The Worldwide Furniture Industry is Expected to Reach $945.5 Billion by 2030
DUBLIN, March 24, 2022 /PRNewswire/ — The “Furniture Market by Type, by Product Type, by Material Type, by End Use, by Distribution Channel, and by Price Range – Global Opportunity Analysis and Industry Forecast 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The Furniture Market size was valued at USD 637.26 billion in 2021 and is predicted to reach USD 945.53 billion by 2030 with a CAGR of 4.5{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} from 2022-2030.
Furniture mainly refers to the movable objects that supports and enables basic everyday functions such as seating, eating, and sleeping. In addition to this, they are essential element for home decor. The common furniture includes objects such as tables, chairs, desks, beds, dressers, and cupboards. Such movable objects are usually kept in a house for suitable and comfortable living. They are manufactured using various materials and is available in different designs. It can be made of different materials, such as metal, plastic, glass, or wood. Ongoing infrastructural development is significantly contributing towards demand for the furniture in residential and commercial sectors.
The growth of the real estate and hospitality industries significantly drives growth of the global furniture market. For instance, governments across the globe are focusing on development of real estate through a number of commercial and residential projects, ultimately helping to foster economy and creating demand for furniture. In addition to this, the factors such as rising demand for luxury and premium furniture due to increase in disposable income of populations and government investments for infrastructural development is fueling growth of the global furniture market.
However, lack of better transportation facilities coupled with the shortage of skilled labor are factors expected to restrain the growth of market during the forecast period. On the other hand, emergence of low-cost furniture by countries such as China and Vietnam create lucrative growth opportunities for the market. In addition, emergence & proliferation of smart furniture is anticipated to be opportunistic for market growth. For instance, according to the International Data Corporation, smart city projects around the globe are anticipated to attract technology investments of about $158 billion by 2022.
Market Segmentations and Scope of the Study:
The global furniture market is segmented into type, product type, material type, end use, distribution channel, price range, and geography. Based on type, the market is segmented into RTA and non-RTA. Based on product type, the market is segmented into beds and mattresses, sofas and armchairs, entertainment units, storage units, tables and desks, and other furniture’s. Based on material type, the market is segmented into plastic, wood, melamine, glass, steel, wrapped panels, finished foils, laminates, and lacquered panels.
As per the end use, the market is categorized into residential and commercial. According to the distribution channel, the market is segmented into home centers, flagships stores, specialty stores, e-commerce, and other distribution channel. As per the price range, the market is analyzed across the high-end price furniture, medium price range furniture, and low-price range furniture. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia Pacific, and Rest of the World.
Geographical Analysis
North America holds the lion share of furniture market at present and is expected to continue dominating the market during the forecast period. This is attributed to factors such as increasing usage of designer furniture embedded with new textures along with high spending capacity and increase in real estate sectors will boost the market in this region.
However, Asia Pacific is expected to show a steady rise in the furniture market due to the rapidly increasing investment in home decoration and home furniture in this region. Also, rising focus on the development of residential constructions and change in the lifestyle are expected to drive the furniture market growth in this region during the forecasted period.
Competitive Landscape
The furniture market comprises of various players such as Ashley Furniture Industries, Inc., Bassett Furniture Industries Inc, Herman Miller, Cymax Group Technologies Ltd., Inter Ikea Group, Kimball International, Inc., Godrej & Boyce Manufacturing Co., Ltd., Hooker Furniture, Kohler Company, HNI Corp., Steelcase Inc., KOKUYO, Home Depot, Inc., Herman Miller Inc., Bene GmbH, Dunn’s Furniture, Knoll Inc., Durham Furniture, Krost Office Products, Haworth Inc., Masterbrand Cabinets, Meridian Office Group, La-Z-Boy Incorporated, and others.
These manufacturers are actively indulging in R&D initiatives, product & technology innovations, and industrial collaborations to enhance their product and increase their growth as well as geographical reach. For instance, in January 2022, Ashley furniture industries had acquired the western division assets of Springfield, Missouri-based Wilson Logistics. An affiliate of Ashley Distribution Services (ADS) linked the deal to strengthen the furniture delivery will put forward a tough competition in the market. Also, in October 2020, Herman Miller had expanded the gaming series with the launch of the Special Gaming Edition Sayl Chair, that is designed for ultimate performance and optimum comfort with six new expressive color options attracting gamers to play in style atmosphere.
Key Topics Covered:
1. Introduction
2. Furniture Market – Executive Summary
3. Market Overview
3.1. Market Definition and Scope
3.2. Market Dynamics
4. Covid-19 Analysis
4.1. Covid-19 Impact Analysis
5. Market Share Analysis
5.1. Market Share Analysis of Top Furniture Providers, 2021
6. Global Furniture Market, by Type
6.1. Overview
6.2. Rta
6.3. Non-Rta
7. Global Furniture Market, by Product Type
7.1. Overview
7.2. Beds and Mattresses
7.3. Sofas and Armchairs
7.4. Entertainment Units
7.5. Storage Units
7.6. Tables and Desks
7.7. Others Furniture’s
8. Global Furniture Market, by Material Type
8.1. Overview
8.2. Plastic
8.3. Wood
8.4. Melamine
8.5. Glass
8.6. Steel
8.7. Wrapped Panels
8.8. Finished Foils
8.9. Laminates
8.10. Lacquered Panels
9. Global Furniture Market, by End Use
9.1. Overview
9.2. Residential
9.3. Commercial
10. Global Furniture Market, by Distribution Channel
10.1. Overview
10.2. Home Centers
10.3. Flagships Stores
10.4. Specialty Stores
10.5. E-Commerce
10.6. Other Distribution Channel
11. Global Furniture Market, by Price Range
11.1. Overview
11.2. High End Price Furniture
11.3. Medium Price Range Furniture
11.4. Low Price Range Furniture
12. Global Furniture Market, by Region
12.1. Overview
12.2. North America
12.3. Europe
12.4. Asia-Pacific
12.5. Rest of the World
13. Company Profiles
13.1. Ashley Furniture Industries, Inc.
13.2. Bassett Furniture Industries Inc.
13.3. Berco Designs
13.4. Cymax Group Technologies Ltd.
13.5. Inter Ikea Group
13.6. Kimball International, Inc.
13.7. Godrej & Boyce Manufacturing Co. Ltd.
13.8. Hooker Furnishings Corporation
13.9. Kohler Co.
13.10. Sobro
13.11. Hni Corp.
For more information about this report visit https://www.researchandmarkets.com/r/ris0z8
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