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The furniture market share in Indonesia is expected to rise to USD 3.29 billion from 2021 to 2026, at a CAGR of 12.08%.
This furniture market in Indonesia research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the furniture market in Indonesia segmentations by the following:
The furniture market in Indonesia report also offers information on several market vendors, including CV Raisa House Indonesia, Fabelio, GGS, IKEA Indonesia, Informa, Lio Collection, PT VIVERE Multi Kreasi, PT. Chitose International Tbk., Republic Furniture Group, and Wisanka Indonesia among others.
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The rapid growth in urbanization is notably driving the furniture market growth in Indonesia, although factors such as unstable prices of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the furniture industry in Indonesia. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
The rapid growth in urbanization is one of the key drivers supporting the furniture market growth in Indonesia. As per data published by The World Bank Group, in 2020, 56.3% of the population in Indonesia lived in urban settlements. The growing urbanization in Indonesia is boosting the growth of residential and commercial buildings. People residing in residential buildings are increasingly focusing on buying innovative and trendy furniture to enhance the aesthetics of their houses. Flat-pack furniture is convenient, owing to its ease of use and trendy designs. The urban population prefers flat-packed furniture to conventional furniture. Hence, such factors are fostering the growth of the furniture market in Indonesia during the forecast period.
The rising emphasis on eco-friendly furniture is another factor supporting the furniture market growth in Indonesia. A significant increase in concerns regarding environment preservation and global warming encouraged the use and manufacturing of eco-friendly furniture in Indonesia. In addition, vendors are offering artistically designed and good quality furniture manufactured using eco-friendly materials, which is contributing to the growing popularity of eco-friendly furniture. Also, several non-profit trade associations have introduced guidelines for suppliers and manufacturers of eco-friendly furniture. These guidelines help manufacturers in ensuring that their business and corporate activities are promoting health, environmental equilibrium, and human well-being. Therefore, the growing demand for eco-friendly furniture will influence the growth of the furniture market in Indonesia during the forecast period.
Unstable prices of raw materials is hindering the furniture market growth in Indonesia. The unstable prices of luxury furniture are due to factors such as the increasing costs of raw materials. An increase in costs of raw materials presents a two-way challenge for major players as they should either accept the high prices of raw materials or sell products at higher prices, with the risk of losing customers to competitors offering the same products at lower prices. Raw materials primarily used in manufacturing luxury furniture are plywood, chipboard, hardboard, metals, laminated boards, and plastics. In 2020, the COVID-19 pandemic led to a decline in the demand for plywood, as the manufacturing activities were halted due to the implementation of lockdown restrictions. This resulted in fluctuations in plywood prices. Such unstable prices of raw materials is hampering the market growth.
This furniture market in Indonesia analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the furniture market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the furniture market in Indonesia during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the furniture market in Indonesia encompasses successful business strategies deployed by the key vendors. The furniture market in Indonesia is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The furniture market in Indonesia forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the furniture market in Indonesia, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the electronic equipment and instruments market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Type
Market Segmentation by Delivery mode
Vendor Landscape
Vendor Analysis
Appendix
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