Furniture is utilized in laboratories, spas, offices, clean rooms, restaurants, camping, bedroom, outdoor, library, parks, and stores. Most furniture is produced using a variety of materials and is accessible in different designs. Furniture are movable items such as chairs, beds, cupboards, tables, shelves, or in form of decorative art utilized at several places. Furniture offers dissimilar solutions such as sleeping, dining, seating, and storage function. In commercial spaces, furniture plays an imperative role in seating arrangements and document storage. Contingent on end use, furniture designs can be modified through machine-based procedures and handcrafting.
The positive growth in number of small-size houses has motivated the multi-functional furniture, which has facilitated for extra stowage. It was witnessed that there is augmenting the utilization of extra home spaces for an office which has led to a requirement for office furniture. The office furniture market is highly fragmented, due to multiple vendors in both international and regional players. Booming real estate industry in the present scenario propels the global home furniture market. In addition, the speedy increment in disposable income has propelled individuals to spend more on comfortable lifestyle, which, in turn, is estimated to provide growth opportunities for the global home furniture market. Low-cost furniture producers such as China and Vietnam are also projected to drive growth of the Hospital furniture market. However, scarcity of skilled labor, better transportation facilities, and infrastructure facilities functions as a hindrance for the global furniture market.
Based on the furniture market research reports, Asia Pacific furniture market size generated USD xx billion during the recent past years impelled by the expansion of the hospitality and real estate sectors coupled with growing disposable incomes, specifically in urban locations. However, the abundance of low cost & skilled workforce allows Asian countries to retail their products in the international market at very competitive costs. Population growth, environmental impressions, and urbanization have surged the requirement for smart & sustainable infrastructure solutions. The effective growth in building & construction spending owing to the growing per-capita disposable income along with improved infrastructure in APAC will augment the product requirement.
The market is driven by several factors such as growth in disposable incomes, growth of real estate and hospitality industries, and requirement for luxury and premium furniture from certain consumer sections. In addition, Furniture Market Research Reports Consulting estimate that the emerging new species of wood tree for furniture manufacturing and marketing through internet are some of the aspects that are expected to underwrite toward growth of the market around the globe. In addition, growth in government investments in infrastructural development booms up the furniture market requirement in the residential and commercial sector in the future. Integration of internet of things into furniture products is anticipated to further intensify the market growth.
Development in the manufacturing technology has substantially decreased the cost of furniture, which propels the use of furniture products. Augment in the global economy has augmented the spending capacity of the customers, which, in turn, has impelled the sale of branded furniture items in the market. Not only has this, the development of automated manufacturing system is projected to have a significant impression on the furniture industry during the forecast period.
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Ankur Gupta, Head Marketing & Communications