家具家居出海：机遇、挑战与应对策略 头豹词条报告系列

Investment Rating - The report does not explicitly state an investment rating for the furniture and home furnishings industry Core Insights - The Chinese furniture and home furnishings industry has experienced a trend of rising revenue and profits followed by a decline, but export companies are in the channel/brand expansion phase, with a significant recovery in export value after a decline in 2022. In the first half of 2024, exports of furniture and its parts increased by 18.3% year-on-year, while exports of lighting fixtures and their parts grew by 6.6% [1][9][14] Industry Definition - The furniture and home furnishings industry consists of two main categories: furniture and home goods. Furniture includes items such as beds, cabinets, sofas, and outdoor furniture, while home goods are used for decoration and arrangement, including textiles and decorative items. The export segment refers to the business activities of exporting these products from China to international markets [2][4] Industry Classification - The furniture and home furnishings industry can be classified into furniture and home goods, with furniture further divided by application scenarios such as living room, bedroom, kitchen, and outdoor furniture [3][5] Industry Characteristics - The industry is characterized by a decline in revenue and profits for Chinese furniture manufacturing companies from 2020 to 2024, a transition to channel/brand expansion for export companies, and a significant recovery in export value after a decline in 2022 [6][8][18] Revenue and Profit Trends - In the first ten months of 2024, revenue for large-scale industrial enterprises in China reached 110.96 trillion yuan, a year-on-year increase of 1.9%, while profits decreased by 4.3%. Specifically, the furniture manufacturing sector achieved revenue of 535.52 billion yuan, up 1.6%, and profit of 26.74 billion yuan, up 6.0% [6][18] Export Recovery - After a decline in 2022, the export value of furniture and its parts saw a significant recovery in 2024, with exports reaching 251.33 billion yuan, driven by demand recovery in major overseas real estate markets and the introduction of differentiated products such as whole-house customization and smart home solutions [9][14][29] Development Stages - The development of Chinese furniture and home furnishings companies in international markets has evolved from OEM/ODM to direct sales via cross-border e-commerce, and now to channel and brand expansion, reflecting a shift from low-end manufacturing to high-end branding [10][12][13] Market Size and Growth - The market size of the Chinese furniture and home furnishings export sector grew from 557.44 billion yuan in 2018 to 749.08 billion yuan in 2023, with a projected increase to 1,013.44 billion yuan by 2028, indicating a compound annual growth rate of 6.1% from 2018 to 2023 [28][29] Competitive Landscape - The Chinese furniture and home furnishings industry is characterized by a low market concentration and intense competition, particularly in the mid-to-low-end market where price wars are common. The leading companies include Kuka Home and Oppein, while the second tier includes companies like Sophia and Henglin [35][36] International Market Dynamics - The top five export destinations for Chinese furniture products are the United States, the European Union, Japan, Malaysia, and the United Kingdom, collectively accounting for about 50% of total exports, with the U.S. alone representing approximately 24% [23][24]