ID: MRFR/CR/6156-CR | February 2021 | Region: Global | 366 pages
The furniture market can anticipate to be worth around USD 670.50 Billion by 2027, says Market Research Future (MRFR). Meanwhile, its expansion rate will be 2.73% between 2020 and 2027.
Rising emergence of modern residential projects all over the world is likely to propel the furniture industry expansion. The surging number of smart city development projects coupled with the soaring construction sector would create considerable demand for different furniture types in the future. The International Data Corporation reveals that the smart city projects worldwide are projected to achieve a total investment of more than USD 165 billion by 2023. The rise in investments for these projects and the eventual surge in the demand for a variety of furniture will favor the worldwide market.
Proliferation of marketing campaigns advertising ready to use furniture for commercial and residential buildings will help draw the attention of more consumers, thereby auguring the business expansion. Furniture developers can gain leverage by being a part of agreements and partnerships with established construction companies. Having said that, the high production costs of certain furniture can be a considerable challenge for the major firms.
On the brighter side, the surging disposable incomes of the expanding upper- and middle-class population in emerging regions will be a huge opportunity for the players. Moreover, the booming real estate sector in these regions and the government-backed housing projects coupled with rapid growth in urbanization and IT industry will be other promising opportunities for the top vendors.
Covid 19 Analysis
Just like any other industry, the furniture industry was also affected due to COVID breakdown. There was a money crunch amidst the residents, and the offices were on lockdown. Therefore, the demand for upgrading old furniture or buying new ones was all below the projected figures. But with the vaccinations out and the COVID condition coming under control, everything is getting back to normal.
And post-COVID, the records for demands are rising immensely. And the key players are looking after increasing their manufacturing power in order to meet them all. After COVID, the global furniture market size is at an increasing pace for the present forecast years.
Chief variables existing in the market
Key Market Drivers
Cumulative evaluation of the market
Key Market Segmentation
By Furniture Type
By Material Type
The global furniture market is widely spread across various regions of the world. The key players across these regions are increasing their manufacturing pace in order to meet the rising demand. The regions where the market is holding a strong position are Asia Pacific, Europe, North America, and other parts of the world.
Asia Pacific will be leading the market in the present forecast years, as the supply-demand rate is high across the region. Europe is right behind it in terms of offering ideal market opportunities. The growth pace in North America is moderate. United Kingdom is the country that has recorded the largest wood pellet consumption with 6.8 million metric tons, like that of 2016. Italy is right behind UK, with 3.1 million metric tons of wood pellet consumption. A large part of it is for the furniture and wood crafting industry.
Competitive intensity in the industry
Here are the major key players that are giving their collective contribution towards making the global furniture market thrive:
Inter IKEA Systems B.V. is one of the most reputed key players across the globe. They have massive outlets in several countries with high sales rates and demand rates. They design the best of furniture that is rich with quality and reasonable on price. They have received immense applause for their constant effort towards maintaining their quality rapport. They intend to continue with the same for the present forecast years.
Godrej & Boyce, the flagship brand owned by the Godrej Group, confirms that Godrej Interio, the top furniture solutions company in India in the home & institutional spaces, introduced ‘Move Up’ in the ergonomic office desks category. Adding to its line of ergonomic institutional furniture, the brand highlights the significance of the sit-to-stand concept. The desk is based on a technology that facilitates different postures for alleviating stress related to the sedentary working style.
Plank & Hide Co., a reputed furniture company in the US with expertise in indoor recreational furnishings as well as outdoor entertainment space, will be acquiring outdoor industry supplier, formerly called 300 South Main. 300 South Main will now be part of the Plank & Hide organization and will be renamed as P&H Elements.
This furniture market outlook focuses upon the core market segments that contribute towards the effective growth of the industry. In this report, you will get a clear idea of how the market has grown over a specific period of time. The market segmentation under different attributes is also highlighted to give a glimpse at how it contributes to the immense supply & demand of the products within this market. The global Furniture Market trends are impeccably high in the present forecast years. And the contribution of key players for the same stands at the top of the line.
Key Industrial Segments
By Material Type:
By Furniture Type
Frequently Asked Questions (FAQ) :
The Asia Pacific region is expected to lead the global furniture market in the present forecast years. A large number of countries within this region have shown immense demand towards investing in furniture.