The furniture sector’s expansion is probably driven by the increasing presence of contemporary residential projects worldwide. Future demand for various furniture types will be significant due to the surge in innovative city development initiatives and the booming construction industry.
On the plus side, players will have many opportunities thanks to the rising disposable incomes of emerging nations' burgeoning upper- and middle-class populations. In addition, the increasing IT sector and real estate market in these areas, along with government-sponsored housing initiatives, will present top vendors with additional intriguing business prospects.
With a 4.5% CAGR from 2022 to 2030, the furniture market size is expected to increase from its estimated value of USD 637.26 billion in 2021 to USD 945.53 billion by 2030.
Expanding the real estate and hospitality sectors is a significant factor in developing the global furniture market. Governments worldwide, for instance, are concentrating on real estate development through various commercial and residential projects, ultimately promoting economic growth and generating demand for furniture. Factors such as increased demand for luxury and premium furniture because of rising per capita disposable income and government investments in infrastructure development are boosting the growth of the global furniture industry.
However, inadequate transportation and a scarcity of skilled labor are projected to limit market expansion throughout the projection period. On the other side, the advent of inexpensive furniture by nations like China and Vietnam opens the industry to profitable expansion potential. Additionally, it is projected that the origin and spread of intelligent furniture would present market expansion opportunities. For instance, the International Data Corporation predicts that by 2022, investments in technology will total around USD 158 billion across all innovative city projects worldwide.
The demand for home furnishings is increasing because of the growing middle class in most parts of the world and the rising worldwide population, which is assisting the growth of this market sector. The need for multi-functional furniture with maximum storage capacity, creative space-saving ideas, and fashionable design is fuelling the expansion of the furniture market, along with the expanding younger population and their distinct furniture tastes. It is projected that the leading companies' efforts to improve their products to consumer tastes and preferences would impact house furniture sales during the projection period.
Due to the pandemic and shutdown, the furniture sector has significantly increased internet orders. The COVID-19 epidemic in the early days of 2020 considerably altered the furniture industry. The countries that rely heavily on imports for their furniture needs have been severely impacted by the disruption of the supply chain and the temporary suspension of global trade. The COVID-19 pandemic has also made it clear how crucial it is for this sector to stop depending on imports and to advance digitalization and automation.
Conclusion
This view of the furniture market is concentrated on the key market segments that support the industry's sustained growth. Through this study, you can thoroughly understand the market's expansion. To look at how the market segmentation under various attributes leads to the enormous supply & demand of the products within this industry. In the current and future projected years, the trends in the global furniture market are flawlessly high. And the prominent role actors' contribution to the same is unmatched.
