Furniture are elements which are used to make rooms in houses livable. The recent spate of urbanization has sparked the need for furniture and furniture showrooms. Improves standards of living among the populace and the need to improve home aesthetics can spark the need for furniture. The global furniture market report by Market Research Future (MRFR) comprises factors, challenges, trends, and opportunities for the period between 2019 and 2025 (forecast period).
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The global furniture market is poised to touch a value of USD 654.60 billion by 2025. It can exhibit a CAGR of 2.64% from 2019 to 2025. The large population and the growing urbanization rampant is likely to drive the market growth. The most urbanized regions are Latin America and the Caribbean, Europe, followed by Oceania. Furniture showrooms are being established in vicinities to assist shoppers in their purchase can bode well for the market. Furniture manufacturers are opening up franchises with owners to get close to customers and improve their customer base.
The growth in the real estate sector and the development of commercial and residential complexes can trigger the demand for furniture. Large number of houses and commercial properties is evidence of the large potential of the global furniture market. Consumer preference for ready-to-assemble (RTA) furniture has sparked the growth of furniture manufacturers such as IKEA. Expansion moves by furniture manufacturers coupled with innovative design launches by furniture makers can foster market growth.
The global furniture market is segmented by type, material type, furniture type, and end-use.
By type, it is segmented into RTA and non-RTA. The non-RTA segment held the largest market share with a value of USD 432.28 billion in 2018. It can continue to dominate during the forecast period due to consumer trust with these goods. On the other hand, the RTA segment can register a CAGR of 3.80% during the forecast period.
By material type, it is segmented into melamine, glass, steel, wood, lacquered panels, finished panels, and wrapped wood. Wood segment held the largest share in the global furniture market with a valuation of USD 149.74 billion in 2018. While the lacquered panels segment is deemed to exhibit a CAGR of 2.99% during the assessment period.
By furniture type, it is segmented into chairs, beds, sofa, and tables. Sofas held the largest market share in 2018 with a value standing at USD 149.04 billion. Cabinets can accumulate revenue for the global furniture market at 3% CAGR during the forecast period.
By end-use, it is segmented into commercial and household.
North America, Asia Pacific (APAC), Europe, Latin America, and the Middle East & Africa (MEA) are regions the center of interest in the global furniture market.
APAC held the largest market share in 2018 and bound to lead the global market till 2024. It can display a CAGR of 2.78% during the assessment period due to the rise in per capita income levels of consumers and presence of esteemed furniture brands.
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The Godrej and Boyce Mfg. Co. Ltd, Dorel Industries Inc., Inter IKEA Systems B.V., Sauder Woodworking Company, HNI Corporation, Cymax Group Inc., Kimball International, Inc., Herman Miller, Inc., Venture Horizon Corporation, and Dunn’s Furniture are prominent players of the global furniture market.
Logitech and HermanMilller are collaborating on a new product lineup exclusively for gamers. Logitech known for manufacturing popular gaming merchandise has decided to look upto the expertise of the furniture premier for producing gaming chairs. The large consumer base of gamers as well as their inclination towards MMORPGs and online games is likely to spell success for the duo.