Demand for Luxury and High-End Furniture Products Will Significantly Impact Furniture Market Growth | RAM
The global furniture market size was valued at $5,56,367.80 Million in 2020 and is projected to reach $8,77,438.20 Million by 2031
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, March 2, 2022 /EINPresswire.com/ — Global furniture demand is expected to rise, driven by rapid urbanization and high purchasing power of millennials. The residential segment dominates the market, due to the growth phase of infrastructure and the real estate market. Moreover, the advanced manufacturing technology has reduced the manufacturing cost and time. However, manufacturers believe that rising raw material prices will have a long-term impact on the market and hamper the market growth over the forecast period.
According to a new report published by Allied Market Research, titled “Global Furniture Market by Type, Distribution Channel, and Region: Global Opportunity Analysis and Industry Forecast, 2020-2031”, the size of the global furniture market was assessed at $5,56,367.80. million in 2020, and is expected to reach $8,77,438.20 million by 2031, registering a CAGR of 3.8% from 2022 to 2031. Furniture is objects used to support various human activities such as sitting, eat and sleep. Furniture is also used to hold and position an object at a certain required height, either for storing items or for aesthetic appeal. Depending on the end use, furniture designs can be changed through automated processes and craftsmanship. Furniture manufacturing requires highly skilled and creative professionals.
The residential segment of the furniture market is expected to have the highest market share during the forecast period. The booming global economy has increased the purchasing ability of consumers, which in turn has led to increased sales of branded furniture items in the furniture market. The growth phase of the infrastructure and real estate market has led to an increase in the demand for residential furniture products in various countries of the world.
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The furniture market is driven by the emergence of new timber tree species for manufacturing and marketing of furniture through the internet are some of the factors expected to boost the market growth. In addition, the furniture market is driven by various factors such as increasing disposable income, growth in real estate and hospitality industries, and demand for luxury and high-end furniture from certain categories of consumers. . Also, increasing government investment in infrastructure development is driving the demand for furniture products in the residential and commercial sector in the future. The integration of the Internet of Things in furniture products is expected to further accelerate the growth of the furniture market. Moreover, the development of the automated manufacturing system is expected to have a significant impact on the industry over the forecast period. Additionally, the demand for versatile and multi-functional products that provide portability and can easily be installed in small spaces is also driving the market growth.
The global furniture market is segmented on the basis of type, distribution channel and region. By type, it is classified into RTA, residential and commercial. The distribution channel includes supermarkets and hypermarkets, specialty stores, e-commerce and others. Regionally, the market is analyzed in North America (United States, Canada, and Mexico), Europe (Germany, Spain, United Kingdom, Italy, France, and Rest of Europe), Asia-Pacific (China , India, Japan, Australia). , South Korea and Rest of Asia-Pacific) and LAMEA (Brazil, South Africa, Saudi Arabia, United Arab Emirates and Rest of LAMEA).
The commercial segment is expected to grow comparatively faster than other types, with a CAGR of 4.1%. The segment’s growth is driven by large corporations, enterprises and even emerging small businesses investing heavily in office space furnishings and interiors to provide employees with comfortable and productive environments. Thus, salespeople design office furniture that provides better comfort and minimizes stress. Moreover, smart furniture is also gaining popularity.
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Based on region, the market is dominated by North America, particularly due to strong domestic demand coupled with increasing disposable income and changing consumer lifestyles in the region. Moreover, the integration of Internet of Things in furniture products and the development of automated manufacturing system are expected to have a significant impact on the furniture industry during the forecast period. Additionally, LAMEA is expected to experience a CAGR of 4.1% over the forecast period.
Main results of the study
By type, the residential segment accounted for the highest furniture market share in 2020, growing at a CAGR of 3.6% from 2022 to 2031.
By distribution, the specialty store segment accounted for approximately 48.8% of the furniture market share in 2020 and is expected to grow at a CAGR of 3.5%.
Regionally, North America accounted for approximately 37.1% of the furniture market size in 2020 and is expected to grow at a CAGR of 3.6%.
By type, the commercial segment accounted for 29.3% market share in 2020, growing at a CAGR of 4.1% from 2022 to 2031.
By region, the Asia-Pacific market is expected to grow at the highest CAGR of 4.6%.
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The major players operating in the furniture industry are Haworth, Inc., Inter IKEA Systems BV, Steelcase Inc., Masco Corporation, HNI Corporation, L. & JG STICKLEY, INC., Kimball International, Inc., Okamura Corporation, Heritage Home Group LLC and Durham Furniture Inc.
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