Aug 11, 2020 (Market Insight Reports) -- Selbyville, Delaware, Global Furniture Market Report added at Market Study Report LLC offers industry size, share, growth, trends and forecast analysis up to 2024. Furniture Market Report also covers top key players, porters five forces analysis and market segmentation in detail. This report examines the global Furniture market and provides information regarding the revenue for the period 2019 to 2024.
Rising investments in residential buildings supported by material & technological advancements, offering durability and innovative storage solutions are propelling the furniture market growth. Rapid urbanization coupled with increasing disposable incomes, particularly in emerging economies, is positively influencing the residential furniture market expansion.
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The U.S., China, Japan, India, and Brazil are among the potential countries for market growth. As per Furniture Today report published in 2017, the U.S. is the largest furniture importer globally, registered over USD 24.5 billion imports. Residential construction is the fastest growing segment in the North American construction market. Substantially lower lending rates coupled with higher consumer spending are among the major factors which makes the region most lucrative for furniture manufacturers.
The global industry share is highly fragmented due to a large presence of industry players in regional and global levels. Key industry participants are Ashley Industries, Inter IKEA Group, Steelcase, and Okamura Corporation, Herman Miller, Inc. and the Home Depot, Inc. Other prominent players are La-Z-Boy, Inc., Godrej & Boyce Manufacturing Co., Ltd., and HNI Corporation. Product design, configuration, and after-sale service is the key concerning areas for industry players.
Asia Pacific is the fastest growing region in construction owing to reduced interest rates and growing FDI inflows. The growing tourism supported by expanding hospitality industry, particularly in Thailand, Indonesia, and Malaysia, is fueling demand in the commercial sector. For instance, as per the India Ministry of Tourism, the number of tourists in the country has grown from 5.78 million in 2010 to 8.03 million in 2015.
Rise in standard of living owing to increasing disposable incomes, growing purchasing power, and willingness to live in a better environment is driving the investments on home improvement & decoration in China. Reduced product prices owing to the increasing competitiveness in the country's furniture market are supporting the business expansion.
European furniture industry includes over 130,000 companies generating an annual turnover of around USD 110 Billion. EU production satisfies the majority of the in-home demand. The region consumes around 85% of its total production in 2017. Growing demand for imported furniture is limiting the local manufacturing market share.
Consumer expectations and consumption patterns in different regions are also important factors to be considered in the furniture market. Workforces in this industry regularly act as their own negotiators in debates between the retailers and manufacturers. Wholesale suppliers often procure from the manufacturers and distribute them to departmental stores and specialty shops.
Wood accounted for over 60% of the demand and is expected to continue its dominance in the industry over the forecast period. Some of the commonly used wood across furniture market includes Mahogany, Teak, Fir, Cedar, Redwood, Birch, etc. Based on its physical edifice, wood can be classified as a softwood and hardwood. Softwood makes medium density products while the hardwood is widely used for making high-quality furniture.
Commercial furniture market generated over USD 150 million in 2017. Rapid commercialization across developing economies along with the subsequent mandate for operational spaces fueling industry growth. Thus, the thrust on real estate construction is expected to sustain over the forecast timeline, thereby ensuring a sustainable growth for the industry participants.
The residential sector is expected to witness over 5% CAGR up to 2024. Increasing necessity to accommodate rising population is anticipated to drive the residential market over the forecast timeframe. Socioeconomic development along with housing subsidies by governments will positively impact the industry expansion. Household renovations have observed a strong demand in the past and are anticipated to witness significant gains over the forecast timespan.
Europe is projected to exceed USD 200 billion revenue by 2024. The industry growth is attributed to the fact that the production of regional players originating from plants outside the region (e.g., China) has been growing over the last decade. A quarter of the world's furniture market is accounted from Europe. Germany, Italy, Poland, and France rank among the top 10 global manufacturers and cumulatively account for a 13% share of global production.
Table of Contents:
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
220.127.116.11. By Material
18.104.22.168. By Application
1.1.5. Assumptions, scope & forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. Furniture industry 360 degree synopsis, 2013 -2024
2.1.1. Business trends
2.1.2. Material trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Furniture Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Raw material suppliers