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Based on region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).īased on type, it is classified as RTA, residential, and commercial. The distribution channel comprises supermarkets & hypermarkets, specialty stores, e-commerce, and others. Based on type, it is classified into RTA, residential, and commercial. The global furniture market is segmented based on type, distribution channel, and region. Moreover, development of automated manufacturing system is anticipated to have a significant impact on the furniture industry during the forecast period. The rise in the global economy has increased the spending capacity of the consumers, which in turn has impelled the sale of branded furniture items in the market.
The development in manufacturing technology has substantially reduced the cost of furniture, which fueled the use of furniture products. The integration of internet of things into furniture products is projected to further escalate the market growth. In addition, increase in government investments in infrastructural development boosts the furniture market demand in the residential and commercial sector in near future. In addition, emerging new species of wood tree for furniture manufacturing and marketing through internet are some of the factors that are expected to contribute to the growth of the market across the globe. 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. Get more information on this report : Request Sample Pages However, scarcity of skilled labor, better transportation facilities, and infrastructure facilities may act as a hindrance for the global furniture market. Low-cost furniture producers such as China and Vietnam are also anticipated to drive the growth of the furniture market. In addition, increase in disposable income has influenced the individual to spend more on comfortable lifestyle, this in turn is expected to provide growth opportunities for the global furniture market. Booming real estate industry in the current scenario is driving the global furniture market. The furniture market is highly fragmented due to multiple vendors in both international and regional players. It was observed that there is increasing utilization of extra home spaces for an office which has led to a demand for office furniture. The rise in number of small-size houses has encouraged multi-functional furniture, which has facilities for extra storage.
Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. In commercial spaces, furniture plays an important role in seating arrangements and document storage. Furniture offer different solutions such as sleeping, dining, seating, and storage function. Furniture are movable items such as chairs, beds, cupboards, tables, shelves, or in form of decorative art used at various places. Most of the furniture is manufactured using a variety of materials and is available in different designs. Global furniture market is projected to reach $800,596 million by 2025 end, with a CAGR of 3.5% from 2018 to 2025. Furniture is used in laboratories, spa, office, clean room, restaurants, camping, bedroom, outdoor, library, parks, stores, and many more places.
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