The size of the furniture market was valued at USD 637.26 billion
New York, May 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Furniture Market by Type, by Product Type, by Material Type, by End Use, by Distribution Channel, and by Price Range -Global Analysis of Industry Opportunities and Forecast 2022-2030” – https://www.reportlinker.com/p06272307/?utm_source=GNW
Furniture primarily refers to movable objects that support and enable basic daily functions such as sitting, eating, and sleeping. In addition to that, they are an essential element for interior decoration. Common furniture includes items such as tables, chairs, desks, beds, dressers, and cabinets. These movable objects are generally kept in a house for a convenient and comfortable life. They are made from various materials and are available in different designs. It can be made of different materials, such as metal, plastic, glass or wood. The continuous development of infrastructure contributes significantly to the demand for furniture in the residential and commercial sectors.
Market dynamics and trends
Growth in the real estate and hospitality sectors are significantly driving the growth of the global furniture market. For example, governments around the world are focusing on real estate development through a number of commercial and residential projects, ultimately helping to boost the economy and create demand for furniture. In addition to this, factors such as growing demand for luxury and high-end furniture due to increasing disposable income of people and government investments for infrastructure development are fueling the growth of the global furniture market.
However, lack of better transportation facilities coupled with shortage of skilled labor are factors that are expected to restrain the market growth over the forecast period. On the other hand, the emergence of low-cost furniture by countries like China and Vietnam is creating lucrative growth opportunities for the market. Also, the emergence and proliferation of smart furniture is expected to be opportunistic for market growth. For example, according to the International Data Corporation, smart city projects worldwide are expected to attract around $158 billion in technology investment by 2022.
Market Segmentation and Scope of the Study:
The global furniture market is segmented into type, product type, material type, end use, distribution channel, price range and geography. Based on type, the market is segmented into RTA and Non-RTA. Based on product type, the market is segmented into beds & mattresses, sofas & armchairs, entertainment units, storage units, tables & desks, and other furniture. Based on material type, the market is segmented into plastic, wood, melamine, glass, steel, wrapped boards, finished sheets, laminates, and lacquered boards. Based on end use, the market is categorized into residential and commercial. Based on distribution channel, the market is segmented into home centers, flagship stores, specialty stores, e-commerce and other distribution channels. According to the price range, the market is analyzed through high-end price furniture, mid-price furniture and low-price furniture. The geographic breakdown and analysis of each of the aforementioned segments includes regions including North America, Europe, Asia-Pacific and Rest of the World.
North America currently holds the lion’s share of the furniture market and is expected to continue dominating the market during the forecast period. This is attributed to factors such as increasing use of designer furniture incorporating new textures along with high spending capacity and increasing real estate sectors will drive the market in this region.
However, Asia-Pacific is expected to show a steady increase in the furniture market due to the rapid increase in investment in decoration and home furnishings in this region. In addition, the increasing focus on residential construction development and lifestyle change is expected to boost the growth of the furniture market in this region during the forecast period.
The furniture market includes various players such as Ashley Furniture Industries, Inc., Bassett Furniture Industries Inc, Herman Miller, Cymax Group Technologies Ltd., Inter Ikea Group, Kimball International, Inc., Godrej & Boyce Manufacturing Co., Ltd., Hooker Furniture, Kohler Company, HNI Corp., Steelcase Inc., KOKUYO, Home Depot, Inc., Herman Miller Inc., Bene GmbH, Dunn’s Furniture, Knoll Inc., Durham Furniture, Krost Office Products, Haworth Inc., Masterbrand Cabinets , Meridian Office Group, La-Z-Boy Incorporated and others. These manufacturers actively engage in R&D initiatives, product and technology innovations, and industry collaborations to improve their product and increase their growth and geographic reach. For example, in January 2022, Ashley Furniture Industries had acquired the assets of the Western Division of Springfield, Missouri-based Wilson Logistics. A subsidiary of Ashley Distribution Services (ADS) tied to the deal to bolster furniture delivery will face stiff competition in the market. Additionally, in October 2020, Herman Miller had expanded the gaming series with the launch of the Sayl Special Gaming Edition chair, designed for ultimate performance and comfort with six new expressive color options attracting gamers to play in an atmosphere of style.
KEY MARKET SEGMENTS
– Furniture Market – By Type
– Furniture Market – By Product Type
– Beds and Mattresses
– Sofas and Armchairs
– Entertainment units
– Storage units
– Tables and Desks
– Other furniture
– Furniture Market – By Material Type
– Wrapped panels
– Finished sheets
– Lacquered Panels
– Furniture Market – By End Use
– Furniture market – By distribution channel
– Visitor centers
– Flagship stores
– Specialty stores
– Other distribution channel
– Furniture market – By price range
– High end price furniture
– Mid-range furniture
– Furniture market – By geography
– North America
– Rest of Europe
– Asia Pacific
– South Korea
– Rest of Asia-Pacific
– Saudi Arabia
– South Africa
– Remaining countries
Read the full report: https://www.reportlinker.com/p06272307/?utm_source=GNW
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