“Furniture Market Research”
Rising infrastructure spending in the region will bolster the development of the outdoor furniture market in the coming period.
Furniture market overview:
the furniture market is expected to acquire a market value of USD 670.50 billion while expanding at a CAGR of 2.73% by 2027
The rapid expansion of the construction sector is the main driver of the global furniture market. It seeks to accelerate the expansion of the furniture market in the expected years. Indeed, smart city projects are subject to a rapid investment strategy. As a result, the demand for residential and commercial space will increase rapidly. As a result, the industry will grow in the predicted years. Moreover, the source of disposable income is likely to drive the expansion of the market in the coming years. A significant change in lifestyle, an increase in disposable income and the expansion of the building sector all contribute to creating new prospects for the market to thrive.
Despite these developments, the global furniture industry still faces significant obstacles. Rising production costs are bound to pose a significant challenge to major market players and eventually the industry as a whole. Ultimately, this will hurt demand and major players in the industry will be unable to do business outside of it. As a result, large companies can consider expanding their production capabilities to include low-cost, moderate-cost, and high-cost choices to meet the needs of all kinds of customers.
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The global furniture market is currently driven by a booming real estate industry. Moreover, as disposable income has increased, individuals have increased their spending on a comfortable lifestyle, which is expected to create growth prospects for the global furniture industry. China and Vietnam, which create low-cost furniture, are also expected to contribute to the boom in the furniture market. However, the lack of skilled labor, improved transportation and infrastructure can be a barrier to the global furniture trade.
The global furniture market is segmented into Non-RTA and RTA types.
The global furniture market is further segmented by furniture type including sofas, chairs, beds, tables and cabinets.
The global furniture market is segmented by material type and includes wood, melamine, steel, glass, finished sheets, laminates, wrapped panels and lacquered panels.
The global furniture market is segmented by end user into commercial and residential divisions.
The global furniture market is geographically diverse. Large companies in these regions are increasing their manufacturing capacity to keep up with the growth in demand. Asia-Pacific, Europe, North America and other parts of the world are strong market regions.
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North America was the leading market for furniture, thanks to the increase in the purchasing power of customers and the real estate sector. The growth of online retailing and the increased demand for multi-functional furniture offer significant opportunities for expansion in the North American furniture market.
Asia-Pacific will continue to dominate the market in the coming years, thanks to the region’s favorable supply-demand ratio. Europe is not far behind in terms of market opportunities. The economies of several countries are suffering a heavy toll. Several developed countries, including Japan, India and China, offer huge market opportunities in the coming years.
Following are the major key players that are making their collective contribution to creating the global furniture market: Dorel Industries Inc., Sauder Woodworking Company, Inter IKEA Systems BV, Cymax Group Inc., HNI Corporation, Herman Miller, Inc., Dunn’s Furniture, Kimball International, Inc., The Godrej and Boyce Mfg. Co. Ltd and Venture Horizon Corporation.
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