Furniture Market- South Korea
Market Statistics
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 3.60% (2024-2032)
A highly urbanized population is driving the market in South Korea as more people are residing in cities and opting for compact, multifunctional furniture that fits into smaller living spaces. According to the latest report by IMARC Group, the South Korea furniture market is projected to exhibit a growth rate (CAGR) of 3.60% during 2024-2032.
South Korea Furniture Market Trends and Drivers:
Market Trends in South Korea's Furniture Industry
Urbanization and Demographic Shifts
- High Urbanized Population:
- Increasing urbanization is driving the market as more people reside in cities.
- There is a rising demand for compact, multifunctional furniture suitable for smaller living spaces.
- Younger Demographics:
- Younger consumers prioritize contemporary, space-efficient designs that align with their modern lifestyles.
- Single-Person Households:
- The growing number of single-person households is boosting the demand for furniture that combines aesthetics with practicality.
Impact of Remote Work
- Home Office Furniture:
- The shift to remote work is influencing the market, with a rising demand for ergonomic and comfortable home office furnishings.
- Innovation and Productivity:
- Manufacturers are innovating to offer furniture that enhances productivity while blending seamlessly with home interiors.
Home Renovations and Design Trends
- Increase in Renovations:
- The growing trend of home renovations and interior design projects is driving demand for modern and trendy furniture.
- Market Growth:
- South Korea’s status as a major e-commerce market, supported by high-speed internet and advanced digital infrastructure, is further boosting market growth.
Government Support and Sustainability
- Government Policies:
- Governing agencies are introducing policies that stimulate domestic production and international trade.
- SME Support:
- Small and medium-sized enterprises (SMEs) are benefiting from support for technological advancements and enhanced manufacturing capabilities, improving product quality and global competitiveness.
- Sustainability Trends:
- Growing emphasis on sustainability is increasing demand for eco-friendly furniture options.
Technological Advancements and E-commerce
- Digital Presence and AR:
- Companies are enhancing their digital presence and adopting technologies like augmented reality (AR) to improve the shopping experience by allowing buyers to visualize furniture in their homes before purchasing.
- Investment in Online Platforms:
- Businesses are investing in robust online platforms to meet consumer expectations for convenience and variety, offering a favorable market outlook in the country.
Download sample copy of the Report: https://www.imarcgroup.com/south-korea-furniture-market/requestsample
South Korea Furniture Industry Segmentation:
The report has segmented the market into the following categories:
Material Insights:
- Metal
- Wood
- Plastic
- Glass
- Others
Distribution Channel Insights:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
End Use Insights:
- Residential
- Commercial
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Request for customization: https://www.imarcgroup.com/request?type=report&id=21191&flag=E
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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