Malaysia Furniture Market will continue to grow at a considerable pace in the next few years owing to Increase in global demand of wooden Malaysia furniture which will increase the furniture exports, increase in trend of online shopping of furniture, increase in domestic demand of furniture, upcoming residential and non-residential projects, presence of online retailers and rise in competition in the country. The market is predicted to grow at a CAGR of ~% from 2015-2020 and is expected to reach USD ~ million by 2020. This industry is expected to find a growing demand from the major cities in the future on account of rising demand for branded products and increasing affordability. The market is expected to be driven by rising export, rising personal disposable income, changing Lifestyle, gradual shift of customer preference towards high end products, and presence of a large number of online retailers for residential and non-residential furniture items. The increasing expenditure on R&D, logistic and upgradation of current production process by companies will boost the market growth in the future.
Furthermore, initiatives taken by the government to expand wooden furniture industry and furniture export to other countries, increase in number of commercial units, increase in urban population will fuel the market growth.
The growth in residential furniture market will be driven by rise in personal disposable income and a gradual shift in customer perception to purchase branded furniture products. The growing need of the Malaysians for stylish and latest fashionable furniture will also fuel the market growth of residential furniture. Boom in E-commerce industry had also led to increase in online shopping of furniture in the country. Also, the growth in the hospitality sector and travel & tourism industry will enhance the structure of hotel industry in the country, which will lead to the growth of non-residential furniture market in Malaysia. Rapid growth in internet population, rising demand for online furniture and boom in E-commerce industry will increase the sales of online furniture market in the country.
“Increase in furniture export due to the increase in global demand of Malaysian furniture and expansion of real-estate sector, are anticipated to give a boost to Malaysia furniture market. Also, rise in personal disposable income, booming hospitality sector in the country will trigger the demand of furniture in Malaysia in upcoming years. Increase in labor cost, increase in cost of raw materials and huge fluctuation in the exchange rate are few of the major challenges which will affect the growth of this industry in the future”, according to the Research Analyst, Ken Research.
The report titled “Malaysia Furniture Market Outlook to 2020” provides detailed overview on the Furniture market and helps readers to identify the ongoing trends in the industry and anticipated growth in future depending upon changing industry dynamics in coming years. The report is useful for Furniture exporter, retailer, Manufacturers, e-commerce companies and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
Ankur Gupta, Head Marketing & Communications