Rising disposable incomes and growth of real estate & hospitality industries is expected to drive the growth of Australia furniture market during the forecast period.
According to TechSci Research report, “Australia Furniture Market By Product Type (Home Furniture, Office Furniture and Institutional Furniture), By Point of Sale (Exclusive Showrooms, Supermarkets/Hypermarkets, Online and Others (Furniture Retail Outlets, Traditional Stores, etc.)), By Raw Material Type (Wood, Plastic, Metal and Others (Bamboo, Cane, etc)), By Company, By Region, Forecast & Opportunities, 2025”, Australia furniture market was valued USD 7.76 Billion in 2019 and is predicted to be valued USD 8.78 Billion by 2025. Consumer preferences across the country are changing with increasing number of customers opting to decorate and renovate their residences with modern furniture products that are in line with latest industry trends. This has pushed the manufacturers in furniture industry to invest in their own chain of exclusive retail stores and expand their product listing by including a variety of products in order to provide customers with a huge number of options to choose from. This has significantly increased the demand for high-value products and aided the market growth.
One of the major trends in Australia furniture market is “DIY”. The concept was introduced by IKEA across the globe, wherein the merchandise will be assembled by the customer himself/herself at his/her house. This has now become a way for furniture producers to decrease their transportation logistics costs, merchandise storage and persistent problem of physical damages occurring during transit. Online channel retailers have been able to decrease their overall overheads by approximately 20% for the merchandise like wall shelves and wall units by offering them in DIY format.
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Australia Furniture market is segmented based on product type, point of sale, raw material type, company and region. Based on raw material type, the market is segmented into wood, plastic, metal and others. Wood segment is anticipated to dominate the market until 2025 due to high strength & durability and easy availability over its counterparts.
Some of the major players operating in Australia Furniture market are IKEA Pty Limited, Steelcase Australia Pty. Ltd, Herman Miller (Aust.) Proprietary Limited, Haworth Australia Pty Limited, Greenlit Brands Pty Limited, HNI Corporation, Knoll Inc., Sebel Pty Ltd., Schiavello Group Pty. Ltd., Harvey Norman Holdings Limited, Bfx Australia Pty Ltd, Amart Furniture Pty Ltd, D D K Commercial Interiors Pty Ltd , Bentons Kitchens Pty Ltd, AKD Softwoods Pty Ltd, Chiswell Furniture Pty Ltd , Forty Winks Franchising Pty Ltd, Furnware Group Pty Ltd, Fuller Furniture and others. Due to emerging technological innovations across industries and rising trend of technological integration with all possible consumer products, many furniture manufactures are investing in research & development activities to launch smart furniture products. In tune with this trend, customers are also expecting more than just comfort from their furniture products. Demand of smart furniture that has integration of internet along with accessibility of charging ports has increased, especially from office furniture segment, to boost productivity at workplace as well as at residential spaces due to rising work from home culture. This coupled with increasing demand for smartly designed compact furniture products with multiple functions, especially for home, is further expected to propel Australia furniture market in the coming years.
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“Australia Capital Territory & New South Wales region is the major demand generating region in Australia furniture market. The region accounted for a total value share of over 34% in 2019, which is expected to grow further during the forecast period. Demand for residential as well as commercial spaces is witnessing a rise in areas like North Sydney, Chatswood, St Leonards, Macquarie Park, among others. The buyer interest in these territories is also increasing with rising investments from public as well as private sectors in residential and commercial segments.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Australia Furniture Market By Product Type (Home Furniture, Office Furniture and Institutional Furniture), By Point of Sale (Exclusive Showrooms, Supermarkets/Hypermarkets, Online and Others (Furniture Retail Outlets, Traditional Stores, etc.)), By Raw Material Type (Wood, Plastic, Metal and Others (Bamboo, Cane, etc)), By Company, By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of Australia furniture market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in Australia furniture market.
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