Further key findings from the study suggest:
- In 2017, the wood furniture segment accounted for more than 30% market share in terms of revenue attributed to usage of wood in combination with other materials for the production of different furniture products. For instance, objects classified as metals also use wooden components or wood in furniture fittings.
- Middle Eastern and African is also anticipated to witness substantial growth over the forecast period accredited to growing residential and commercial construction industry
- The furniture market is highly fragmented and has an array of players across different regions holding varied market shares. Major players include Herman Miller, Inc.; Kimball International; HNI Corporation; and KOKUYO
- These players engage in partnerships and collaborations with a view to expand their market presence. For instance, in June 2018, HNI Corporation announced partnership with Nowy Styl Group, a Europe-based manufacturer of office furniture and chairs. As a result of this partnership, both companies expect to establish a homogenous support and service network to ensure consistency in client services and solutions.
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