The current situation and development trend of the global furniture industry market in 2021

As an important part of the world economy, the furniture industry has developed rapidly. According to CSIL data, in 2019, the total output value of the global furniture industry reached 490 billion U.S. dollars, of which the Asia-Pacific region is the global furniture manufacturing center; at the same time, the global furniture industry consumption in 2019 was 477 billion U.S. dollars, a year-on-year decrease of 1.4%. Among them, Indian furniture The consumer market is rapidly releasing, and its market space has huge potential. In the future, with the development and stability of emerging furniture production areas, new players may appear in the global furniture industry.

1. The Asia-Pacific region is a global furniture manufacturing center

With the further deepening and expansion of the economic globalization process, the furniture industry, as an important part of the world economy, has developed rapidly. According to CSIL data, in 2016, the total output value of the global furniture industry was approximately US$460 billion; in 2019, the total output value of the global furniture industry reached US$490 billion.

           Table 1.                  Total output value of global furniture industry in 2016-2019 (Unit: Hundred of Million Dollar)

From the perspective of regional distribution, since the 2008 financial crisis, international furniture manufacturing centers began to shift to developing countries. In 2019, the total furniture output value of the Asia-Pacific region reached US$258 billion, accounting for 53% of the total global furniture output value, and it is the world's furniture manufacturing center.

2. In 2019, global furniture consumption declined slightly, and the Indian market deserves attention

Affected by factors such as the global economic downturn, in 2019, the global furniture industry consumption was US$477 billion, a year-on-year decrease of 1.4%.

Table 2.       Consumption value of global furniture industry in 2013-2019  (Unit: Hundred of Million Dollar)

In terms of subregions, the top ten countries in the global furniture industry by consumption are basically in line with their output rankings. In 2019, the top three countries in terms of total global consumption are China, the United States and Germany. However, it is worth noting that in the 2013-2019 cumulative growth rate of consumption, India ranked first with a growth rate of 37%. It can be seen that the furniture consumer market in India is rapidly releasing, and its market potential is huge.

3. The furniture market in North America and Europe is more open

At present, among the major production and consumption countries in the global furniture industry, China has the highest proportion of self-produced and sold products, reaching 98%. The United States, which is also a major furniture consumer, has 39% of its furniture consumption from imports, and the proportion of self-produced and self-sold accounts for only 61%. It can be seen that, in general, the Asia-Pacific region, which is a furniture manufacturing center, has a lower market opening than North America, Europe and other countries. In the future, with the development and stability of emerging furniture production areas, new players may appear in the global furniture industry.