The global furniture market size is expected to reach USD
718.3 billion by 2025, according to a study conducted by Grand View Research,
Inc. It is projected to expand at a CAGR of 5.1% over the forecast period. High
demand for branded home furniture coupled with rising spending capacity of
consumers on home decor products are some of the driving factors for the growth
of this market. Additionally, government initiatives to provide housing for all
is also expected to positively impact the growth. For instance, since the last
few years, Germany has witnessed immigration of various refugees and migrants
resulting in rising demand for housing or shelter. Owing to this, the government
of Germany is encouraging public and private developers to build new rental
flats to solve the issues like shortage of affordable housing, resulting in a
supplementary demand for furniture products.
The commercial segment includes
hotels, offices, and other public buildings. It held a market share of more
than 30.0% in 2017 and is anticipated to register substantial CAGR over the
forecast period. This growth is attributed to extensive industrialization due
to expanding development of corporate offices and hotels. For example, India is
one of the key countries witnessing an extensive establishment of IT parks.
Furthermore, increasing job
opportunities and employment across the globe creates a need for additional
office spaces, which subsequently fuels demand for office furniture. This is
also a prominent factor expected to bolster growth of the furniture market.
Companies are adopting innovative furniture to enhance workforce productivity
and to inculcate creativity in workspace. For instance, in March 2017,
Microsoft Corporation announced its collaboration with Steelcase. Steelcase
offers a diverse range of architecture, furniture, and other technology
products. This collaboration was intended to introduce creative and modern
furniture in the work space with a view to boost productivity and creative
thinking.
Additionally, growing global
population has led to a requirement for an increase in the number of schools,
colleges, and other educational institutions, resulting in rapid
infrastructural growth. The growing demand for furniture from the hospitality
industry is also a key factor boosting growth of the commercial segment.
Furthermore, rising requirement for furniture from restaurants, coffee shops,
and bars, among others is expected to accelerate market growth. Increasing
global competition, high cost of raw material processing and labor, and ageing
workforce are some of the key challenges likely to hinder market growth.
The residential segment in North
America is expected to expand at the highest CAGR over the forecast period
owing to the presence of key players offering luxurious interior design
products. Consumer inclination towards purchasing luxury furniture can further
drive the regional demand. Additionally, increasing adoption of modern furniture
and the growing popularity of online distribution channels that offer
convenience and time-saving during furniture purchase are anticipated to fuel
growth. Furthermore, growing demand for multi-functional products, in addition
to the rising awareness about environmental concerns and the use of
eco-friendly products are anticipated to gain prominence in U.S.
Middle East is expected to witness
significant growth over the forecast period owing to boosming commercial and
industrial sectors. The government of Kuwait has invested substantial amount of
capital in the construction of public hospitals and other healthcare
infrastructure. Additionally, increasing investments from private and public
sectors aimed at expansion of commercial and residential construction projects
in the country is another factor contributing to market growth.
Browse full research report on Furniture Market: https://www.grandviewresearch.com/industry-analysis/furniture-market
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.
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/furniture-market/request/rs1
Grand View Research has segmented the global furniture market
based on material, end use, and region:
Furniture Material Outlook (Revenue, USD Billion, 2014 - 2025)
- Metal
- Wood
- Plastic
- Glass
- Others
Furniture End-Use Outlook (Revenue, USD Billion, 2014 - 2025)
- Residential
- Kitchen
& Dining
- Living
Room
- Bedroom
- Outdoor
- Others
- Commercial
- Office
- Hotels
- Others
Furniture Regional Outlook (Revenue, USD Billion, 2014 - 2025)
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Asia
Pacific
- China
- India
- Japan
- Singapore
- Malaysia
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa
About
Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
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