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The luxury furniture market share in APAC is expected to increase by USD 2.00 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.38%.
This luxury furniture market in APAC 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 luxury furniture market in APAC segmentation by distribution channel (offline and online) and application (residential and commercial). The luxury furniture market in APAC report also offers information on several market vendors, including DBJ Furniture Ltd., Dynamic Furniture Industries (M) Sdn Bhd, Falcon Inc. PTE Ltd., Inter IKEA Holding BV, Kovacs Design Furniture, McMichael Furniture, Shanghai JL and C Furniture Co. Ltd., VALDERAMOBILI srl, Wegmans Furniture Industries Sdn Bhd, and Wisanka Indonesia among others.
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The growing influence of different retailing channels is notably driving the luxury furniture market growth in APAC, although factors such as frequent product recalls 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 luxury furniture industry in APAC. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Luxury Furniture Market Driver in APAC
The growing influence of different retailing channels is one of the key drivers supporting the luxury furniture market growth in APAC. The growth of the global luxury furniture market is heavily influenced by the rising popularity of online as well as offline retailing channels globally. Furthermore, offline retailers include organized retailers, such as traditional stores, manufacturer-branded stores, discount stores, rental stores, warehouse clubs, and designer stores. Moreover, led by rapid industrialization globally, these organized retailers have increased in numbers and have emerged as one of the main sources of selling luxury furniture and their distribution globally. On the other hand, owing to increasing internet penetration globally, the influence of e-commerce-based shopping and online retailing has grown. Such growth is expected to have a positive impact on the growth of the market during the forecast period.
Key Luxury Furniture Market Trend in APAC
Growth in demand for luxury furniture among millennials is one of the key trends contributing to the luxury furniture market growth in APAC. The millennial population has been growing worldwide, which is an encouraging sign for vendors operating in the global luxury furniture market. For instance, in India, millennials were the major wage earners in 2019, accounting for more than 47% of the working population in the country. This increase in disposable income among the millennial population has led to an increase in the adoption of luxury furniture among them. This trend is more common in the recliner sofa and recliner chair categories of luxury furniture. Therefore, growth in the demand for luxury furniture among millennials is a vital trend, which will positively impact the luxury furniture market in APAC during the forecast period.
Key Luxury Furniture Market Challenge in APAC
Frequent product recalls is one of the factors hindering the luxury furniture market growth in APAC. The increasing number of product recalls featuring sub-categories, such as bar stools, recliner chairs, sofas, beds, and dining tables, is a major challenge that is anticipated to hinder the growth of the global luxury furniture market during the forecast period. Product recalls hamper the reputation of any sector and result in operational and financial constraints among players operating in the global luxury furniture market. There have been quite a significant number of instances of such recalls in the past few years in the luxury furniture market in APAC. Thus, such instances will negatively impact the market growth during the forecast period.
This luxury furniture market in APAC 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 luxury furniture market in APAC as a part of the global home furnishing 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 luxury furniture market in APAC 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 luxury furniture market in APAC encompasses successful business strategies deployed by the key vendors. The luxury furniture market in APAC is fragmented and the vendors are deploying growth strategies such as price, quality, innovation, brand, and variety 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 luxury furniture market in APAC 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 luxury furniture market in APAC, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain 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 home furnishing 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.
***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 2
*Exhibit 03: Key Finding 5
*Exhibit 04: Key Finding 6
*Exhibit 05: Key Finding 7
*Exhibit 06: Key Finding 8
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 07: Parent market
*Exhibit 08: Market characteristics
**2.2 Value chain analysis
*Exhibit 09: Value chain analysis: Home furnishings
*2.2.1 Inputs
*2.2.2 Inbound logistics
*2.2.3 Operations
*2.2.4 Outbound logistics
*2.2.5 Marketing and sales
*2.2.6 Service
*2.2.7 Support activities
*2.2.8 Innovation
***3. Market Sizing
**3.1 Market definition
*Exhibit 10: Offerings of vendors included in the market definition
**3.2 Market segment analysis
*Exhibit 11: Market segments
**3.3 Market size 2021
**3.4 Market outlook: Forecast for 2021 - 2026
*Exhibit 12: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 13: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 14: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 15: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 16: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 17: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 18: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 19: Threat of rivalry
**4.7 Market condition
*Exhibit 20: Market condition - Five forces 2021
***5 Market Segmentation by Application
**5.1 Market segments
*Exhibit 21: Application - Market share 2021-2026 (%)
**5.2 Comparison by Application
*Exhibit 22: Comparison by Application
**5.3 Residential - Market size and forecast 2021-2026
*Exhibit 23: Residential - Market size and forecast 2021-2026 ($ million)
*Exhibit 24: Residential - Year-over-year growth 2021-2026 (%)
**5.4 Commercial - Market size and forecast 2021-2026
*Exhibit 25: Commercial - Market size and forecast 2021-2026 ($ million)
*Exhibit 26: Commercial - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Application
*Exhibit 27: Market opportunity by Application
***6 Market Segmentation by Distribution Channel
**6.1 Market segments
*Exhibit 28: Distribution Channel - Market share 2021-2026 (%)
**6.2 Comparison by Distribution Channel
*Exhibit 29: Comparison by Distribution Channel
**6.3 Offline - Market size and forecast 2021-2026
*Exhibit 30: Offline - Market size and forecast 2021-2026 ($ million)
*Exhibit 31: Offline - Year-over-year growth 2021-2026 (%)
**6.4 Online - Market size and forecast 2021-2026
*Exhibit 32: Online - Market size and forecast 2021-2026 ($ million)
*Exhibit 33: Online - Year-over-year growth 2021-2026 (%)
**6.5 Market opportunity by Distribution Channel
*Exhibit 34: Market opportunity by Distribution Channel
***7. Customer landscape
**7.1 Overview
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
*Exhibit 35: ?Customer landscape?
