Furniture Market Size Forecast in 5 Southeast Asian Countries by 2029

TNB Aura—a Singapore-based venture capital firm—projects the growth of the market size or sales value of furniture in five Southeast Asian countries until 2029.

In its projection, revenue from furniture sales in Malaysia is projected to be the highest in the Southeast Asian region, increasing from US$4.01 billion in 2022 to US$5.35 billion in 2029.

Meanwhile, Indonesia ranks second, where the furniture market size is projected to grow from US$3.02 billion in 2022 to US$3.61 billion in 2029.

Indonesia's position is ahead of Singapore, Vietnam, and the Philippines, which consecutively rank third to fifth, as shown in the chart above.

TNB Aura explained that the furniture market size in each country is positioned to grow year-on-year. There are four drivers for the industry's growth: logistics, differentiation, ecosystem, and brand building.

According to TNB Aura, logistics need to be developed because furniture brands in Southeast Asia underutilize technology in their operations.

In fact, technology can present opportunities to invest in inventory systems, point of sale (POS), customer relationship management (CRM) systems, and technology-based manufacturing.

Differentiation, meanwhile, is needed because there are perceived to be no players utilizing software or interior design consulting services.

"Integrating subscription-based design tools can attract clients, designers, and contractors," explained TNB Aura.

Meanwhile, the ecosystem in question refers to an underdeveloped interior design network, so subscription management solutions for contractors and designers are expected to strengthen the ecosystem.

As for brand building, marketplaces are also recommended to be used for creating standalone brands.

The goal, said TNB Aura, is to unlock new revenue streams and create larger margins, control the supply chain, and integrate advanced manufacturing.