The global plastic furniture market size is expected to reach USD 15.5 billion by 2025, expanding at a CAGR of 3.9% over the forecast period The market growth is attributed to factors like affordability, durability, lightweight, low or no maintenance, eco-friendly, resistant to corrosion, no effect of termites and bugs, good weatherability, and flexibility.
Growing real estate and hospitality sector through various residential and commercial projects and demand for versatile, lightweight, flexible, and multi-functional furnishings offering easy portability and application in small as well as large space are expected to drive the global market.
Many manufacturers are inclined towards developing eco-friendly furniture due to increasing awareness among consumers regarding eco-friendly products. Globally expanding trend to go green will substantially increase demand for ecological plastic furniture over the forecast period. Growing environmental concerns across the world over deforestation is expected to surge the market demand.
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Recycled plastic furniture made from plastic waste such as bottles and ocean plastic finds a wide application in outdoor furniture. For Instance, ScanCom International A/S, a company based in Denmark, launched DuraOcean and DuraLand, a line of furniture made completely from ocean and land waste to manufacture 100% recycled product.
The residential segment accounted for the largest share in 2018 and is also estimated to be the fastest growing segment over the forecast period. The growth is attributed to factors such as increasing demand from low-medium income population, growing preference for playroom, rapid urbanization, soft and safe children furniture, and surging demand for outdoor furniture.
The commercial segment is estimated to witness significant growth over the forecast period owing to growing economy resulting in growing office space, tourism, mid-scale restaurant, and hotel industry. Demand for plastic furnishings such as chairs and tables in large scale events on contract basis is expected to drive the market. However, in commercial real estate, demand for metal and wood furnishings is high as it offers elegance and aesthetic to the infrastructure over plastic.
Online distribution channel is estimated to be the fastest growing segment in the market owing to availability of a wide range of products, discounts on product, convenience of purchasing, easy comparison, and access to different sizes and colors. For instance, the world's largest furniture retailer, IKEA witnessed a 31% growth in online sales.
However, manufactures nowadays are changing the consumer's ways of shopping furniture. Augmented reality and Virtual Reality are the upcoming trends in the offline segment, where consumers can check if the product fits consumer's requirement. For instance, Macy's has launched VR furniture shopping experience in about 70 stores nationwide, allowing shoppers to design space with 3D image, thus changing the purchasing experience of the consumers.
In Asia Pacific, India is the fastest and largest growing market owing to affordability, presence of leading manufactures such as Nilkamal and Featherlite, and increasing demand from the residential and commercial sectors. Middle East and Africa is expected to witness significant growth owing to increasing government focus on real estate through various commercial and residential projects to boost the economic growth, especially in Saudi Arabia. This is expected to increase the market demand in the commercial as well as residential sectors.
Further key findings from the report suggest:
- The residential application segment is estimated to be the largest and fastest growing segment in the forecast period owing to rapid urbanization and increasing low-medium income population
- The offline segment accounted for the largest market share in 2018 as manufacturers are changing the consumer's way of shopping by adding AR and VR technology, allowing shoppers to design space with 3D furniture image
- Some of the key players operating in the global plastic furniture market are Tramontina, Cosmoplast Industrial Company L.L.C., Supreme Group, Cello Wim Plast Ltd., and Nilkamal Furniture.
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It all dates back to 2016 since when Alibaba and InfinityAR have had a strategic partnership.
It should also be noted that Alibaba had led InfinityAR’s Series C. Talking about the startup, it was founded way back in 2013.
The augmented glasses platform of the company enables developers in a wide range of industries to integrate AR in their apps.
These include industries like retail, gaming, medical and many more.
Alibaba’s stint with virtual reality started when it invested in Magic Leap roughly three years ago.
It later announced a new research lab in China for developing ways of incorporating virtual reality in its e-commerce platform.
No matter what target audience you represent, there is a strong chance you will come across geolocation built in the app you choose.Let's explore the most common types of mobile location services.
They are listed on the principle of decreasing popularity based on the TNS research that studied the reasons for installing navigation apps.Finding nearby events and placesThis category includes, primarily, the applications for travelers and for people who want to keep interesting events abreast that take place in their area.
Often, they provide extra services such as short historical notes using the technology of augmented reality.Using navigationThe main purpose of such apps is to guide a driver or a pedestrian through an unfamiliar road.
Based on the user's preferences learned from previous purchases, the retailers make really attractive proposals.Checking public transportThe passengers can easily get from one point to another by public transport even if they do not know which bus or tram number suits them.
At first sight, it may seem that it's a habitual GPS app that helps not to get lost on the way.
However, when we take a closer look, we can see a wide spectrum of nonroutine decisions that convert a standard idea of location based tracking into a non-trivial application.
COVID-19 Impact Analysis on Augmented Reality Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2020-2027.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Augmented Reality Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/augmented-reality-market/download-sampleMarket DynamicsAugmented reality (AR) is among the most prominent technology trends right now.
The technology is growing exponentially with increasing application in industries like manufacturing, utilities, telecommunications, retail, healthcare, and logistics for various uses, including assembly, maintenance and repair, education and training, retail showcasing, and diagnostics.
Augmented reality (AR) is widely employed across industrial and non-industrial applications due to its ability to facilitate tasks, solve complex problems, provide access to resources, and enhance overall experience.
However, security and privacy issues concerning augmented reality and health issues due to excessive usage of augmented reality pose barriers to market growth.The research report covers Porter’s Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis.
