I. Overview

The 2024 China Home Expo has shown a stable development trend on a global scale, benefiting from multiple factors such as consumption upgrading, technological innovation and channel change, and the furniture industry is moving towards high-end, intelligent and service-oriented direction.

II. Market Size

 

Global Furniture Market: According to the "Global Furniture Market Insights, 2024" report, the global furniture market revenue is expected to reach $766.2 billion by 2024, with a compound annual growth rate of 5.02% from 2024 to 2028.

 

 Chinese Furniture Market: After years of development, the Chinese furniture industry has gradually taken the path of industrialization, scale, and branding. Although the furniture industry's revenue has slightly declined in the past two years, the overall market size has stabilized. It is predicted that the revenue of Chinese furniture manufacturing enterprises will reach 709.04 billion yuan in 2023.

 

Ⅲ. market characteristics

 

Consumption upgrade: With the improvement of people's living standards, China Home Expo consumers on the quality of furniture, design, function and other aspects of the requirements are also constantly improving. The increasing demand for personalized and customized furniture provides a broad space for the high-end development of the furniture industry.

 

Technological innovation: The furniture manufacturing industry is developing in the direction of digitalization and intelligence, and the application of 3D printing, Internet of Things and other technologies continues to improve the degree of product personalization and production efficiency. At the same time, the application of environmental protection, energy saving and other technologies also makes furniture products more environmentally friendly and healthy.

 

Channel change: The rapid development of e-commerce platforms and the new retail model that integrates online and offline are changing the traditional model of furniture sales. Online sales in the furniture market have shown a strong growth momentum, bringing more business value to furniture manufacturers.

 

Ⅳ. Market segmentation analysis

 

Category analysis: Living room furniture, bedroom furniture and home decor occupy a leading position in the market segment. Among them, the self-assembly furniture market has also shown a strong growth momentum, and the market size has been expanding.

 

Regional analysis: The United States has become the global market leader with its huge market size and high dependence on imported furniture. The furniture market in China, Europe and other regions has also shown a steady growth trend.

 

Ⅴ. Future trends

 

Intelligent development: With the continuous progress of smart home technology, the furniture industry is expected to meet consumers' yearning for a better life through continuous innovation.

 

E-commerce channel expansion: The e-commerce platform's active layout of the large goods market will promote the continued growth of online sales in the furniture market.

 

Localized services: The rise of overseas warehouses has made localized services the key to furniture brands going overseas, helping to solve problems such as transportation timeliness, cost and after-sales service.

In summary, in 2024, the furniture industry will continue to maintain a steady growth trend, and continue to develop in the direction of high-end, intelligent and service-oriented driven by factors such as consumption upgrading, technological innovation and channel change.

 

If you want to learn more about the food industry, please visit the China Home Expo website to learn more.

 

Source: Fangtao (public number)

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