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Asia Pacific Furniture Market to Cross USD 400 Bn by 2027

Asia Pacific Furniture Market is expected to grow at a promising rate during the forecast period of 2021-2027. The valuation of the regional industry is reported to become more than $400 billion by 2027. The per-capita income of the population across the region has seen a substantial spike in recent years, prompting the splurge on home improvement facilities and other luxuries. Countries like India and China are becoming attractive destinations for setting up furniture manufacturing plants because of the easier availability of affordable yet high-quality labor force and raw materials.

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Asia Pacific Furniture Market to Cross USD 400 Bn by 2027

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  1. Asia Pacific Furniture Market to grow at 5.7% CAGR from 2021 to 2027: Graphical Research ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

  2. Asia Pacific Furniture Market is expected to grow at a promising rate during the forecast period of 2021-2027. The valuation of the regional industry is reported to become more than $400 billion by 2027. The per-capita income of the population across the region has seen a substantial spike in recent years, prompting the splurge on home improvement facilities and other luxuries. Countries like India and China are becoming attractive destinations for setting up furniture manufacturing plants because of the easier availability of affordable yet high-quality labor force and raw materials. Urbanization will play an important role in triggering the demand for furniture among the population across Asia Pacific. Economies like India, Indonesia and Malaysia are witnessing economic transition, leading to a growing need among people to lead a better lifestyle. This has increased the percentage of population relocating from villages to cities either in search of jobs or to lead a more comfortable life. The migration has increased the construction of residential and commercial buildings. It has ultimately driven the demand for residential and commercial furniture market in the region. Cities across several countries in Asia Pacific are undergoing massive transformation as they are being converted into smart cities. Several governments across the region are extending their support towards this mission by way of introducing favorable policies and funding schemes to encourage real-estate developers in their pursuit of building cities with state-of-the-art infrastructure. This will open up some encouraging opportunities for regional furniture market because advanced and elegant pieces of furniture shall be required to add to the overall aesthetic appeal of the cities. As per a report released by the International Data Corporation, investments in the field of technology received from different countries to help implement the global smart city initiatives were clocked at more than $81 billion in 2018 alone. This figure is expected to increase to $158 billion by the year 2022. Such increase in investments for building advanced cities will automatically have a positive impact on the expansion of Asia Pacific furniture market trends. ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

  3. Get sample copy of this research report @ https://bit.ly/3yBSJ0P Wood will be the most preferred material for making furniture in Asia Pacific region. In fact, this segment in the regional furniture market held an overall share of 65% in 2020. There are many positive characteristics of this raw material that make it a better choice as compared to its alternatives like providing sturdiness, enhancing aesthetic appeal, offering wider variety of designs and finishes, increasing durability of furniture and many others. Wood can be used to build lightweight furniture as well, thereby making it easier to transport from one place to the other. Technology will play an important role in the development of Asia Pacific furniture market through 2026. Today, there are several companies that are moving on from the traditional ways of producing furniture pieces and are heavily leaning towards the use of advanced technologies like AI and AR to help create desirable and futuristic designs for their consumers. This move not only helps them get a competitive edge over their rivals but even cements their dominant position among customers in the market. Through several existing and upcoming high-end technologies, manufacturers as well as designers are able to openly explore the different structures and designs that can be used to create or suggest furniture that catches the customer’s eye. Countries in Asia Pacific are witnessing a rapid increase in their technological capabilities and the governments are actively encouraging young tech entrepreneurs to innovate manufacturing technologies. This has attracted several leaders in furniture market towards this region. Brands have now opened up manufacturing plants in some countries and are working with domestic businesses to provide aesthetic and futuristic furniture to the customers of Asia Pacific. Request for customization @ https://bit.ly/3P0pNou ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

  4. Some of the well-known firms engaged in the production of furniture market in Asia Pacific region are IKEA Group, Kohler, Heritage Home, Ashley Furniture, NAFCO Corporation and some others. • Segmentation of Asia Pacific Furniture Market: • Asia Pacific Market, By Application • Residential • Upholstered furniture • Non-upholstered furniture • Bedroom • Kitchen Cabinet • Dining Room • Blinds & Shades • Mattresses • Others • Commercial • Business/Office • Educational • Healthcare • Hospitality • Others ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

  5. Asia Pacific Market, By Material • Plastic • Wood • Metal • Others • The above information has been provided for the following countries: • Asia Pacific • China • India • South Korea • Japan • Indonesia • Malaysia ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

  6. About Graphical Research: Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle. Contact Us: Parikhit B. Corporate sales, Graphical Research Email:sales@graphicalresearch.comWeb: https://www.graphicalresearch.com ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

  7. Stay In Touch With Us For: Website: www.graphicalresearch.com Social Media: Assured Quality On-Time Delivery Payment Security Industry Experts ©2018 Graphical Research. All rights reserved. www.graphicalresearch.com

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