Furniture is a prerequisite for all residential and commercial spaces. It fills office and living spaces and is responsible for comfort and productivity. Therefore, the demand for this market increases enormously over time. Furniture comes in a variety of seating options such as accent chairs, living room sofas to add elegance, sleeping, dining, working, storage and others. The rapid growth of the real-estate industry in the current situation is driving the growth of market. In addition, rise in disposable income and rapidly increasing online shopping are expected to help the furniture market. Some driven factors, which are responsible for growth of the furniture market include growth in organized retail, change in customer preferences in developing economies, and growth in residential & commercial development.
There are various types of Furniture the people use on daily bases for instance tables, beds, desks, chairs, dressers and cupboards. Based on material used to manufacture the furniture, the global furniture market is categorized into plastic, metal and wood. Wood segment is expected to witness higher growth rate due to growth in real-estate sector, rapid urbanization and change in lifestyle pattern of millennial during the forecast period. The main application includes hotels, motels, hospitals and other similar institutions for residential and commercial buildings.
Growth in real estate business, followed by rapid urbanization has considerably bolstered the growth of Furniture market. This market has expanded to the production of home-interiors & furnishing that demonstrate high-class & high-quality. Surge in demand for the online-shopping is projected to support the furniture manufacturing market grow. Key manufacturers can sell their products on a wider platform than before, which will augment their customer base geographically leading to the growth of the furniture manufacturing market.
Furniture market is extremely fragmented because of large presence of industry players at regional & global level. A number of companies are involved in the partnerships & collaborations to support their industry footprint. In order to capture more of the industry, companies are expected to develop their supply chain network to be customer friendly. New market entrants will steadily increase in the expected period due to high profit margins. Mergers & acquisitions will be a key strategy for industry players to increase their market share.
Increased marketing campaigns for apartments in residential and commercial buildings with ready-made furniture will attract new buyers, better offers and drive market development. In addition, rising spending on the luxury lifestyles, repairs & renovations and use of innovative furniture designs are expected to fuel the growth of the industry. In addition, an increase in the income of the middle class is another important factor that will increase the demand for products. In addition, the demand for wooden furniture in Europe is increasing due to the growing demand for ethnic design furniture for living rooms and bedrooms, small decorative items and various ready-to-assemble products, among others. Additionally, the high demand for space-saving multifunctional furniture is also contributing to the growth of the wooden furniture market in Europe. Furthermore, the demand for plastic furniture is also growing rapidly due to its low cost, and it is particularly well known in the Asia-Pacific countries.
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Ankur Gupta, Head Marketing & Communications