China and India are the major contributors to the revenue growth in the region
Arizton Advisory & Intelligence announces the publication of its latest report, “Wood Furniture Market – Global Outlook and Forecast 2017 – 2022.” The 107-page report includes an in-depth analysis of the global wood furniture market and forecast the market size of its various segment. The market is expected to cross $74 billion in terms of revenue by 2022, say the analysts at Arizton.
The wood furniture market in APAC is expected to grow at the highest rate during the forecast period mainly because of the high unexplored potential, improving economic conditions in the region, and increasing growth in the residential segment in this region. China and India are the major contributors to the revenue growth in the APAC region. Other countries, which are experiencing surge in the demand for wood furniture in this region, are Japan, Indonesia, Malaysia, Vietnam, Thailand, and the Philippines. The market growth is expected to rise till 2019 after which it is likely to decline gradually and stabilize by 2025.
APAC is witnessing rapid urbanization among all other geographies. According to the World Bank, the number of urban households in the region will rise by about 68% during the period 2010–2030. Urbanization in the APAC region is expected to drive the demand for wood furniture. The region is expected to witness an increased demand due to improving quality of life and increasing per capita disposable income during the forecast period.
The annual saving ratio in APAC countries is higher than US and European countries. Emerging economies such as China, India, and Indonesia are witnessing a high growth in their GDPs, therefore, there is an increase in per capita disposable income in these countries.
Changing lifestyles and increasing work pressure are some of other factors that are driving the people to adopt products that offer ease-of-use and convenience. APAC is witnessing a high growth in the number of middle-income families. These families are increasingly improving their lifestyles and adopting wood furniture. Further, the consumer market in APAC, particularly in the Southeast Asian countries is poised to grow at a tremendous rate because of increased spending power of buyers in these countries. Advances in lifestyle coupled with rising consumer expenditure are likely to increase the demand of wood furniture in APAC during the forecast period.
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