Furniture Market Size, Share and Trends Analysis by Type (RTA & Non-RTA), Material Type (Wood, Melamine, Glass, Steel, Wrapped Panels, Finished Foils), Furniture Type (Chairs, Sofas, Tables, Beds), End-Use (Commercial & Household), and Region - Global Forecast till 2027
New York, US, July 14, 2022 (GLOBE NEWSWIRE) -- Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Furniture Market Information by Type, Material Type, Furniture Type, End-Use, and Region - Forecast till 2027”, the market is expected to touch close to USD 670.50 Billion by 2027, while expanding at a rate of 2.73% from 2020 to 2027.
Furniture has uses in spas, laboratories, clean rooms, offices, camping, bedroom, restaurants, library, outdoor, stores, and parks. Most furniture products are manufactured deploying different materials and come in varying sizes and designs. They are movable items like beds, chairs, tables, shelves, and cupboards, or designed as decorative art with use in numerous places. Furniture provides various solutions including dining, sleeping, storage, and seating functions.
In commercial spaces, different furniture items play significant roles in seating arrangements as well as document storage. In terms of end-use, their designs can be altered via machine-based processes as well as handcrafting.
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Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
By Type, Material Type, Furniture Type, End-Use
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
rapid expansion of the construction sector
demand surge within the residential and commercial spaces
The important companies in the furniture market include
Inter IKEA Systems B.V.
The Godrej and Boyce Mfg. Co. Ltd
The surging urbanization rate combined with the heavy investments in infrastructure renovation as well as development are fostering the demand for furniture. Ongoing innovations in building construction along with the rising uptake of advanced technologies for manufacturing a variety of furniture items could also augment the market demand.
Demand for multi-functional and versatile products that provide portability and are accommodative in constrained spaces also favors the market. Surge in nuclear families has fostered the need for space-saving, portable furniture. This factor will have an incredible impact on the global industry in the long run.
Significant investments in healthcare, education and tourism sectors have spurred the growth rate of the construction industry in Qatar and Saudi Arabia. Subsequently, the demand for different types of furniture will eventually surge in the next several years. Also, the easy buying procedure on various online platforms like Pepperfry, Urban Ladder and FabFurnish will give significant impetus to the worldwide industry.
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There are a few challenges being faced by the majority of the furniture brands worldwide, some of which include the lack of skilled labor, poor transportation facilities, and substandard infrastructure facilities. These factors are more prevalent in emerging countries with lower economic growth.
The furniture market has been significantly affected by the COVID-19 outbreak. Given the pandemic scenario, numerous countries had to go under lockdown, to control the rising cases. Owing to this, the demand and supply chain have been disrupted, which has affected the worldwide market. The infrastructural projects, manufacturing units, industries, and various operations had to be put on hold owing to the pandemic situation.
The volatile costs of raw materials that are used for creating different furniture items along with the COVID-19 pandemic have restricted the growth rate of the market. On the bright side, the situation is getting back to normal, which means that the market in the future will see better growth.
The type-based segmentation covers non-RTA as well as RTA types. The non-RTA segment touched USD $432.28 billion in 2018 and took the lead in the worldwide market.
The RTA type, on the other hand, will achieve a CAGR of 3.80% from 2020 to 2027.
Depending on furniture type, the market has been categorized into cabinets, chairs, sofas, tables, beds, and more. Although the demand for all these furniture types is significantly high, the sofa segment notes maximum growth in the market.
The sofa segment, in 2018, had touched USD 149.04 billion while it is presumed that the cabinets segment will experience expansion at a rate of 3% over the assessment period.
With respect to material type, the furniture industry caters to melamine, wood, glass, steel, laminates, finished foils, lacquered panels, and wrapped panels. These materials across regions vary in quality, appeal, and price but still experience substantial demand as per consumer preference.
Wood, in 2018, became the top segment with the highest valuation of USD 149.74 billion. Meanwhile, the lacquered panel segment will be capturing a CAGR of 2.99% in the years to come.
In terms of end-user segmentation, the furniture market covers commercial as well as household. Commercial spaces like offices require a variety of furniture to design their operating space. On the other hand, the demand for different furniture in the household segment is surging at a tremendous pace.
The household segment reached USD 416.64 billion in 2018 while the commercial segment should be recording a CAGR of 3.56% in the years ahead.
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The Asia Pacific market for furniture will be seizing the top position in the following years, in the light of the consistently expanding real estate and hospitality sectors and the rise in consumers’ disposable incomes. The mounting prevalence of urbanization in the region, the abundance of a highly skilled workforce, and low-cost raw materials allow the Asian countries to remain competitive in the worldwide market. Population boom and the influence of western culture are fostering the appeal of sustainable and smart infrastructure solutions. Rise in construction and building spending on account of the surging per-capita disposable income and the rapid development of the infrastructure in the region will further elevate the demand for a variety of furniture items.
Europe could accumulate significant revenues in the following years, given the fast-progressing tourism sector in line with the thriving hospitality sector, which enhances the use of luxury furniture. Europe is a region known for a higher furniture export rate compared to the import rate. Germany, France, and Italy are identified as the top gainers in the region, considering the expansive pool of highly reputed players.
In the Middle East, a number of nations like Saudi Arabia and UAE, are spending aggressively on the development of infrastructure, which in turn is helping attract more and more tourists, thus fostering economic growth. For instance, the Dubai government is planning to invest substantially in infrastructure upgradation to bolster the country’s appeal among a larger base of visitors. Other than this, huge events in the region are attracting an influx of tourists. To cite a reference, the 2022 FIFA World Cup will be taking place in Qatar. Likewise, the Oman government is spending considerably on numerous construction projects like the Omagine Pearl Project of 2017 which will involve the construction of malls, amphitheaters, hotels, and various commercial as well as residential buildings. Such large-scale projects in the region will have a remarkable impact on the hospitality sector, ultimately enhancing the market share.
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