Malaysia furniture market outlook to 2020:Ken Research

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Malaysia Furniture Market Outlook to 2020 Ken
Research
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• How The Malaysia Furniture Market Was Positioned?
  
• The Malaysia furniture industry has been
  segmented on the basis residential and
  non-residential market, organized and
  unorganized. Positive repercussions such as
  increase in furniture export market, expansion of
  real-estate sector, increase in global demand for
  Malaysian furniture, booming hospitality industry
  and some other factors has been driving Malaysia
  furniture industry
• In 2015, the revenues for Malaysia furniture
  market was USD Million which had increase at a
  CAGR of during 2010-2015. The growth of this
  industry has been influenced by rising global
  demand for Malaysian furniture.
• In 2015, the residential furniture market was
  accounted for and non-residential furniture
  market was accounted for . Malaysia furniture
  market was dominated by unorganized sector with
  the share of in 2015.
• The furniture industry in Malaysia has undergone
  a dynamic change from traditional operations to
  technology driven industry over the last few
  years 2010-2015. The growth in the furniture
  industry in past decades was phenomenal and was
  quite evident through consistent surge in
  exports.

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• The growth factors that have boosted the growth
  are expansion in real estate and housing
  activity, increasing growth in travel tourism
  industry, growing affluence both in the urban and
  rural areas, remarkable growth of the mass media
  resulting in large number of middle-class
  families aspiring for better lifestyle.
• One of the major growth drivers for the Malaysia
  furniture industry is the export of furniture
  from Malaysia to other countries. Furniture
  export had contributed to in overall Malaysia
  furniture Market in 2015.
• Figure Malaysia Furniture Market Size by Revenue
  in USD Million, 2010-2015

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• Malaysia Furniture Market Segmentation by Sectors
  (Residential Non-residential) on the basis of
  Revenue in USD Million, 2010-2015
• The Malaysia domestic Furniture market can be
  segregated in residential and Non-Residential
  furniture market. Residential sector has
  dominated the domestic furniture industry with a
  share of in 2015, thereby valued at million
  in 2015. However, Non- residential furniture
  market in the domestic country was evaluated at
  million. Increase in Real-Estate industry and
  travel Tourism industry had led to surge in the
  demand for furniture in residential
  Non-residential sectors. Moreover, the growth of
  the middle-class income segment in the country
  has been regarded as the major source of
  expansion of furniture sales. Also, an average
  middle-class individual in the Malaysian society
  has been observed to aim for a higher standard of
  living due to the increase in personal disposable
  income in the country, which had also led to
  increase the demand of home furniture in the
  country.

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• The furniture market in the country had been
  immensely driven by a substantial growth in the
  real estate, travel tourism and hospitality
  domains over the years. The rising number of
  commercial projects along with a greater spending
  on the infrastructure had also provided an
  enormous growth to the furniture market in the
  last few years.
• The government of Malaysia is also taking many
  initiatives to encourage the local population of
  Malaysia to enter into the furniture
  manufacturing industry as the furniture sector is
  one of the major contributors in GDP of Malaysia.
  Government is supporting local furniture
  manufacturers by giving them training on
  furniture production and also by increasing trade
  barriers for international players to enter the
  furniture market in the country.
• One of the major problems faced by the furniture
  market in Malaysia has been the Exchange rate
  Fluctuation. In export market Malaysia furniture,
  is facing the tough competition in terms of price
  design with other furniture exporting countries
  such as China, Vietnam and others.

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• What Is The Role Of Residential Furniture In
  Malaysia Furniture Market?
• The residential furniture market had witnessed a
  tremendous growth in Malaysia. The residential
  furniture includes furniture used in homes and in
  residential space.
• The residential furniture market size had been
  driven by the increase in residential units in
  the country, increase in disposable income, the
  concept of fully furnished apartments growth of
  the middle-class income segment and change in
  customers preference towards branded products.
• The growing need for the stylish and latest
  fashionable furniture in Malaysian customers had
  increased the market share of the residential
  furniture in 2015. The growth of the Residential
  furniture segment had played a key role in the
  development of the overall domestic furniture
  market in the country.
• There are many companies in the country who are
  providing furniture for residential segment.
  Companies such as Lorenzo, PohHuat, Macy
  Furniture and others are offering wide variety of
  residential furniture to the customers in
  Malaysia.

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• The arrival of international brands from Italy,
  Germany, Sri Lanka and other countries has
  brought a change in consumer perception and has
  resulted in the purchase of more expensive
  furniture products, which have in turn propelled
  the overall revenues of the residential furniture
  market.
• The residential Furniture Market can be
  segregated on the basis of types of material
  used, by rooms, by product categories, by demand
  from major cities, by income group.
• In residential furniture market, the major demand
  is originated through bedroom furniture products
  in 2015, followed by living room, dining room
  kitchen furniture. Bedroom furniture contributed
  to in 2015 in the overall residential
  furniture market.

