The Furniture Market size was valued at USD 637.26 billion in 2021 and is predicted to reach USD 945.53 billion by 2030 with a CAGR of 4.5% from 2022-2030.
Furniture is used in laboratories, spas, offices, clean rooms, restaurants, camping, bedroom, outdoor, library, parks, and stores. Most furniture is manufactured using a variety of materials and is available in different designs. Furniture are movable items such as chairs, beds, cupboards, tables, shelves, or in form of decorative art used at various places. Furniture offers different solutions such as sleeping, dining, seating, and storage function. In commercial spaces, furniture plays an important role in seating arrangements and document storage. Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. Rise in number of small-size houses has encouraged multi-functional furniture, which has facilitated for extra storage. It was observed that there is increasing utilization of extra home spaces for an office which has led to a demand for office furniture. The furniture market is highly fragmented, owing to multiple vendors in both international and regional players. Booming real estate industry in the current scenario propels the global furniture market. In addition, increase in disposable income has influenced individuals to spend more on comfortable lifestyle, which, in turn, is expected to provide growth opportunities for the global furniture market. Low-cost furniture producers such as China and Vietnam are also anticipated to drive growth of the furniture market. However, scarcity of skilled labor, better transportation facilities, and infrastructure facilities acts as a hindrance for the global furniture market.
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The market is driven by various factors such as rise in disposable incomes, growth of real estate and hospitality industries, and demand for luxury and premium furniture from certain consumer sections. In addition, emerging new species of wood tree for furniture manufacturing and marketing through internet are some of the factors that are expected to contribute toward growth of the market across the globe. In addition, increase in government investments in infrastructural development boosts the furniture market demand in the residential and commercial sector in the future. Integration of internet of things into furniture products is projected to further escalate the market growth. Development in manufacturing technology has substantially reduced the cost of furniture, which fuels use of furniture products. Rise in the global economy has increased the spending capacity of the consumers, which, in turn, has impelled the sale of branded furniture items in the market. Moreover, development of automated manufacturing system is anticipated to have a significant impact on the furniture industry during the forecast period.
North America was the largest market for furniture in 2020, owing to increase in spending capacity of consumers and real estate sector. Online retailing and increase in demand for multifunctional furniture presents significant opportunities for growth of the North America furniture market.
Some of the major key players in the furniture market are: Ashley Furniture Industries, Inc., Bassett Furniture Industries Inc., Berco Designs, CYMAX GROUP TECHNOLOGIES LTD., INTER IKEA GROUP, Kimball International Inc., Godrej & Boyce Manufacturing Co., Ltd., Hooker Furniture, Kohler Company, HNI Corp., Steelcase Inc., KOKUYO, Home Depot, Inc., Herman Miller Inc., Bene GmbH, Dunn’s Furniture, Knoll Inc., Durham Furniture, Krost Office Products, Haworth Inc., Masterbrand Cabinets, Meridian Office Group and La-Z-Boy Incorporated among others.
Key Benefits for Stakeholders:
· This report provides a quantitative analysis of the current furniture market trends, estimations, and dynamics of the global furniture market size from 2021 to 2030 to identify the prevailing furniture market opportunity.
· The key countries in all the major regions are mapped on the basis of their furniture market share.
· Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
· A comprehensive analysis of factors that drive and restrict the furniture market growth is provided.
· An in-depth analysis of the global market helps determine the prevailing market opportunities.
· The report includes details of the analysis of the regional and global markets, key players, market segments, application areas, and growth strategies.
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