Furniture is usually an object that can be moved or fixed that supports various human activities such as sitting, eating, sleeping, and mainly working on desktops, laptops, etc. They are generally used to hold items at the correct height for work or storage. The Furniture market is expected to witness the high demand owing to the need of comfort, ease, aesthetics and functionality of living spaces globally. The furniture market comprises of the sale of furniture by many entities that manufacture the furniture for instance desks, fainting-couch, Hoosier cabin, accent chairs, and various cabinets that are usually used in the restaurants, residential-purpose, laboratories, library, outdoor, stores and various other places to support the human activities. Various types of materials including wood, metal, plastic, silver and others are used in the manufacture of furniture. Wood furniture is usually preferred for both exportation and manufacturing.
The competitive rivalry in the market is high due to the presence of large global players. The leading players are generating noteworthy revenue through online platforms. In addition, the growing trend of online shopping is pushing manufacturers to introduce and sell their Furniture online. Moreover, increase in awareness and importance of environmental protection measures among consumers is encouraging numerous companies to introduce inexpensive environment-friendly products, reducing or possibly avoiding the use of hazardous chemicals in the manufacturing or design process.
The rapid development of the real estate industry in the current situation contributes to the growth of the Furniture market. Moreover, growth of housing & commercial construction, increase in disposable income, change in lifestyle of people and adapting comfortable lifestyle along with rapidly growing online shopping is predicted to support the furniture market. Apart from this, lack of skilled labor and poor transportation facilities are likely to restrain the furniture market growth. Furthermore, some of the notable trends in the furniture industry include omni channel sales, rising online demand, customizable products, smart furniture, environment consciousness, rise in need for remote office furniture, personalized experiences, cash & carry option, impeccable logistics & supply chain and policy support for manufacturing etc.
The Asia-Pacific region holds major share in global furniture market as a result of growth in demand for online stores where manufacturers sell their furniture. In addition, rapidly growing real estate construction projects initiated by the government, especially in metropolitan areas, are driving the furniture market in this region. Additionally, the North-America future market is poised to grow with the higher CAGR caused by rise in spending of customers for renovation, construction and interior designs for homes & offices over the forecast period.
The Furniture market size in world has increased a lot. In addition, the demand for furniture in the commercial sector is increasing. In addition, this growing number of small and medium-sized businesses continues to drive demand for low-cost plastic furniture products. It is projected that global Furniture market will be reached at quick pace because of rise in demand for durable & hybrid seating furniture, growth of real estate sector and rise in trend for modular & state of the art furniture among the population during the forecast period.
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Ankur Gupta, Head Marketing & Communications