[Exclusive] Proposed measures to overcome 5 challenges, furniture industry seizes 4 trillion market

Whether rich or poor, furniture is a basic element of a “home”. Whether the economy is good or bad, or during the COVID-19 pandemic, the size of the global furniture industry market has not shrunk. According to data from international market research and consulting firms, the market value of the global furniture industry is expected to be close to 1 trillion US dollars in 2029!

According to Mordor Intelligence's report, the global furniture market is expected to reach US$688.74 billion (approximately RM3.285.1 trillion) in 2024, and is estimated to reach US$903.14 billion (approximately RM4,307.8 trillion) in 2029, with a compound annual growth rate of 5.57%.

Due to the urbanization process, there are countless residential and commercial buildings in various countries, and the demand for furniture is increasing unabated. The Asia-Pacific region is the region with the fastest market growth. As one of the top 10 furniture exporters in the world, how can Malaysia seize this “big cake” of nearly 1 trillion US dollars? Is my country aware of the opportunities? Also, how can we seize the opportunity and get a head start?

“Nanyang Commercial Daily” hereby invites former leaders of the Malaysian Furniture Federation (MFC), famous domestic interior designers, and operators with more than 25 years of furniture production experience to jointly interpret market opportunities and challenges.