Malaysia Furniture Market Is Expected to Grow and Reach USD 5550 Million by 2020: Ken Research
Malaysia Furniture Market Outlook to 2020 - Growth in Furniture Export & Rise in Trend of Online Furniture Sales to Drive Future is the latest publication released by Ken Research in the month of March 2016. The furniture industry in Malaysia has undergone a dynamic change from traditional operations to technology driven industry over the last few years 2010-2015. The growth in the furniture industry in past decades was phenomenal and was quite evident through consistent surge in exports. It has been forecasted that the furniture market of Malaysia will increase at a CAGR of 10.6% during 2015-2020.
The country is famous for its wooden furniture worldwide. The availability and natural abundance of raw materials is the greatest strength of Malaysia furniture industry. Malaysia has strong position in the global furniture industry. It is one of the largest exporters of furniture in the world. During 2015, it has been observed that around 80% of the furniture produced in the country was exported to other countries such as US, UAE, UK, India, Japan and other countries. In the import furniture market, the country majorly imports metal furniture and Plastic furniture from China, Thailand and Vietnam, since the country lacks specialization in plastic and metal furniture. The government plays an important role by taking initiatives to boost the export of furniture from Malaysia by tax exemption, reducing government levy and introducing number of policies in the favour of furniture market of Malaysia. SOURCE: Read more: http://www.digitaljournal.com/pr/2894076#ixzz46AVOtINf