The global furniture market size is expected to reach USD 718.3 billion by 2025,
according to a study conducted by Grand View Research, Inc. It is projected to
expand at a CAGR of 5.1% over the forecast period. High demand for branded home
furniture coupled with rising spending capacity of consumers on home decor
products are some of the driving factors for the growth of this market.
Additionally, government initiatives to provide housing for all is also
expected to positively impact the growth. For instance, since the last few
years, Germany has witnessed immigration of various refugees and migrants
resulting in rising demand for housing or shelter. Owing to this, the
government of Germany is encouraging public and private developers to build new
rental flats to solve the issues like shortage of affordable housing, resulting
in a supplementary demand for furniture products.
The commercial segment includes hotels,
offices, and other public buildings. It held a market share of more than 30.0%
in 2017 and is anticipated to register substantial CAGR over the forecast
period. This growth is attributed to extensive industrialization due to
expanding development of corporate offices and hotels. For example, India is
one of the key countries witnessing an extensive establishment of IT parks.
Furthermore, increasing job opportunities
and employment across the globe creates a need for additional office spaces,
which subsequently fuels demand for office furniture. This is also a prominent
factor expected to bolster growth of the furniture market. Companies are
adopting innovative furniture to enhance workforce productivity and to
inculcate creativity in workspace. For instance, in March 2017, Microsoft
Corporation announced its collaboration with Steelcase. Steelcase offers a
diverse range of architecture, furniture, and other technology products. This
collaboration was intended to introduce creative and modern furniture in the
work space with a view to boost productivity and creative thinking.
Additionally, growing global population has
led to a requirement for an increase in the number of schools, colleges, and
other educational institutions, resulting in rapid infrastructural growth. The
growing demand for furniture from the hospitality industry is also a key factor
boosting growth of the commercial segment. Furthermore, rising requirement for
furniture from restaurants, coffee shops, and bars, among others is expected to
accelerate market growth. Increasing global competition, high cost of raw
material processing and labor, and ageing workforce are some of the key
challenges likely to hinder market growth.
The residential segment in North America is
expected to expand at the highest CAGR over the forecast period owing to the
presence of key players offering luxurious interior design products. Consumer
inclination towards purchasing luxury furniture can further drive the regional
demand. Additionally, increasing adoption of modern furniture and the growing
popularity of online distribution channels that offer convenience and
time-saving during furniture purchase are anticipated to fuel growth.
Furthermore, growing demand for multi-functional products, in addition to the
rising awareness about environmental concerns and the use of eco-friendly
products are anticipated to gain prominence in U.S.
Middle East is expected to witness
significant growth over the forecast period owing to boosming commercial and
industrial sectors. The government of Kuwait has invested substantial amount of
capital in the construction of public hospitals and other healthcare
infrastructure. Additionally, increasing investments from private and public
sectors aimed at expansion of commercial and residential construction projects
in the country is another factor contributing to market growth.
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Further key findings from the study suggest:
· In 2017, the wood furniture segment
accounted for more than 30% market share in terms of revenue attributed to
usage of wood in combination with other materials for the production of
different furniture products. For instance, objects classified as metals also
use wooden components or wood in furniture fittings.
· Middle Eastern and African is also
anticipated to witness substantial growth over the forecast period accredited
to growing residential and commercial construction industry
· The furniture market is highly fragmented
and has an array of players across different regions holding varied market
shares. Major players include Herman Miller, Inc.; Kimball International; HNI
Corporation; and KOKUYO
· These players engage in partnerships and
collaborations with a view to expand their market presence. For instance, in
June 2018, HNI Corporation announced partnership with Nowy Styl Group, a
Europe-based manufacturer of office furniture and chairs. As a result of this
partnership, both companies expect to establish a homogenous support and
service network to ensure consistency in client services and solutions.
Grand View Research has segmented the
global furniture market based on material, end use, and region:
Furniture Material Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Metal
·
Wood
·
Plastic
·
Glass
·
Others
Furniture End-Use Outlook (Revenue, USD
Billion, 2014 - 2025)
·
Residential
o
Kitchen & Dining
o
Living Room
o
Bedroom
o
Outdoor
o
Others
·
Commercial
o
Office
o
Hotels
o
Others
Furniture Regional Outlook (Revenue, USD
Billion, 2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
U.K.
o
Germany
o
France
o
Italy
·
Asia Pacific
o
China
o
India
o
Japan
o
Singapore
o
Malaysia
·
Latin America
o
Brazil
o
Mexico
·
Middle East & Africa
About
Grand View Research
Grand View Research,
Inc. is a U.S. based market research and consulting company, registered in the
State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
