As an important part of the world economy, the furniture industry has developed rapidly. According to CSIL data, in 2019, the global furniture industry's total output value reached 490 billion US dollars, of which the Asia-Pacific region is the global furniture manufacturing center; at the same time, the global furniture industry consumption in 2019 fell by 1.4% to 477 billion US dollars, of which, Indian furniture The consumer market is rapidly being released, and its market potential is huge. In the future, with the development and stability of emerging furniture production regions, 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 process of economic globalization, the furniture industry, as an important part of the world economy, has developed rapidly. According to CSIL data, in 2016, the global furniture industry's total output value was about 460 billion US dollars; in 2019, the global furniture industry's total output value reached 490 billion US dollars.
From the perspective of regional distribution, since the 2008 financial crisis, the international furniture manufacturing center began to shift to developing countries. In 2019, the total output value of furniture in the Asia-Pacific region reached 258 billion US dollars, accounting for 53% of the total output value of global furniture.
2. The global furniture consumption declined slightly in 2019, and the Indian market deserves attention
Affected by factors such as the global economic downturn, in 2019, the global furniture industry consumption was 477 billion US dollars, down 1.4% year-on-year.
In terms of different regions, the top ten countries in the global furniture industry consumption are basically consistent with their production rankings. In 2019, the top three countries in total global consumption are China, the United States and Germany. But it is worth noting that in the ranking of cumulative growth of consumption in 2013-2019, India ranked first with a growth rate of 37%. It can be seen that the furniture consumption market in India is being released quickly, and its market potential is huge.
3. The furniture market in North America and Europe is more open
At present, among the main producing and consuming countries of the global furniture industry, China has the highest proportion of self-production and self-sales, reaching 98%. The United States, which is also a large consumer of furniture, 39% of its furniture consumption comes from imports, and the proportion of self-production and sales accounts for only 61%. It can be seen that, overall, the Asia-Pacific region as a furniture manufacturing center has a lower market opening degree than North America, Europe and other countries. In the future, with the development and stability of emerging furniture production regions, new players may appear in the global furniture industry.
Source of this article from: FARWARD THE ECONOMIST
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