Jun 02, 2020 (Market Insight Reports) -- The furniture market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics have been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio, and recent developments. The Market share and Market size prominent players for 2019 to 2024 are profiled in this report.
The global furniture market is projected to grow at a rate of 5.2% during the forecast period 2018 to 2023.
The Furniture market is highly competitive and consists of a number of major players. Top Companies like Ashley Furniture Industries, Inc., Century Furniture LLC, Durham Furniture Inc., Heritage Home Group LLC, Herman Miller, Inc., Inter IKEA Group, L. & J. G. Stickley, Inc., Masco Corporation, Okamura Corporation, Raymours Furniture Company, Inc., Steelcase Inc., and Williams-Sonoma, Inc
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Scope of the Report
Due to significant demand from the younger generation, key players have now come up with various offers on their products along with DIY furniture products. This strategy makes the products quite affordable and supporting market growth.
Key Market Trends
Growing Demand for Domestic Furniture to Drive Furniture Market Growth
The growing demand for multi-functional furniture with various features such as the maximum storage facility, stylish design, and innovative space-saving designs are driving the furniture market growth from the last few years. The key players in the market are providing various products according to the preference and taste of the consumers, which is likely to influence the sales of domestic and office furniture during the forecast period. Increasing the real estate industry and rising urban population in the developing economies is supporting the global furniture market growth. Moreover, increasing expenditure on domestic furniture products has influenced the demand for luxury furniture products, this is likely to provide opportunities for the growth of the global furniture market during the forecast period.
Wood Furniture to Witness Significant Growth Rate during the Forecast Period
Furniture made from wood holds a significant market share in the furniture market across the globe. The growing popularity of indoor furniture made by hardwood, Pine, Oak, etc. is further supporting the market growth of the furniture market. Increasing the application of hardwood for the manufacturing of high-quality luxury furniture products expected to drive the demand for wood furniture in upcoming years. Key manufacturers are focusing on the development of wood furniture as they are more popular due to their natural look, durability, easy-to-use, resilience, and maintenance features. A combination of glass and wood furniture is also experiencing huge demand for office furniture whereas, the introduction of powder-coated, chromed, and anodized furniture is expected play important role in the furniture market growth during the forecast period.
Increasing Popularity of Online Retail Stores to Support Market Growth in North America Region
In Asia-Pacific, many key players in the furniture market are launching their own online platform and also entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the furniture market growth in the regional. In North America, leading furniture brands are focusing on personalization in product offerings which is gaining popularity among the various consumer groups. The popularity of DIY furniture among millennials and the availability of products in attracting design is expected to boost the sales of furniture though online retail stores. The growing expansion of furniture manufacturers from Europe in developing countries in Asia is likely to change the market dynamics in the upcoming years. For instance, Renaissance Home, Pinnacle Saporiti, Gautier, and Interior Espania, most of the imported furniture dealers sell their products in India, either under their own brand name or without any branding. Moreover, the rise of the bulk of international trade of furniture in China, Germany, Italy, Poland, and Vietnam with the United States, Germany, the United Kingdom, France, and Canada, is expected to play a major role during the forecast period.
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What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.