Ken Research announced its latest publication on “China Furniture Market Outlook to 2020 – Surge in Demand for Children’s Furniture and Rise in Trend of Online Furniture Sales to Shape Future” which provides a comprehensive analysis of Furniture market in China for both residential and non residential furniture segment. The report covers market size and segmentation of overall furniture industry by organized and unorganized market. The reports also cover the market size of residential furniture and its market segmentation by utility, distribution channel, by material and others. The report put forth in depth analysis of non-residential furniture market and its segmentation by Hotel furniture, retail furniture, office furniture and other furniture products.

The report covers the market share and detailed company profile for all segments i.e. offline furniture market and online furniture market. The potential and future outlook for furniture industry has also been discussed in the publication. Snapshot for online furniture has been separately discussed in the report. The report provides detailed analysis of major players, their strategies, Porter’s five forces model, trends & developments and major issues and challenges with the furniture market in China. The report is useful for furniture exporter, retailer, manufacturer and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future, according to the Research Analyst, Ken Research.

The furniture industry in China has been immensely driven by its ability to provide best quality furniture products at best affordable prices without compromising on the quality standards and low cost skilled workforce. The market had witnessed a strong growth in recent years on account of increase in furniture export, rising demand for Chinese Furniture products globally, increase in trend of online shopping, increase in residential and Non-Residential units, increase in travel & Tourist industry and entry of new players.  The surge in growth is majorly originated from growth in Export market.

The growth in the furniture industry in past decades was phenomenal and was quite evident through consistent surge in exports. In 2010, the China furniture market was valued at USD ~ billion which has increased to USD ~ Billion in 2015 growing at a CAGR of ~% during the period. The growth in Furniture market of China has been largely led by the domestic factors such as supportive government policies, increasing demand and entry of new player in market. The furniture market is comprised of organized and unorganized players. In organized sectors players such as IKEA, Man Wah furniture, Huihe furniture, Quanu Furniture and other large organized players are dominating the market.

According to the research report, the China Furniture market will grow at a considerable CAGR rate thus reaching USD 86.6 billion by 2020 increase in residential and non-residential units, surge in the demand for kid’s furniture, export market, rising personal disposable income, increase in presence of online furniture retailers and low labor cost.

“Increase in global demand of China furniture and expansion of real-estate sector, are anticipated to give a boost to China Furniture market. Also, rise in personal disposable income, booming hospitality sector in the country will trigger the demand of furniture in China in upcoming years. Fluctuation in the exchange rate, logistic and procurement challenges for the players, rise in completion from other countries is few of the major challenges which will affect the growth of this industry in the future”. The companies in coming years should invest in research and development of the company, and they should also look to upgrade their production process by offering wide range of products to the customers. Also the companies should focus on promotional strategies to increase their customers’ base according to the Research Analyst, Ken Research.

(Source: ibcworldnews.com)