The global furniture market size was valued at USD 516.66 billion in 2022 and is projected to grow from USD 541.52 billion in 2023 to USD 780.43 billion by 2030, exhibiting a CAGR of 5.36% during the forecast period. Tasteful home furnishings effectively enhance the grandeur of the living area. The original driving force behind the need for these products is the growing trend of renovation and décor among people worldwide. In order to add visual appeal to their living and dining rooms, consumers tend to go toward furniture like stools, couches, chairs, and other pieces. Growing home demand for stools and chairs with different sculpture shapes, such curves, pyramids, and others, is anticipated to create new growth prospects for the industry.
Information Source: https://www.fortunebusinessinsights.com/furniture-market-106357
Top Key Companies Covered in the Furniture Market:
- Harman Miller Inc. (U.S.)
- Steelcase Inc. (U.S.)
- HNI Corporation (U.S.)
- Ashley Furniture Industries Inc. (U.S.)
- Duff & Phelps, LLC. (U.S.)
- Global Furniture USA (U.S.)
- ZouYou (China)
- P & C ArteMobili SA (Brazil)
- Saudi Modern Factory Co. (Saudi Arabia)
- DEDON GmbH (Germany)
- Dare Studio (England)
Segmentation:
Wood holds the Largest Share due to its Cost-Effectiveness
Because wood is less expensive than other types of materials, it has a smaller market share when it comes to raw materials. Furthermore, it is predicted that the associated businesses and their consistent efforts to produce such goods with more inventively engineered abilities would drive the market talents.
Growing Requirement for Beautiful Interiors.
Increasing Demand for the Aesthetic Interiors to Dominate the Market Growth
The market is divided into indoor and outdoor segments based on category. Large returns from the interior segment are first produced by people's growing desire for different types of living room, kitchen, and half furniture items for their routine indoor seating needs.
Daily Needs for Households Makes Housing Segment to Drive the Market
The market is divided into residential, office, hotel, and other segments based on end-user analysis. Because residential consumers want couch sets and chairs for their homes and backyard seating arrangements, the residential segment is anticipated to hold a significant market share.
Report Coverage:
This study summarizes the market and offers an analysis of the market, COVID-19 knock, segmentation, drivers, insights from specific regions, competitive landscape, new growth, and the presence of achievers in the market. Throughout the projected period, shifts in the market are susceptible to shifts in demand.
Drivers and Restraints:
Growing Introduction and Launching of New Furniture Items to Propel Market Growth
It is projected that opulent and cutting-edge home amenities would draw customers and increase demand for them. Businesses concentrate on providing individualized products to customers in order to effectively meet their needs. This is probably going to increase demand for furniture, which will fuel the expansion of the furniture business.
Nonetheless, market expansion is anticipated to be constrained by the rising demand for used goods.
Regional Insights:
Asia Pacific is Set to Lead Market Share With Presence of Furniture Manufacturers
Asia Pacific region is estimated to grow at the fastest CAGR of 6.19% during the forecast period. The biggest share of the Asia Pacific region is credited to many wood furniture manufacturers in the countries such as China and India. This will help such product consumption rate among the population, hence fueling the region's market growth.
North America holds a substantial share of the market. Due to the large consumption of such products among the Canadian and U.S. populations, giving larger product revenues from such regions. Moreover, the increasing online presence of the companies linked with providing fixture items, such as Alibaba.com, Pepperfry.com, and others, is further driving the region's product revenues.
Substantial growth in the European market is credited to the growing consumption of wood-based furnishing items amongst the population in countries such as Germany and the U.K. this will offer simplicity in the product returns from the European region.
Competitive Landscape:
Innovative Launch Operations by Key Players to Boost Market Growth
Players in the market have launched new techniques in the market to boost the market growth with their solutions and to elevate the competition in the market. It includes the launching of new patterns, such as investments, and the launch of new and advanced products in the market. Companies have been applying new plans, such as partnerships and mergers, to support their position in the market.
Key Industry Development:
- July 2022: Harman Miller Inc., in partnership with G2 Esports, to supply gaming desks, chairs, and monitor arms. This partnership will benefit the company by increasing sales revenue and gross profit.
Comments
0 comment