Furniture Market 2018 In-Depth Analysis, Strategies, Challenges & Forecast 2025
Posted by FactoMI on March 18th, 2020
Facto Market Insights has carefully uploaded a smart research report titled “Furniture Market”, to its broad online database. The concerned market is discoursed based on a variety of market influential factors such as drivers, opportunities and restraints. This study tends to inform the readers about the current as well as future market scenarios extending up to the period until forecast period limit; 2025. The research study examines the furniture on the basis of a number of criteria, such as the product type, application, and its geographical presence.
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Furniture offers different solutions such as sleeping, dining, seating, and storage function. Furniture products are important parts of office and home layout. In commercial spaces, furniture plays an important role in seating arrangements and document storage. Furniture products are manufactured using a variety of material and are available in different designs. Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. Furniture manufacturing involves highly skilled and creative professionals. The office furniture segment caters to the commercial and office space. This segment has witnessed rapid growth in recent years, in line with the growth in the global economy and subsequent demand for office space.
The thrust on real estate and office construction is expected to sustain in the near future, indicating continued growth for the furniture industry. Demand for versatile and multi-functional products that offers portability and can easily be accommodated in small spaces is also driving the market. Rise in number of nuclear families is increasing the demand for portable and space-saving products. This factor is anticipated to drive the demand for the market growth in the forthcoming years.
The market is driven by various factors such as rise in disposable incomes, growth of real estate and hospitality industries, and demand for luxury and premium furniture from certain consumer sections. Additionally, increase in government investments in infrastructural development is contributing toward increase in demand for residential and commercial sector and can propel product demand in near future. For instance, governments in the Middle East, especially, Saudi Arabia’s government focus on development of real estate through various residential and commercial projects that will ultimately help to foster their economy. Furthermore, high investment in tourism, healthcare, and education sectors has spurred proliferation of the construction industry in Saudi Arabia, which is subsequently expected to drive product demand from the country. The key players in the market are providing various products according to the preference and taste of the consumers, which is likely to influence the sales of domestic and office furniture during the forecast period. Moreover, increase in expenditure on domestic furniture products has influenced the demand for furniture products, which is in turn expected to provide lucrative opportunities for the growth of the global furniture market during the forecast period.
In Asia-Pacific, many key players in furniture market are launching their own online platform and are entering into partnerships with the e-commerce retail stores to strengthen their distribution network, which is anticipated to drive the growth of the Asia-Pacific furniture market. In North America, leading furniture brands are focusing on personalization in product offering, which is gaining popularity among the various consumer groups.
The global furniture market is segmented based on type, distribution channel, and region. Based on type, it is classified into RTA, residential, and commercial. The distribution channel comprises supermarkets & hypermarkets, specialty stores, e-commerce, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players analyzed in this report include Haworth, Inc., Inter IKEA Systems BV, Steelcase Inc., Masco Corporation, HNI Corporation, L. & J.G. STICKLEY, INC., Kimball International, Inc., Okamura Corporation, Heritage Home Group LLC, and Durham Furniture Inc.
Key Benefits for Furniture Market:
Furniture Key Market Segments:
By Distribution Channel
Supermarkets & Hypermarkets
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