VIETNAM HOME FURNITURE MARKET - GROWTH, TRENDS, AND FORECAST (2019-2024)

The market is segmented by Type and Distribution Channel.

Market Snapshot

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Study Period:

2015-2024

Base Year:

2018

CAGR:

5%

Key Players:

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Market Overview

Market Summary:

The Vietnam home furniture market is growing with a CAGR of 5% in the forecast period.

  • Vietnam has become a preferred location to set up furniture factories and a major base for furniture exports.
  • Furniture from Vietnam is now exported to over 120 countries, of which the main markets are the US, UK, Canada, Australia, and Japan.
  • Vietnamese furniture is even to be found in China. Vietnamese consumers use a wide range of furniture products with wooden furniture being the most common.
  • Vietnam’s indoor and outdoor furniture industry continues to stay strong and is expected to remain such in the coming years.
  • Compared to other large furniture exporters in the world, Vietnam’s furniture industry holds production advantages in terms of potential to expand its global market share.
  • This growth has been driven by greater demand from North America, Europe, and the Asia-Pacific region. Customers in the Middle East and India are particularly helping propel the sector’s development. Further, along with the increasing urbanization and construction of houses, apartments, and buildings, Vietnam continuously increases the market itself for furniture.

Scope of the Report

A complete background analysis of the Vietnam Home Furniture Market, which includes an assessment of the parental market, emerging trends by segments and regional markets, Significant changes in market dynamics and market overview is covered in the report.

By Type
Kitchen Furniture
Living-room & Dining-room Furniture
Bedroom Furniture
Other Furniture
By Distribution Channel
Offline
Online

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Key Market Trends

Kitchen Furniture Segment

Kitchen Furniture includes fitted kitchen units as well as other wooden furniture. The kitchen furniture is driven by surging urbanization and remodeling in residential kitchens. Kitchen Furniture and Fixtures are gaining momentum in investments with consistent growth in the hotel industry which in turn thrives on rising in travel and tourism.

Revenue in the Kitchen Furniture segment amounts to USD 0.6 billion in 2015 in Vietnam. In global comparison, most revenue is generated in the United States in 2015.

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To understand key trends, Download Sample Report

Wood Processing in Vietnam

In 2017, the export value of timber, furniture and non-timber forest products of Vietnam is about USD 8 billion. Specifically, furniture reached USD 7.6 billion.

In 2018, timber, furniture and non-timber forest products export value is expected to reach USD 9 billion.

Timber and furniture have become the 6th largest export category in Vietnam, accounting for 6% of the world market share, ranking 1st in ASEAN and 2nd in Asia and 5th in the World.

The industry’s strong export growth is attributed in part to Vietnam’s existing free trade agreements (FTAs) and ongoing trade negotiations, which present opportunities for manufacturers of furniture and other wooden products to enhance their competitiveness and boost sales.

The main challenge for makers of furniture and other wooden products is the shortage of raw materials amid the closure of natural forests and the other measures being implemented by various countries to protect their timber resources. 

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Competitive Landscape

The report covers major international players operating in the Vietnam Home Furniture Market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.

Major Players

  1. AA Corporation
  2. An Viet Furniture
  3. Cam Ha Furniture
  4. Duc Thanh Wood Processing JSC
  5. Johnson Wood Products

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Key Deliverables of the Study

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Drivers

    3. 4.3 Restraints

    4. 4.4 Opportunities

    5. 4.5 Trends Influencing the Vietnam Home Furniture Market

    6. 4.6 Value Chain Analysis of the Vietnam Home Furniture Market

    7. 4.7 Porter's Five Forces Analysis

    8. 4.8 E-commerce Impact on the Market

    9. 4.9 Technological Innovations

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Kitchen Furniture

      2. 5.1.2 Living-room & Dining-room Furniture

      3. 5.1.3 Bedroom Furniture

      4. 5.1.4 Other Furniture

    2. 5.2 By Distribution Channel

      1. 5.2.1 Offline

      2. 5.2.2 Online

  6. 6. COMPANY PROFILES

    1. 6.1 AA Corporation

      1. 6.1.1 Anh Viet Furniture

      2. 6.1.2 Cam Ha Furniture

      3. 6.1.3 Duc Thanh Wood Processing JSC

      4. 6.1.4 Green River Woods Vietnam

      5. 6.1.5 Hoang Phat company Ltd

      6. 6.1.6 International Furniture Corporation

      7. 6.1.7 Johnson Wood Products

      8. 6.1.8 Kaiser Furniture

      9. 6.1.9 Quoc Thang*

  7. *List Not Exhaustive
  8. 7. INVESTMENT ANALYSIS ON THE VIETNAM HOME FURNITURE MARKET

  9. 8. FUTURE OF THE VIETNAM HOME FURNITURE MARKET

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