Taiwan Home Furniture Market Analysis
The Taiwan Home Furniture Market is expected to register a CAGR of greater than 4% during the forecast period.
Taiwan's home furniture market is mature and stable, with major advantages developed from traditional industries. Taiwan is one of the world's largest exporters, and some majorly exported furniture items include metal furniture, mainly due to the convenience of upstream metal materials. The main countries to Taiwan exports furniture products to include the United States, Japan, and Germany. It is estimated that roughly one-third of China, Vietnam, and the Philippines' furniture exports also result from Taiwan.
Due to the rising disposable income, consumers are willing to pay a premium to purchase personalized furniture in the country, and home furniture demand is growing. It is expected to gain further momentum in upcoming years. There is also a rising trend of multifunctional furniture in Taiwandueg for environmental protection and the development of green building materials.
Taiwanese furniture makers are utilizing all kinds of natural-looking products made of wood, bamboo, and rattan. They also use metal, glass, and other artificial materials to meet customers' demands. Furthermore, some of the prominent design trends of the Taiwanese furniture industry include the inheritance of classic simplicity and elegance, cross-border trends, new fashion, light luxury styles, and blending of the essence of Eastern and Western aesthetics elements.
The impact of the COVID-19 crisis on consumer behavior and manufacturing trends heightened the importance of digitalization and automation for the furniture industry. Online-savvy consumers seeking personalized shopping experiences and competitive prices pushed furniture manufacturers to innovate their existing workflows.
Taiwan Home Furniture Market Trends
Increase in Household Units in the Region
The demand for new housing units is increasing, and residential construction activity is rising in Taiwan. The new housing projects around Taiwan hit a five-year high of 53,646 units in the first half of the current year. The construction of new houses and renovation of the existing ones leave customers with more expenses on home furniture products as the houses need to be well furnished. The increase in the number of households and the rise in income levels contribute to the growth of indoor furniture, especially bedroom, and kitchen furniture products.
Wood Furniture is the Dominant Category
Wooden furniture is Taiwan's major type of furniture. It consists of office, kitchen, bedroom, and dining room furniture. Processed wood and plywood are used majorly for furniture production in the country. The latest trend for wooden furniture is to produce furniture made from a combination of wood and metal, and composite panels. Taiwan relies on imported wood more for domestic use than manufacturing to export. Taiwan mostly imports from Japan, China, the United States, The European Union, and Saudi Arabia.
Taiwan Home Furniture Industry Overview
The Taiwanese home furniture industry is competitive and fragmented with local players. Taiwan's furniture manufacturers are establishing their brands and designing furniture by cooperating with international manufacturers to develop and produce new products and open the Taiwanese furniture brand marketing through the original channels of the manufacturers.
Taiwan Home Furniture Market Leaders
CHENG SHING WOODEN INDUSTRIAL CO., LTD
CHYUAN CHERN FURNITURE CO., LTD
Yung Shing Furniture Company
Meicha
Royce
- *Disclaimer: Major Players sorted in no particular order
Taiwan Home Furniture Market News
- March 2023: 2nd Street Taiwan Co Ltd Opened an Eighteenth Store in Taiwan, 2nd Street Carrefour Yilan Store, on March 17, 2023. This will be the eighteenth store in Taiwan for 2nd Street Taiwan Co Ltd. The store offers a comprehensive selection of used products of home furniture.
- Jan 2022: Taiwan created a USD 200 million fund to invest in Lithuanian industries and boost bilateral trade as it tries to fend off diplomatic pressure on the Baltic state from China. Lithuania's export-based economy is home to hundreds of companies that make products such as furniture, lasers, food, and clothing for multinationals that sell to China.
