Furniture Market to Reach USD 720.2 Bn by 2028 – Revenue Forecast, Competitive Landscape, Growth And Trends
Absolute Market Insights recent analysis of the Furniture Market finds that the increasing demand from the rising brand consciousness and increasing expenditure on furniture goods among millennial is expected to aid the overall furniture industry over the forecast period. is expected to witness maximum growth in the Furniture Market during the forecast period. The global Market revenue stood at a value USD 600 Bn in the year 2021.
Market Synopsis
Furniture is used in laboratories, spas, offices, clean rooms, restaurants, camping, bedroom, outdoor, library, parks, and stores. Most furniture is manufactured using a variety of materials and is available in different designs. Furniture are movable items such as chairs, beds, cupboards, tables, shelves, or in form of decorative art used at various places. Furniture offers different solutions such as sleeping, dining, seating, and storage function. In commercial spaces, furniture plays an important role in seating arrangements and document storage. Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. Rise in number of small-size houses has encouraged multi-functional furniture, which has facilitated for extra storage.
Furniture Market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Furniture Market is predicted to grow at a CAGR of roughly 7.80% during the forecast period.
- The Furniture Market was estimated to be worth roughly 600 Bn in 2021 and is expected to reach USD 720.2 Bn by 2028; based on primary research.
- On the basis of region, is projected to dominate the worldwide Furniture Market.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Furniture Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
Rising demand from the consumers for work from home application owing to the pandemic situation is one of the factors driving the growth of the overall market. Rising brand consciousness and increasing expenditure on furniture goods among millennial is expected to aid the overall furniture industry over the forecast period.Brands such as IKEA, Home Depot, Target, Amazon, Pepperfry, Etsy, and Urban ladder amongst others are making the digital shift or have an online section that use the technology power such as artificial intelligence and machine learning to help customers find that perfect piece of furniture. Technologies such as digital printing and automated nesting help in elimination of stock challenges, lower the costs and bring improvement in material utilization.
Restraint:
Rise in the global economy has increased the spending capacity of the consumers, which, in turn, has impelled the sale of branded furniture items in the market. Moreover, development of automated manufacturing system is anticipated to have a significant impact on the furniture industry during the forecast period.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Furniture Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America region has the highest penetration rate in 2020 and is expected to witness a similar trend over the forecast period. The United States region captured over 85% of the overall market in 2020. On the other hand, Canada is expected to witness the highest growth over the next eight years. Although, number of businesses have closed owing to the COVID-19 pandemic situation but some manufacturers were feeling the pressure as they had to prepare their showroom for biannual events in 2020. The overall furniture market is mainly driven by increased online sales and improvement in residential construction market. Such a factor is expected to aid the over furniture market over the forecast period.
List of Prominent Players in Furniture Market:
- Ashley Furniture Industries
- IKEA
- Steelcase
- Williams-Sonoma
- Rooms To Go
- Herman Miller
- HNI Corporation
- Godrej & Boyce Manufacturing Co. Ltd.
- Maiden Home
- Stickley
- Floyd
- Vermont Woods Studio
- Simplicity Sofas
- Eastvold Furniture
- Vaughan-Bassett
- The Joinery
- Bernhardt
- Hooker Furniture
- Baker
- La-Z-Boy
- Crate and Barrel
- Aspen Home
- Other market participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Furniture Market?
- How will the Furniture Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Furniture Market?
- What is the Furniture Market drivers and restrictions?
- What will be the CAGR and size of the Furniture Market throughout the forecast period?
This market titled Furniture Market will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years: 2016-2028
Base Year: 2021
Historic Years: 2016-2020
Forecast Years: 2022-2028
Segmentation Covered
- By Material
- Wood
- Metal
- Plastic
- Glass
- Steel
- Plywood
- Others
- By Distribution Channel
- Online
- Offline
- By Price Range
- High end price furniture
- Medium price range furniture
- Low price range furniture
- By Application
- Residential
- Living and Dining
- Bedroom and Mattress
- Décor
- Storage
- Work from Home
- Others
- Commercial
- Office
- Educational Institutions
- Public dining and entertainment-type venues (restaurants, hotels, pubs and cafes, etc.)
- Medical
- Others
- Others (Stools and Bar Stools, TV Stands and Outdoor Furniture, etc.)
- Residential
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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