size, By Type, By Value, 2018-2028

Table 3         China Furniture Market Size, By Distribution Channel, By Value, 2018-2028

Table 4         China Furniture Market Size, By Region, By Value, 2018-2028

Table 5         Louvre Company Overview

Table 6         Louvre Financial Overview

Table 7         Quanu Company Overview

Table 8         Quanu Financial Overview

Table 9         RedApple Company Overview

Table 10        RedApple Financial Overview

Table 11        Landbond Company Overview

Table 12        Landbond Financial Overview

Table 13        KUKA Company Overview

Table 14        KUKA Financial Overview

Table 15        Shuangye Company Overview

Table 16        Shuangye Financial Overview

Table 17        Homekoo Company Overview

Table 18        Homekoo Financial Overview

Table 19        Suofeiya Company Overview

Table 20        Suofeiya Financial Overview

Table 21        OPPEIN Company Overview

Table 22        OPPEIN Financial Overview

Table 23        Sleemon Company Overview

Table 24        Sleemon Financial Overview

Table 25        Cheers Company Overview

Table 26        Cheers Financial Overview

Table 27        Markos Company Overview

Table 28        Markos Financial Overview

Table 29        Lamex Company Overview

Table 30        Lamex Financial Overview

Table 31        Aurora Company Overview

Table 32        Aurora Financial Overview

Table 33        SUNON Company Overview

Table 34        SUNON Financial Overview