The sector experienced fluctuating year-on-year growth from 2013 to 2022, moving from a high of 9.29% in 2018 to a decline of -0.12% in 2023. The compound annual growth rate (CAGR) over the past five years up to 2022 was 0.4%, showing a marginal growth trend. Forecasts from 2023 to 2028 indicate a minimal decrease, with a forecasted CAGR of -0.04% and a forecast 5-year growth rate of -0.18%.
Future Trends to Watch: Reduced volatility in production levels suggests stabilization in the sector. Key future trends include the impact of technological advancements in repair techniques, shifts in consumer behavior towards sustainability, and potential economic factors influencing disposable income and spending on furnishings.
