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.
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Furniture Market
Report Highlights
- 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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Furniture Market
Segmentation
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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