Current Market Situation of the Furniture Industry


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Industry News

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Release time:

2024-07-16

Summary: The Chinese furniture industry has a large market size and is continuously growing. According to a report released by the China Research Institute of Industry, the market size of China's smart home market is expected to reach 715.71 billion yuan in 2024, with a year-on-year growth rate remaining above double digits. This indicates that the furniture industry, especially in the smart home sector, is showing strong growth momentum.

The current state of the furniture industry market can be analyzed from multiple dimensions. Below is a detailed explanation of the current state of the furniture industry market:

1. Market Size and Growth

  • Market Size: The market size of China's furniture industry is vast and continues to grow. According to a report released by the China Research Institute of Industry, the market size of China's smart home market is expected to reach 715.71 billion yuan in 2024, with a year-on-year growth rate remaining above double digits. This indicates that the furniture industry, especially in the smart home sector, is showing strong growth momentum.
  • Market Growth: Despite facing certain economic pressures and tightening consumer budgets, the furniture industry is still actively seeking breakthroughs. For example, during the 618 shopping festival in 2024, home furnishing companies adjusted their strategies by launching small packages and flexible pricing, effectively responding to market challenges. At the same time, sales of smart home and solid wood products have shown significant growth, reflecting an ongoing trend of consumption upgrading.

2. Market Segmentation

  • Smart Home: As an important segment of the furniture industry, the smart home market maintains a high level of market size and growth rate. The popularity and usage rates of smart appliances, smart locks, and smart speakers in the Chinese market are continuously increasing, driving the rapid development of the smart home market.
  • Custom Furniture: The custom furniture market continues to grow, meeting consumers' demands for personalized and differentiated home furnishings. As consumers' requirements for comfort and aesthetics in living spaces increase, the custom furniture market is expected to expand further.
  • High-end Furniture: China's high-end furniture market is accelerating its development, with the market size reaching trillions of yuan. The high-end furniture market mainly consists of home furniture and office furniture, with the market size of home furniture being larger than that of office furniture.

3. Market Challenges and Opportunities

  • Challenges: The furniture industry faces challenges such as intense market competition, fluctuations in raw material prices, tightening environmental protection policies, and changes in the international trade environment. These challenges place higher demands on companies' brand building, market promotion, and profitability.
  • Opportunities: Amidst the challenges, the furniture industry is also encountering new development opportunities. For example, support from real estate policies provides a recovery impetus for the domestic home market; the integration of smart home technology brings more possibilities for custom furniture; and the rising awareness of environmental protection and sustainable development prompts companies to pay more attention to the environmental performance and health functions of their products.

4. Industry Trends

  • Personalization and Customization: As consumers' demand for personalization increases, the custom furniture market will continue to grow. Companies need to continuously improve design levels and delivery efficiency to meet consumer needs.
  • Intelligentization and Technological Innovation: Technological innovation will become an important driving force in the furniture industry. The application of new technologies such as the Internet of Things, artificial intelligence, and 5G will further enhance the intelligence level of furniture and user experience.
  • Environmental Protection and Sustainable Development: Environmental protection and sustainable development will become important trends in the furniture industry. Companies will pay more attention to the environmental performance and health functions of their products, promoting the entire industry towards a more sustainable direction.

5. Leading Companies in the Market

: A number of leading companies have emerged in the furniture industry. These companies excel in innovative design, green environmental protection, quality assurance, after-sales service, and integrity in business operations. For example, brands like Shengao, Zhendun, and Haitai Olin, which are among the "Top Ten Leading Brands of Chinese Furniture Suppliers in 2024," have successfully stood out due to their excellent quality, innovative design, and strong market influence.

In summary, the current state of the furniture industry market shows characteristics of continuous market size growth, clear market segmentation, coexistence of challenges and opportunities, and industry trends moving towards personalization, intelligentization, and sustainable development. In future development, furniture companies need to closely monitor market changes and policy trends, actively adjust product structures and service models to adapt to changes in market demand.

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Current Market Situation of the Furniture Industry

The Chinese furniture industry has a large market size and is continuously growing. According to a report released by the China Research Institute of Industry, the market size of China's smart home market is expected to reach 715.71 billion yuan in 2024, with a year-on-year growth rate remaining above double digits. This indicates that the furniture industry, especially in the smart home sector, is showing strong growth momentum.

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