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• The growth of the Malaysian economy and the
  gradual rise of disposable incomes have leveraged
  the buying capacity of people. This will
  eventually alleviated the willingness of the
  consumers to spend on comfort and luxury, thus
  leading to an increase in the demand for High-end
  residential furniture in the country.
• The urban population of Malaysia is increasing,
  people are moving from rural area to urban areas
  in search of jobs, education and other reason,
  due to this shift the demand for residential
  furniture in Malaysia is expected to surge in the
  coming years.
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• How Malaysia Non-Residential Furniture Has Been
  Positioned?
• Over the last few years 2010-2015, the rising
  industrial area, Increase in FDIs had increased
  the industrial sector in Malaysia due to which
  the demand of office furniture items in the
  domestic market had increased. Additionally, the
  increasing trend of shopping from malls had also
  increased the sales of contract furniture such as
  furniture used in food courts, game parlors, bar
  furniture and others.

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• Over the last few years the demand for
  non-residential segment is increasing with the
  rising number of tourist visiting the country and
  number of foreign companies entering in Malaysia
  which is hugely driving the sales of hotel
  furniture and office furniture items in the
  market.
• The Non-residential Furniture market had
  increased from USD Million in 2010 to USD
  Million in 2020 at a CAGR of .

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• The growing influence of travel and tourism
  industry and hospitality industry in Malaysia has
  enhanced the structure of hotel industry in
  Malaysia in the last few years. This has led to a
  gradual growth in the sales of high-end and
  luxury furniture in hotels, schools, colleges
  restaurants and bars across the country.
• How Malaysia Online furniture Market Has been
  Positioned?
• The online furniture has gained its prominence
  during the last few years majorly since the
  refurbishment of ecommerce sector in Malaysia.
  The online furniture market of Malaysia had also
  increased from USD million in 2010 to USD
  million in 2015. The players which have dominated
  the online furniture market of Malaysia are
  Lazada, Delima, Rakuten, You beli and others.
• Increase in growth of e-commerce market has led
  to increase the online market for furniture
  products in the country. The e-commerce market
  has been witnessing a paradigm shift in the
  consumer behavior towards online shopping. This
  increasing trend of online shopping among the
  consumers in Malaysia has given a strong impetus
  to the arrival of numerous companies at large and
  small scale in online furniture shopping business
  recently.

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• It has also been anticipated that the online
  furniture market in future will increase due to
  the increase the in E-commerce E-tail business
  of Malaysia. Also, the changing perception of
  customers for buying furniture products from
  offline to online stores and increase in trust in
  online shopping will increase the market for
  online furniture in coming years.
• What Are The Future Prospectes For Furnture
  Market In Malaysia?
• In coming years, the size of the furniture
  industry in Malaysia will increase due to the
  increase in infrastructure units, global demand
  and changing customer preference in the country.
  It has been estimated that the market will
  increase at a CAGR of during 2016-20 to be
  valued at USD million in 2020.

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• The major growth factors for the increase in the
  furniture market in future will be the growth in
  the forest area of Malaysia, Increase in Trend of
  online shopping, increase in residential and
  commercial furniture market and increase in
  export market of Malaysia. Other factors which
  will also account for the increase in growth of
  furniture industry in Malaysia are government
  support and increase in population of Malaysia.
• Government is taking many initiatives to increase
  the growth of furniture market in Malaysia, the
  tax exemption, increase in number of FTAs with
  other countries, increase in foreign direct
  investment and others which is likely to drive
  the growth of furniture market.
• E- Tail market of furniture is also gaining
  attention at a rapid pace, powered by inclining
  penetration of internet, changing perception of
  customers towards online segment, growing
  disposable income and busy schedule of people
  (who dont get enough time to go and by the
  products offline).
• In short term analysis 2015-2017, it has been
  expected that the rising infrastructural
  development in Malaysia coupled with increasing
  demand for new home and office space, will lead
  to a rise in the real estate market in Malaysia

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• In long term analysis, it has been expected that
  perception of customers will change in Malaysia
  regarding the buying decisions for the furniture
  products in the country. There will be a shift in
  the customers preference in future the
  customers will choose organized brands instead of
  developing furniture products from carpenters.
  The increase in knowledge about designs, wood
  materials and pricing schemes is envisaged to
  propel the Malaysian customers to choose more
  branded products. The increase in disposable
  income in Malaysia in coming years will lead the
  customers to buy high end furniture products.
• In future, it had been forecasted that both
  residential as well as non-residential sector
  will increase in terms of revenues.

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• Key Factors Considered In The Report
• Comprehensive analysis of the Malaysia Furniture
  market and its segments
• Industry is presented by residential non
  Residential Segment, By organized and unorganized
  sector.
• Listed major players and their positioning in the
  market
• Identified major industry developments in last
  few years and assess the future growth of the
  industry
• Regulatory framework help to understand
  investment opportunities and complexity involved

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• Source https//www.kenresearch.com/consumer-produ
  cts-and-retail/home-and-office-furnishings/malaysi
  a-furniture-market-report/7201-95.html
• Contact Ken ResearchAnkur
  Gupta, Head Marketing CommunicationsAnkur_at_kenre
  search.com91-9015378249

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