Furniture Market Insights
According to Industry Research Future, the furniture market size is expected to be valued at around USD 886.68 billion by 2030. (MRFR). Its expansion rate will be 3.2% in the meanwhile.
The US furniture market is substantial, with billions of dollars in annual revenue. It encompasses a wide array of products, including living room furniture, bedroom sets, dining furniture, office furniture, and outdoor furnishings. Despite occasional fluctuations due to economic factors, the market has been witnessing steady growth driven by factors such as population growth, urbanization, and lifestyle changes.
The rise of the furniture sector is probably being driven by the increasing presence of contemporary residential projects across the world. Future demand for various furniture kinds will be significant due to the surge in smart city development initiatives and the booming construction industry. According to the International Data Corporation, more than USD 670.50 billion is expected to be invested globally in smart city initiatives by 2027. The global market will benefit from the growth in investments for these projects and the eventual rise in demand for a range of furnishings.
The rapidly growing construction industry is the main market driver for the global furniture market. In the current and future projection years, it aims to effortlessly accelerate the expansion of the furniture market. It's because smart city initiatives are being subjected to a quick investment strategy.
As a result, the demand rise for residential and commercial spaces will soon expand. The industry will grow as a consequence of the years currently predicted. Additionally, the source of discretionary money is anticipated to fuel market expansion in the near future.
Regional Analysis:
The worldwide furniture market is extensively dispersed among several geographical areas. The major companies in these areas are speeding up production to keep up with the escalating demand. Asia Pacific, Europe, North America, and other parts of the world are the areas where the market is doing well.
Due to a strong supply-demand ratio throughout the area, Asia Pacific will dominate the market over the current projected period. When it comes to providing great market prospects, Europe is just behind it. North America is seeing a moderate rate of growth. With 6.8 million metric tonnes consumed, the United Kingdom has the highest wood pellet usage as of 2022. With 3.1 million metric tonnes of wood pellet usage, Italy is close behind the United Kingdom. A significant portion of it is used in the furniture and woodworking industries.
Market segmentation:
By Kind
The worldwide furniture market is divided into Non-RTA and RTA kinds based on type segmentation. Market value for the Non-RTA category reached $432.28 billion.
In addition, a CAGR of 3.80% is projected for the RTA type of vehicle. These two classes serve as the foundation for the items that the major participants in the global market construct.
By Type of Furniture
The global furniture market is once again divided into many specialized types based on the segmentation of furniture type, including couches, chairs, beds, tables, cabinets, and others. These forms of furnishings are offered by all the major competitors in this sector.
By Type of Material
The worldwide furniture market is segmented by material type and uses a variety of materials including wood, melamine, steel, glass, completed foils, laminates, wrapped panels, and lacquered panels.
By the user
The worldwide furniture market is divided into commercial and domestic categories based on end-user segmentation. Different types of furniture are required for the design of commercial areas like offices.
Key players:
HNI Corporation, Sauder Woodworking Company, Herman Miller, Inc. Inter IKEA Systems B.V., Cymax Group Inc., Inc., The Godrej and Boyce Mfg. Co. Ltd, Venture Horizon Corporation, Dorel Industries Inc, Dunn’s Furniture, Kimball International are key furniture companies.
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