Furniture Market In Pakistan
Being an Asian country, Pakistan is also affected by Asian and International market trends directly and indirectly. Resultantly, competitiveness and improvements are visible in furniture industry. As the Pakistani market is not only growing with good pace but also follows the latest trends besides having its traditional styles and long lasting product quality. Major furniture manufacturing cities in Pakistan are Gujrat, Chiniot, Peshawar, Rawalpindi, Lahore and Karachi etc.
About 95% of the furniture manufactured in Pakistan is made from wood. There are more than 800 medium to large scale furniture manufacturers and workshops that produce export quality furniture in above mentioned cities particularly besides many small furniture makers in throughout the country. The furniture market may be divided into home use, contract markets, supplying to hotels and restaurants, furniture for offices and for public spaces etc.
The Furniture market focuses on various movable commodities developed to facilitate a range of actions and features, like seating, sleeping, working, eating, and holding or storing objects. Metal, plastic, and wood are widely used materials to make furniture.
Immoveable residential objects (e.g., sinks, faucets, etc.) as well as paintings, mirrors, cutlery, and other smaller items are not allowed in this market. The market only considers furniture for use in private households (B2C: Business-to-Consumer). Meanwhile, B2B sales (for example, furniture for coffee bars, offices, etc.) are not included in the sales figures displayed. Although furniture can serve an interior decoration, metaphoric, or religious function, the emphasis is on furniture that serves a primarily functional purpose, and the market is fragmented correspondingly.
International companies like IKEA and Wayfair etc. are strong market key players after the tremendous boom of eCommerce industry and its fully facilitating functionality for the online stores.
The estimated revenue of the Global Furniture market in 2022 is US$145 billion. The market is predictable to rise by 9.88% in coming years according to various reports like “CAGR 2022-2026” (Compound Annual Growth Rate).
Living Room Furniture is considered the largest contributor in furniture market by having a very healthy share of US$65.68 billion in the current year.
US Furniture Market is the top of the list in generating most of the revenue through the furniture industry.