Furniture Market -Overview:
Elegant home decor successfully accentuates the beauty of the living area. The market for such products is primarily driven by expanding home remodelling and decoration trends among the global population. Customers like to purchase intricately engineered furniture for their dining and living rooms, such as sofas, stools, and chairs. Additionally, with greater flexibility, employees can hold meetings and conversations in their offices by using sectional sofas. Households' growing need for chairs and stools in various sculptural forms, such as a pyramid, curves, and others, is anticipated to open up new prospects for market expansion.
The demand for more modern office furnishings in such settings is projected to decrease due to the growing acceptance of interior designs like cubicles, anchoring points, and others in corporate infrastructure settings. Growing consumer interest in outdoor recreation activities like gardening and planting will open up new markets for patio furniture like garden chairs. Furthermore, the popularity of PC and laptop gaming is projected to reduce the need for ergonomic chairs and gaming tables worldwide. Furniture Market Size was valued at USD 648.12 billion in 2021. The furniture market industry is projected to grow from 690.21 billion in 2022 to USD 886.68 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.2% during the forecast period (2022 - 2030).
Segmental Analysis:
By type, the global furniture market is categorized into Non-RTA and RTA types. By material type, the global furniture market is categorized into wood, finished foils, laminates, wrapped panels, melamine, steel, glass, and lacquered panels. The global furniture market is categorized into commercial and household segments by end-user. By furniture type, the global furniture market is categorized into tables, sofas, chairs, beds, and cabinets.
Detailed Regional Analysis:
The growth of the hotel and real estate industries and rising disposable incomes, particularly in urban areas, are driving the Asia-Pacific furniture market. However, the quantity of competent workers at low costs allows Asian nations to sell their goods at highly attractive prices on the global market. The demand for smart and sustainable infrastructure solutions has increased due to population growth, environmental effects, and urbanization. Growing spending on buildings and construction due to rising per-capita disposable income and improved infrastructure in APAC would increase the demand for the goods.
Many wood furniture producers in nations like China and India are credited with expanding the Asia-Pacific area. This will encourage the populace in these nations to consume more of these products and fuel market expansion in the region. The growing popularity of high-end home décor among the populace in nations like Australia and India also contributes to expanding the furniture market in the region. Because a major portion of the United States and Canada population consumes these items, North America has a sizable proportion of the market and generates higher product revenues.
Competitive Analysis:
In the projected term, it is anticipated that the spike in innovative items in the global supply chain will create new opportunities. Market output stabilization is thought to take a variety of forms. It is anticipated that the reorganization and enhancement of global supply networks and trade agreements will optimize the market in its entirety for the upcoming stage of development. Governments have moved quickly to the economic crisis to avoid the collapse of banks and financial institutions and lessen the impact of the banking crisis on the economy. These actions aim to speed up economic recovery and maintain economic stability. Throughout the projection period, the market expansion is anticipated to be encouraged by improved public policy. The need to evaluate and seize business possibilities is projected to produce attractive options soon. The repercussions of the ongoing epidemic on the world economy have made business continuity increasingly necessary. It is anticipated that the market will be impacted shortly by restructuring its main businesses.
The central Key Furniture Market Players are Inter IKEA Systems B.V., Cymax Group Inc., HNI Corporation, Herman Miller, Inc., Dunn's Furniture, Kimball International, Inc., Dorel Industries Inc., Sauder Woodworking Company, The Godrej and Boyce Mfg. Co. Ltd and Venture Horizon Corporation.
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