China Furniture Market Shipment Analysis
China Furniture Market registered a decline of -18.96% in value shipments in 2022 as compared to 2021 and a decrease of -2.41% CAGR in 2022 over a period of 2017. In Furniture Market China is becoming less competitive as HHI index in 2022 was 3129 while in 2017 it was 1851. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
China has reportedly relied more on domestic production to meet its growing demand in Furniture Market. India is shifting towards local production to meet its demand as we see the trend is shifting towards reducing imports. The import factor of Furniture Market in 2022 was 0.03 while in 2017 it was 0.04. Italy, Vietnam, Poland, Germany and France were among the top players of the market in 2022, where Italy acquired the largest market share of 54.46% with a shipment value of 335.28 million USD in 2022 Italy also offered the product above the average market price, but remained at the leadership position indicating the trust it holds in the Furniture Market. In 2017 Italy had the largest market share of 37.73% with the shipment value of 328.36 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although Italy offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the China Furniture Market in 2017.
