Furniture market opportunities for the forecast period till 2025
“Global demand for furniture is expected to increase due to rapid urbanization and the high purchasing power of the millennial generation. The residential segment dominates the market due to the growth phase of infrastructure and real estate market. In addition, advanced manufacturing technology has reduced the cost and manufacturing time. However, manufacturers believe that rising raw material prices will have a long term impact on the market and hamper the growth of the market during the forecast period ”
According to a new report released by Allied Market Research, titled “Global Furniture market By Type, Distribution Channel and Region: Global Opportunity Analysis and Industry Forecast, 2018-2025 ”, the global furniture market size was valued at $ 583,159 million in 2017 and is expected to reach $ 800,596 million by 2025, registering a CAGR of 3.5% from 2018 to 2025.
Furniture are objects used to support various human activities such as sitting, eating, sleeping, and others. Furniture is also used to hold and position an object at a certain height required, either for storing things or for aesthetic appeal. Depending on the end use, furniture designs can be altered through both mechanical and handcrafted processes. Furniture making involves highly skilled and creative professionals.
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- 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 power of consumers, which in turn has boosted the sale of branded home furnishings in the furniture market. The growing phase of the infrastructure and real estate market has boosted the demand for home furnishing products in different countries of the world.
- The furniture market is driven by the emergence of new species of wood trees for furniture making and internet marketing are some of the factors that are expected to drive the market growth. In addition, the furniture market is driven by various factors such as increasing disposable income, growth of real estate and hospitality sectors and demand for luxury and high end furniture from certain categories of consumers. . In addition, increased government investment in infrastructure development is boosting the demand for home furnishings products in the residential and commercial sector in the near future.
- The integration of the Internet of Things into furniture products is expected to further accelerate the growth of the furniture market. Moreover, the development of an automated manufacturing system is expected to have a significant impact on the industry during the forecast period. In addition, the demand for versatile and multi-functional products that offer portability and can easily be accommodated in small spaces is also driving the market growth.
- The global market is segmented on the basis of type, distribution channel and region. Based on type, it is classified as RTA, Residential, and Commercial. The distribution channel includes supermarkets and hypermarkets, specialty stores, e-commerce and others. By region, it is analyzed in North America, Europe, Asia-Pacific and LAMEA.
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The commercial segment is expected to grow comparatively faster than other types, with a CAGR of 4.5%. The growth of the segment is driven by large corporations, corporates and even small emerging companies investing heavily in furniture and interior design of office spaces to provide employees with comfortable and productive environments. Thus, sellers design office furniture that provides better comfort and minimizes stress. In addition, smart furniture is also gaining popularity.
Based on region: –
North America, in particular due to strong domestic demand associated with increasing disposable income and changing consumer lifestyle in the region. In addition, the integration of the Internet of Things in furniture products and the development of an automated manufacturing system is expected to have a significant impact on the furniture industry during the forecast period. Furthermore, LAMEA is expected to experience a CAGR of 4.4% during the forecast period.
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Main findings of the furniture market:
By type, the residential segment accounted for the highest furniture market share in 2017, with a CAGR of 3.5% from 2018 to 2025.
On a distribution basis, the specialty stores segment accounted for around 49.3% of the furniture market share in 2017 and is expected to grow at the highest CAGR of 3.4%.
Based on region, North America accounted for approximately 37.7% of the furniture market size and is expected to grow at a CAGR of 3.4%.
By type, the commercial segment accounted for 28.9% of the market share in 2017, with a CAGR of 4.5% from 2018 to 2025.
Based on the region, the Asia-Pacific market and is expected to grow at the highest CAGR of 5.7%.
List of the main actors: There are different players operating in the market. The report provides competitive analysis of key players along with their market share and contribution to the studied market. Some key players in the world Furniture market
- BASSETT FURNITURE INDUSTRIES (BASSETT)
- DURHAM FURNITURE
- HAWORT, INC.
- HNI COMPANY
- INTER IKEA SYSTEMS BV
- KIMBALL INTERNATIONAL INC.
- L. & JG STICKLEY, INC.
- MASCO CORPORATION
- OKAMURA CORPORATION (OKAMURA)
- CAS D’ACIER INC.