Ken Research announced, The furniture market in Malaysia had been immensely driven by a substantial growth in the real estate, travel & tourism and hospitality domains over the years. The rising number of commercial projects along with a greater spending on the infrastructure had also provided an enormous growth to the furniture market in the last few years. The number commercial units in Malaysia had been increasing at a CAGR of 2.3% during 2010-15. The upcoming shopping complexes projects and hotels project in the country had triggered the demand of commercial furniture.
According to the Ken Research report, Malaysia furniture market is dominated majorly by the unorganized players. Unorganized player includes local carpenter shops, local furniture showrooms and other shops where sellers do not have to bear the tax imposed on trade and securities by government authorities. The government of Malaysia is taking many initiatives to encourage the local population of Malaysia to enter into furniture manufacturing industry as the furniture sector is one of the major contributors in GDP of Malaysia. Government is supporting local furniture manufacturers by giving them training on furniture production and also by increasing trade barriers for international players to enter the furniture market in the country.
The residential furniture market includes a wide range of furniture products which are used in every household. Few of the most important furniture items which are driving the growth of residential market are beds, sofas, dressers, cupboards, dining table sets, cabinets, tables, chairs. With rise in personal disposable income, spending capacity and a gradual shift in customer’s perception to purchase branded furniture products and high end furniture products has propelled the growth of the residential furniture market in the country. There is an intense competition between the furniture companies in residential furniture market in the country. The leading organized players in Residential furniture markets such as Lorenzo furniture, Teakia Furniture and others are facing tough competition from the unorganized players in the country.
The enormous growth of e-retailing business of furniture in the recent years had been witnessed primarily because of rising demand for online shopping. Due to this reason number of players have been setting up their own portals and exclusively catering to the furniture business in Malaysia. For catering this increase in demand of online selling of furniture many local as well as international Players have stepped there foot in the online market of Furniture in Malaysia. The companies such as Lazada, Rakuten You beli are some of the leading players of online sell of Furniture in Malaysia. According to the Ken Research report.
Malaysia is famous for their wooden furniture, traditional & contemporary designs and quality material. Malaysia has observed a steady evolution for the increase in demand of furniture over the past decade. The major factors which have accounted for the increase in market for furniture in Malaysia are increase in global demand of Malaysian furniture, surge in residential and commercial unit in Malaysia, incline in urban population of Malaysia and other factors.
For more information on the market research report please refer to the below mentioned link:
Ankur Gupta, Head Marketing & Communications