(MENAFN- America News Hour) Vietnam has become a preferred location to set up furniture factories and is 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 also exported to 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 it is expected to remain the same in the coming years. Compared to other large furniture exporters in the world, Vietnam's furniture industry holds production advantages, in terms of the 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 to propel the sector's development. Furthermore, with the increasing urbanization and construction of houses, apartments, and buildings, the Vietnamese home furniture market is expected to grow during the forecast period.
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Key Market Trends
Kitchen Furniture Segment
The kitchen furniture segment includes fitted kitchen units and other wooden furniture. The kitchen furniture segment is driven by increasing urbanization and remodeling of residential kitchens. Kitchen furniture and fixtures are gaining momentum, in terms of investments, with consistent growth in the hotel industry, which in turn, thrives on the rise in travel and tourism. Modular kitchen trends are also leading to higher investments in Kitchen furniture in the Vietnam Home furniture market.
Rise in Furniture Exports From Vietnam
Timber and furniture have become the sixth-largest export category in Vietnam, accounting for 6% of the world market share. In 2019, the total value of wood and wood product exports from Vietnamese enterprises 2,392 enterprises (Vietnamese-owned and FDI enterprises) amounted to USD10.647 billion, an increase of 19.5% from the past year. The United States was the top market for Vietnam's wood and wood product. Also, the leading supplier continued to be China for wood and wood products with shipments being worth USD 656 million (26% of all wooden exports).
The industry's strong export growth is attributed to Vietnam's existing free trade agreements (FTAs) and ongoing trade negotiations, which provide opportunities for manufacturers of furniture and other wooden products to enhance their competitiveness and boost sales.
The main challenge for the manufacturers 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 manufacturers and Vietnamese players operating in the Vietnamese home furniture market. In terms of market share, some 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. Local manufacturers are facing stiff competition from luxurious foreign brands entering the market which might increase competition for already existing players.
1 INTRODUCTION
1.1 Key Deliverables of the Study
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints/Challenges
4.4 Market Opportunities
4.5 Industry Supply Chain/Value Chain Analysis
4.6 Value Chain Analysis of the Vietnamese Home Furniture Market
4.7 Porter's Five Forces Analysis
4.8 Technological Innovations in the Vietnamese Home Furniture Market
4.9 Insights on Latest Trends in Home Furniture Products
4.10 Impact of COVID-19 on the Market
5 MARKET SEGMENTATION
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