Global Furniture Market was valued at $595 in 2021 and will exceed $722 by the end of 2028. The market is expected to grow with a CAGR of 5.6% forecast for 2028.
SUITE N202, NEW YORK, USA, Sept. 8, 2022 /EINPresswire.com/ — Global Furniture Market Outlook:
The global furniture market is huge due to the need for different furniture in different spaces. The global market is fueled by constant innovation in the types of raw materials used for manufacturing and the addition of new technologies in the manufacturing process. This Global Furniture Market was valued at USD 595 in 2021 and is projected to surpass USD 722 by the end of 2028. The market is expected to grow with a considerable CAGR of 5.6% during the forecast period. The report is an in-depth study of the major growth drivers, restraints, opportunities, and challenges in the global market.
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Global Furniture Market: Overview
Furniture comes in a myriad of categories, including dining rooms, seating, bedrooms, and more. The furniture forms an impressive layout for interior design and decoration of offices and residential spaces. However, furniture plays a crucial role in commercial spaces. Furniture is available in different designs in a wide range of materials. Fancy home furnishings enhance the beauty of the living space. However, furniture is used in different spaces including bedrooms, camping, restaurants, cleaning rooms, offices, parks, laboratories, libraries, spas, stores and others. Furniture is movable items such as cabinets, beds, chairs, tables, shelves, etc.
Impact of COVID-19:
The outbreak of the Covid-19 pandemic has led to the closure of upholstery fabric stores around the world. The global furniture market saw a sharp drop in sales due to the traffic ban. Additionally, to contain the risk of a fast-spreading virus, people confined themselves to their living quarters and stopped buying home furnishings. Hence, the global pandemic has negatively impacted the growth trajectory of the global market.
However, the global market is showing signs of impressive growth over the forecast period.
The increasing modernization of cities and rural areas across the world is expected to propel the growth of the global furniture market over the forecast period. There has been a growing trend to create an aesthetic to match the personality of the home owner, which has resulted in a growing demand for exclusively crafted furniture. This is expected to contribute to the growth of the global market. A growing number of interior design schools graduating new talent every year is expected to propel the growing market as students bring new perspectives to the global market. The increasing impact of the fashion industry across the globe is expected to contribute to the growth of the global market since fashion and excellent ambiance go hand in hand. Changing customer preference for more traditional furniture products is expected to drive the growth of the global market. An increase in the number of market players who offer furniture in bulk at reasonable prices like Walmart, Ikea, Lorde, etc. is expected to increase the global market share. However, the high cost of raw materials and disruptions in the finished product supply chain are expected to hamper the growth of the global market during the forecast period.
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IKEA collaborated with Republic of Gamers (ROG) in September 2020 to innovate a new line of affordable gaming furniture and accessories to bring an advanced gaming experience to the home.
The global furniture market is segmented into type, distribution channel and region.
Based on type, the market is segmented into commercial, residential, and RTA.
Based on distribution channels, the market is segmented into e-commerce, specialty stores, supermarkets, hypermarkets and others.
North America and the Middle East are expected to contribute heavily to the global furniture market over the forecast period due to rising living standards and high spending capacity of the general population. Increases in the number of commercial buildings for the increasing number of offices are also predicted for the growth of the global furniture market.
Asia-Pacific is expected to register a high CAGR during the forecast period due to the increase in real estate development in regions like China and South Korea. Growing demand for furniture made by local artisans from countries like India and Pakistan is expected to contribute to the growth of the global market. Europe is expected to register a large market share over the forecast period due to its balanced fondness for modern and traditional furniture for office or residential spaces.
The major players in the global furniture market are HNI Corporation, Kohler CO., Urban Office Interiors, Godrej & Boyce Manufacturing Co., Ltd., La-Z-Boy, Inc., Home Depot, Inc., Herman Miller, Inc. , Okamura Corporation, Steelcase, Inter IKEA Group and Ashley Furniture Industries.
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Furniture market: Constraints
High costs and the need to optimize the supply chain will hamper the growth of the market.
The cost of the final product is quite high, which prevents consumers from buying high-end and high-end products. Additionally, there are numerous disruptions in supply chain logistics that are further restraining the growth of the global market.
Furniture Market: Opportunities
The increasing replacement of aging infrastructure will likely open up new avenues in the global market.
There is a growing trend towards renovation and replacement of aging infrastructure, which is likely to create several lucrative new growth opportunities in the global market. Growing government initiatives to revamp public infrastructure will further expand the reach of the global market.
Furniture market: challenges
The unavailability of skilled labor to meet the growing demand is a huge challenge in the global market.
Nowadays, people demand high-end products that require skilled labor. However, the lack of qualified expertise in this field is a huge challenge in the global market. Additionally, the unavailability of advanced technologies in many developing and underdeveloped regions will also affect the growth of the global market.
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Global Furniture Market Size, Share, Supply & Demand Forecast | Zion Market Research