Furniture is a movable/mutable object intended to support a variety of human activity including seating, sleeping, fencing and protection. It is also used to hold the object at the proper height for working. It can also be designed & used as a decorative object. Furniture has become a vital part of human life since non-nomadic culture. It is kept in home or other commercial buildings to make the living & working environment comfortable. There are various types of furniture the people use on daily bases for instance tables, desks, chairs, beds, dressers and cupboards. On the basis of the material used to manufacture furniture, the global Furniture Industry can be segregated into metal, plastic and wood. Major application includes residential & commercial building hotels, hospitals, motels, and other similar institution.
Owing to considerable demand from the younger generation, leading players have come up with many offers on their products. Growth in residential & commercial construction across the world coupled with surge in number of the strategic alliances & partnerships are projected to drive the growth of Furniture Market.
By type, Furniture Market can be divided as residential, commercial and RTA. Residential segment holds major share in global market owing to growth in global economy that has increased the spending capacity of customers. Additionally, growth in commercial infrastructure & real estate sector has fueled the demand for the residential furniture items across the world. In addition, by distribution channel type, market can be divided as supermarkets & hypermarkets, e-commerce, specialty stores, and others. The specialty store segment is expected to witness higher growth rate caused by wide range of furniture category that is provided by specialty store. Furthermore, increase in disposable income levels and changes in lifestyle of consumers are projected to further drive the market growth.
Growth in infrastructure investment in residential & commercial sector, followed by rise in disposable income, increase in inclination of customers toward modular furniture, rise in demand for do-it-yourself (DIY) furniture products and ready-to-assemble (RTA), growth in real estate industry, increase in expenditure on furniture goods among millennial, rise in demand for luxury & premium furniture from certain consumer sections, growth in brand consciousness among people and change in consumer buying behavior owing to transformation in the living styles are some major factors, which are responsible for growth of Furniture market. However, environmental restriction associated with deforestation and rise in raw material price may impact the market. Moreover, growth in e-commerce, development of eco-friendly raw materials and increase in public spending are leading opportunities for global market.
Based on geography, the North-America region dominates the Global Furniture Market owing to development of automated manufacturing system, rise in disposable income coupled with change in lifestyle of consumer across the region. The Asia-Pacific and Europe regions are estimated to exhibit considerable growth rate due to expansion of the hospitality and real estate sectors over the forecast period. It is anticipate that global Furniture market will be bright because of growth in development of new residential projects during the forecast period.
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Ankur Gupta, Head Marketing & Communications