New York, Feb. 20, 2023 (GLOBE NEWSWIRE) -- Furniture sales reached a market valuation of US$ 1.11 trillion in 2022, with the global Furniture Market expected to reach US$ 1.89 trillion by the end of 2033, increasing steadily at a CAGR of 5% from 2023 to 2033, according to a new report by Persistence Market Research.
Furniture companies that prioritize modern designs are placing emphasis on innovation and are expanding their offerings to capture greater attention in the market. Customers are willing to pay more for high-quality, innovative, and unique products, which is why many companies are concentrating on producing premium furniture. To achieve this, businesses are investing heavily in research and development to create new products and market them as high-end items at competitive prices.
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When it comes to attracting more customers, the appearance and functionality of a product are key factors. For home furniture, people are looking for strong and high-quality items that complement the decor of their homes without overpowering them. Several furniture companies are offering customized products with modern and modified designs to boost the sales of their products.
Governments across the world are promoting the construction of environment-friendly buildings and interiors through incentives such as funding and tax benefits.
- For example, as part of its commitment to reach net zero emissions, the U.K. government announced a funding of US$ 542 million for green construction projects in 2021.
Other countries are also offering incentives for the construction of green buildings. Such favorable government regulations are expected to boost the demand for green furniture over the coming years.
Key Takeaways from Market Study
- North America is estimated to account for 35.4% share of the global furniture market in 2023. Increasing construction activities in North America are likely to drive high demand for wooden home furniture.
- Based on product type, home furniture is a leading segment in the market and is estimated to account for a market share of 65.6% in 2023.
- Under material, wooden furniture is expected to account for 53.9% share of the global market in 2023.
“More people now are prepared to pay more for environment-friendly furniture products. This demonstrates a shift in people’s perceptions toward sustainability brought on by COVID-19, which continues to support the expansion of the furniture market. To capitalize on this trend, manufacturers are focusing on strengthening and expanding their product portfolios and production capacities through mergers & acquisitions, which is expected to further drive global demand for furniture,” says an analyst at Persistence Market Research.
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Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the furniture market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include
- Duresta Upholstery Ltd
- Ashley home stores, Ltd.
- Inter IKEA Systems B.V.
- Muebles Pico
- Valderamobili
- Giovanni Visentin
- Scavolini
- Laura Ashley
- Iola Furniture Ltd.
- Nella Vetrina
- Henredon Furniture Industries Inc. and more
Know More about Report Inclusions
Persistence Market Research published a new market report on the global furniture market, covering global industry analysis for 2018 to 2022 and forecasts for 2023 to 2033.
This research report provides compelling insights on the furniture market based on product, category, material, end use, and distribution channel, across all major regions of the world.
- By Product:
- Home Furniture (Living Room – Sofas, Loveseats, Recliners, Accent Chairs, Tables, TV & Media Furniture, Sets), (Bedroom – Beds, Wardrobes, Dressers & Chests, Nightstands, Makeup Vanities, Sets), ( Kitchen & Dining Room – Tables, Chairs, Sets, Stools, Storage Units), (Home Office- Desks, Chairs, Bookshelves, Sets),
- Commercial Furniture (Desks & Tables, Chairs, Cabinets, Racks & Shelves, Other Outdoor Furniture)
- By Category: ( Indoor, Outdoor)
- By Material: ( Wood, Metal, Glass, Plastic, Other Materials)
- By End Use: (Domestic, Commercial)
- By Distribution Channel: ( B2B, B2C -Wholesalers/Distributors, Hypermarkets/Supermarkets, Multi-brand Stores, Departmental Stores, Independent Small Stores, Online Retailers, Others)
- By Region: ( North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa (MEA))
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global furniture market. It also addresses the restraints that are projected to hinder sales, along with the latest trends and potential opportunities in this market.
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For additional information on how the global furniture market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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