The import of furniture, lighting, signs, and prefabricated buildings to the Philippines is set to increase from 2024 to 2028, starting at 972.03 million USD in 2024 and projected to reach 1129.3 million USD by 2028. In 2023, the import value stood at 931 million USD, showing significant growth. The year-on-year growth rates are as follows: 4.2% (2024), 4.16% (2025), 3.92% (2026), 3.71% (2027), and 3.49% (2028). The Compound Annual Growth Rate (CAGR) over this five-year period is approximately 3.9%.
Future trends to watch for include:
- The influence of technological advancements in smart furniture and eco-friendly materials on import dynamics.
- Market responses to evolving consumer preferences towards multifunctional and space-saving furniture.
- The potential impact of trade policies and economic conditions both locally and globally.
- Emerging market competitors and their export strategies to the Philippines.