Furniture states to the movable and ergonomic objects, such as chairs, tables, beds, cupboards, desks, sofas, and cabinets, utilized in residential and commercial areas for seating arrangements, storage purposes, and advancing the aesthetic worth of space. It is manufactured optimizing the durable raw materials, involving wood, plastics, glass, iron, and marble. Nowadays, procedures are offering the multi-functional variants in wide-ranging colors, sizes, styles, and designs with heightened aesthetics, comfort, functionality, and storage capacities for the offices, homes, and indoor and outdoor locations.
The increasing global population, speedy urbanization, and growing construction of residential and commercial buildings are among the foremost factors positively fostering the household furniture and kitchen cabinet market. In addition, the enlargement of the travel and tourism sector, in convergence with inflating income levels, varying lifestyles, and enlightening living standards, is increasing the practice of lightweight, versatile, and portable furniture with supreme storage facilities across the world. Apart from this, the growing number of nuclear families is influencing the sales of foldable and compact furniture that can be effortlessly arranged in smaller spaces. Besides this, the increasing number of individuals suffering from postural dysfunction is catalyzing the requirement for ergonomically designed furniture to safeguard the health and posture issues among children and adults. Furthermore, the easy accessibility of innovative products through online shopping platforms is influencing the home furnishing market growth. Not only has this, leading producers are coming up with new designs and cooperating with interior designers to enlarge their market reach and capture a varied customer base. They are also introducing supportable furniture made from recycled items, such as salvaged wood, textiles, and wood pallets, which is projected to drive the global portable beds market.
Residential and infrastructural advancement, for instance, the establishment of churches or community centers, hospitals, and government institutes also compels product requirement. Furthermore, government regulations with concerns to furniture, especially the products utilized in hospitals, require manufacturers to particularly design and manufacture furniture that observes with the government regulations. For instance, the British Contract Furnishing Association stipulates that the wooden furniture in hospitals should be wrapped with high excellence clear lacquer. The application of clear lacquer not only confirms durability but also embraces antimicrobial agents that prevents the growth of micro-organisms.
Additionally, with the increasing size and number of hospitals around the globe, their requirements have also transformed. For example, the new Queen Elizabeth Hospital in Birmingham, England involves four bedrooms with en-suite amenities and individual rooms for visitors or relatives accompanying the patients. Such aspects are ultimately projected to underwrite to global cabinet pulls market growth.
The Asia Pacific furniture market accounted great value of the overall revenue share in recent past years. This growth can be attributed to growing disposable income of the upper- and middle-class population. Additionally, rising demand for living room furniture followed by bedroom and kitchen and dining furniture is projected to drive the AV furniture market. This growth is propelled by booming real estate industry coupled with government-initiated the housing projects. Moreover, speedy urbanization coupled with growth of IT industry is predicted to positively impact requirement.
Europe is projected to expand at a great value of CAGR over the forecast duration ascribable to the growing tourism industry propelling hospitality sector, which is eventually generating the demand for luxury furniture. Europe is one of the foremost regions wherein the furniture export ratio is greater than imports. Italy, Germany, and France are the foremost countries in the industry due to concentrations of major key players.
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Ankur Gupta, Head Marketing & Communications