Market Overview:
The global furniture market has been projected to rise by 2.64% CAGR during the forecast period of 2019 to 2025 and scale valuation of USD 654.60 billion till 2025. Market Research Future (MRFR) predicts a steady growth due to the burgeoning real estate industry, rising disposable income, and substantial planning from the furniture company. Rapid industrialization and urbanization are also expected to play prominent roles in taking the global market forward.
Segmentation:
The global furniture market comprises segments like type, material type, furniture type, and end use. These segments hold substantial information related to the market and they include charts, graphs, and other things to make these data more credible.
By type, the global market for furniture has been segmented into RTA and non-RTA type. The non-RTA segment had the largest market share in 2018, with a valuation of USD 432.28 billion. The RTA segment has a scope to register a CAGR of 3.80%.
By material type, the market has been segmented into wood, melamine, steel, glass, wrapped panels, laminates, lacquered panels, and finished foils. The wood segment includes veneer, chipboard, plywood, and others. The wood segment dominated the market with a valuation of USD 149.74 billion in 2018.
By furniture type, the market includes chairs, tables, sofas, beds, cabinets, and others. The Sofas segment had the largest market valuation in 2018.
By end-use, the global market encompasses commercial and household. The household segment includes a kitchen, bedroom, storage, living room, home office, and others. The household segment ruled the market with USD 416.64 billion valuations in 2018.
Regional Analysis:
North America is expected to take charge of the global market as the region is witnessing a substantial rise in the demand for the same from the US and Canada. In Europe, the furniture market will witness a rapid increase.
Competitive Landscape:
Inter IKEA Systems B.V. (Netherlands), Dorel Industries Inc. (Canada), Sauder Woodworking Company (US), HNI Corporation (US), Venture Horizon Corporation (US), Cymax Group Inc. (Canada), Herman Miller, Inc. (US), The Godrej and Boyce Mfg. Co. Ltd (India), Dunn’s Furniture (US), and Kimball International, Inc. (US) are some of the prominent names working in the global furniture market. The market is expecting substantial support from the strategic moves made by these companies, which generally would span across areas like a merger, innovation, branding, acquisition, tie-ups, investment to ensure better research and development prospects, branding, launching, marketing strategies, and others. MRFR listed recent moves to make a proper assessment of various aspects and trends that can set the market growth for the coming years.
Industry News:
The impact of the COVID-19 pandemic is clearly visible in the furniture market, as this has created scope for the industry to launch products to support the work from home mode. People are looking for proper furniture to create their workstation at home so that they can continue their work without incurring much physical hazards. Companies like IKEA, Godrej Interio, and others are benefiting from this new method. In fact, many companies have announced that they would continue this new mode of working to curb their financial losses, which means a possible increase in the market as well in the coming days.
Reports containing details of Japan’s import market suggests a drop of 27% in the office furniture market. This impact is mostly triggered by the COVID-19 crisis. This is especially true for the wooden segment. The wooden kitchen furniture segment witnessed a drop of 9%. However, the bedroom furniture segment had not experienced much of a change.
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