In 2023, business enterprise R&D expenditure in the manufacture of furniture in China stood at approximately USD 2.70 billion. Forecasts for 2024 to 2028 indicate a steady increase from USD 2.93 billion to USD 3.77 billion. Year-on-year growth demonstrates consistent upward momentum, with an approximate annual increase of 6.9% from 2024 to 2025, which slightly decelerates as we move towards 2028. The compound annual growth rate (CAGR) over the forecasted period is about 6.4%, reflecting healthy investment growth in the sector.
Trends to watch for:
- Technological advancements and innovation in sustainable furniture design.
- Increased investment in smart furniture with integrated technology.
- Potential impacts of global economic shifts on raw material costs and R&D budgets.
