(I-BusinessNews.Com, July 26, 2021 ) Furniture Market size was estimated at $534 billion in 2020, projected to grow at a CAGR of 4.8% during the forecast period 2021-2026. Furniture market has witnessed huge demand for its role in comfort, aesthetics, and functionality in living spaces. Furniture market includes sale of furniture by various entities that manufacture furniture including Accent Chairs, Hoosier Cabin, Fainting Couch, desks, various cabinets or fixtures that are used in spa, laboratories, office, restaurants, residential purpose, outdoor, library, stores and many other places to support human activities. Various types of materials are used in making a furniture, such as plastic, wood, metal, silver and other. However, wood furniture is often preferred for both manufacturing and exportation. The growth in the market is mainly attributed to the companies that are now re-arranging their work places and recovering from COVID-19 impact that has led to social distancing, closure of commercial activities resulting in operational challenges. Furniture comes in wide range varieties for seating like accent chairs, fainting couches for living rooms to add elegance, dining, sleeping, working, storage and others. Rapid growth in real estate industry in current situation is boosting the market growth. Moreover, increased disposable income, adapting comfortable lifestyle coupled with rapidly growing online shopping is anticipated to aid the furniture market. For instance, in countries like India, e-commerce platforms has propelled the sales of furniture manufacturers by providing larger exposure to producers that are confined to one geography. However, poor transportation facilities, lack of skilled labor are projected to hamper the furniture market growth.
Furniture Market Segment Analysis Ã‚Â– By Material Type:
Based on Material Type, Furniture Market is segmented in to Wood, Metal, Plastic, Glass and Others. The wood segment has accounted for largest revenue market share in 2020. This is mainly attributed to high usage of wood in making more furniture for various applications like Accent chairs, Hoosier cabin, fainting couch, office furniture, etc. The demand for wooden furniture is predicted to grow in near future as wood being one of the raw material that is easily available and has wide range of applications in making various types and styles of furniture. These days, theme based interior designing, home decor is the new trend, most of the consumers are trying to renovate their homes to new trend and owing to the impact of COVID-19 pandemic offices are also trying to replace their furniture and set up a new workplace for employees. Glass segment is poised to grow with the fastest CAGR of 5.1% in the forecast period 2021-2026 owing to its growing adoption of it in making luxury furniture.
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Furniture Market Segment Analysis Ã‚Â– By End User:
Based on End User, Furniture Market is segmented in to Commercial and Residential. The residential segment accounted the largest revenue market share in 2020 owing to the wide range of applications of furniture for residential purpose like for dinning, kitchen Hoosier cabin, living room accent chair, fainting couch, bedroom and other purposes. Commercial segment is anticipated to grow with the fastest CAGR of 5.0% in the forecast period 2021-2026 owing to wide range of furniture usage in offices, commercial buildings interiors and others. Moreover, increase in exports and imports of comfortable and other luxurious furniture is accelerated by rising disposable income and changing lifestyle and renovation of working places and homes is driving the market.
Furniture Market Segment Analysis Ã‚Â– By Geography:
Based on Geography, Asia-Pacific Furniture Market accounted for the 42% revenue share in 2020. This is majorly attributed to the growing disposable income of consumers in this region. Asia-Pacific is considered to be the largest region in furniture market globally, owing to the growing demand for online shopping where manufacturers sell their furniture. Furthermore, the rapidly growing real estate construction projects that are initiated by government of India especially in urban areas is driving market for furniture in this region. For instance, the ministry of Housing and Urban Affairs in India initiates and approves the development in urban areas and metropolitan cities in India. North America market is poised to grow with the fastest CAGR in the forecast period 2021-2026 owing to the spending of customers for construction, renovation and interior designs for homes and offices.
Furniture Market Drivers
Rapidly growing Real estate Industry:
Accelerating real estate industry in current situation is the major factor fueling the market for furniture. Changing lifestyle, preferences, increasing urban population in emerging countries like China, India are driving the market growth. Moreover, the rising demand for multi-functional furniture that offers excellent features such as maximizing the storage space, attractive design, innovative ideas in making them to save space and increasing consumer expenditure on domestic furniture has propelled the demand for luxury furniture are driving the market growth.
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Furniture Market Challenges
Lack of Skilled Labour:
The lack of skilled labour to manufacture the furniture coupled with the poor transportation facilities are projected to hamper the market growth. Moreover, the products offered by the unorganized players in the market at cheap price in the market compared to the well established players of the market is hampering the market growth. These unorganized player sell their furniture at local shops at low price resulting in decreased sales of branded furniture.
Furniture Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Furniture Market. Furniture Market top 10 companies The Home Depot, Inc., Herman Miller, Inc., Global Furniture Group, Renaissance Furniture, Inter Kohler CO, Heritage Home, IKEA Group, Ashley Furniture Industries, Inc, HNI Corporation Godrej & Boyce Manufacturing Co., Urban Office Interiors, McCarthy Group, Furniture Services, Inc.
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