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Growing influence of different retailing channels
*8.1.2 Rising popularity of multifunctional luxury furniture
*8.1.3 Increasing number of new luxury furniture showroom launches
**8.2 Market challenges
*8.2.1 Frequent product recalls
*8.2.2 Unstable prices of raw materials
*8.2.3 Stringent regulations related to luxury furniture
*Exhibit 36: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Growth in demand for luxury furniture among millennials
*8.3.2 Growing Demand for Luxury Home Furniture Products through E-commerce
*8.3.3 Technological innovations
***9. Vendor Landscape
**9.1 Overview
*Exhibit 37: Vendor landscape
**9.2 Vendor Disruption
*Exhibit 38: ?Landscape disruption?
*Exhibit 39: Industry risks
**9.3 Competitive Scenario
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 40: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 41: ?Market positioning of vendors?
**10.3 DBJ Furniture Ltd.
*Exhibit 42: DBJ Furniture Ltd. - Overview
*Exhibit 43: DBJ Furniture Ltd. - Product and service
*Exhibit 44: DBJ Furniture Ltd. - Key offerings
**10.4 Dynamic Furniture Industries (M) Sdn Bhd
*Exhibit 45: Dynamic Furniture Industries (M) Sdn Bhd - Overview
*Exhibit 46: Dynamic Furniture Industries (M) Sdn Bhd - Product and service
*Exhibit 47: Dynamic Furniture Industries (M) Sdn Bhd - Key offerings
**10.5 Falcon Inc. PTE Ltd.
*Exhibit 48: Falcon Inc. PTE Ltd. - Overview
*Exhibit 49: Falcon Inc. PTE Ltd. - Product and service
*Exhibit 50: Falcon Inc. PTE Ltd. - Key offerings
**10.6 Inter IKEA Holding BV
*Exhibit 51: Inter IKEA Holding BV - Overview
*Exhibit 52: Inter IKEA Holding BV - Product and service
*Exhibit 53: Inter IKEA Holding BV – Key news
*Exhibit 54: Inter IKEA Holding BV - Key offerings
**10.7 Kovacs Design Furniture
*Exhibit 55: Kovacs Design Furniture - Overview
*Exhibit 56: Kovacs Design Furniture - Product and service
*Exhibit 57: Kovacs Design Furniture - Key offerings
**10.8 McMichael Furniture
*Exhibit 58: McMichael Furniture - Overview
*Exhibit 59: McMichael Furniture - Product and service
*Exhibit 60: McMichael Furniture - Key offerings
**10.9 Shanghai JL and C Furniture Co. Ltd.
*Exhibit 61: Shanghai JL and C Furniture Co. Ltd. - Overview
*Exhibit 62: Shanghai JL and C Furniture Co. Ltd. - Product and service
*Exhibit 63: Shanghai JL and C Furniture Co. Ltd. - Key offerings
**10.10 VALDERAMOBILI srl
*Exhibit 64: VALDERAMOBILI srl - Overview
*Exhibit 65: VALDERAMOBILI srl - Product and service
*Exhibit 66: VALDERAMOBILI srl - Key offerings
**10.11 Wegmans Furniture Industries Sdn Bhd
*Exhibit 67: Wegmans Furniture Industries Sdn Bhd - Overview
*Exhibit 68: Wegmans Furniture Industries Sdn Bhd - Product and service
*Exhibit 69: Wegmans Furniture Industries Sdn Bhd - Key offerings
**10.12 Wisanka Indonesia
*Exhibit 70: Wisanka Indonesia - Overview
*Exhibit 71: Wisanka Indonesia - Product and service
*Exhibit 72: Wisanka Indonesia - Key offerings
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 ????Notes and caveats
**11.2 Currency conversion rates for US$
*Exhibit 73: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 74: ?Research Methodology
*Exhibit 75: ??Validation techniques employed for market sizing?
*Exhibit 76: ??Information sources
**11.4 List of abbreviations
*Exhibit 77: List of abbreviations
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