Selbyville, Delaware, Oct. 14, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on furniture market which estimates the global market valuation for furniture will cross US$ 750 billion by 2026. The growing demand for furniture especially in the developing regions will propel the market growth.
The ongoing pandemic has negatively affected all industrial sectors across the globe. The COVID-19 pandemic has disrupted business functions of several industries across the globe. The ongoing lockdown across the globe to prevent COVID-19 from spreading is expected to negatively affect the construction industry, consequently affecting market revenue in 2020. The sudden rise in cases, especially in Europe and Asia, has resulted in the shutting down of production facilities, thereby disrupting the demand and supply.
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The commercial application sector is projected to grow at a CAGR of over 5.8%. This growth can be attributed to the growing demand for furniture, especially in office establishments. Office furniture consists of specific furniture designed for office applications including meetings, lounges, cafeterias, and individual workstations. Rapid urbanization & globalization across the world owing to the establishment of new offices, a steady employment rate, and increasing education will enhance the business/office application.
In 2019, Asia Pacific held the lions share and is projected to grow at a CAGR of 5.2% during the forecast period. The dominance can be attributed to the rapidly growing construction industry, augmenting demand for furniture over the next few years.
In terms of revenue, the ME will hold a share of close to 5% in 2026. The MEA is among the fastest-growing construction markets. Economic development owing to regaining oil prices will considerably support the construction business demand in the form of government investments. Saudi Arabia, the UAE, and South Africa are the major contributors to the MEA furniture market development. Favorable government initiatives to increase FDI inflow in construction will propel the MEA furniture industry revenues. Large hospitality industry projects are enhancing tourism growth, in turn, fueling the market growth.
The major participants in the market are adopting various growth strategies to capture greater market share. Growing investments by major market players are projected to propel market revenue through 2026.
Browse key industry insights spread across 415 pages with 400 data tables & 25 figures & charts from the report, “Furniture Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/furniture-market
Some of the major findings in the furniture market report include:
- The market is highly fragmented and has a low to medium level of entry barrier for new entrants.
- Wood & metal are the most revenue-generating segments of the furniture market.
- Wood was the dominant product segment and shall hold a market share of over 60% in 2026.
Some of the key product producing companies include Herman Miller, Inc., The Home Depot, Inc., Renaissance Furniture, Global Furniture Group, Heritage Home, Inter Kohler CO, La-Z-Boy, IKEA Group, Okamura Corporation, Ashley Furniture Industries, Inc., Furniture Concepts, Haworth, Inc., HNI Corporation Godrej & Boyce Manufacturing Co., Urban Office Interiors, Humanscale Corporation, McCarthy Group, and Furniture Services, Inc., among others.
Browse complete reports table of contents (ToC): https://www.gminsights.com/toc/detail/furniture-market
Partial chapters of report table of contents (TOC):
Chapter 3. Furniture Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013- 2024
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
3.3.1.1Challenges faced by the raw material suppliers
3.3.2 Manufacturers
3.3.2.1Challenges faced by furniture manufacturers
3.3.3 Suppliers & Distributors
3.3.1 Furniture Assemblers
3.3.2 Potential customers
3.3.3 Distribution channel analysis
3.3.3.1 B2B
3.3.3.2 B2C
3.3.3.3 E-commerce
3.3.4 Profit margin trends
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Computer Aided Design (CAD)
3.4.2 Computer Aided Manufacturing (CAM)
3.4.3 CNC bending and cutting
3.4.4 New Materials
3.4.5 Innovation for sustainability
3.4.6 Innovation in Marketing
3.5 Industry best practices & key buying criteria
3.6 Consumer buying behavior analysis
3.6.1 Micro & macro-economic factors influencing demand
3.6.1.1 Upcoming construction projects
3.7 Regulatory landscape
3.7.1 North America
3.7.1.1 U.S.
3.7.2 Europe
3.7.3 Asia Pacific
3.7.3.1 China
3.7.4 Latin America
3.7.4.1 Mexico
3.7.4.2 Brazil
3.7.5 MEA
3.7.5.1South Africa
3.8 Pricing analysis, 2013 - 2024
3.8.1 Regional pricing
3.8.1.1 Metal
3.8.1.2 Plastic
3.8.1.3 Wood
3.9 Raw material analysis
3.9.1 Metal
3.9.2 Plastic
3.9.3 Wood
3.9.4 Other materials
3.9.5 Raw Material Benchmarking
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Change in consumer buying behavior due to transformation in living styles across the globe
3.10.1.2 Rising replacement of aging infrastructure
3.10.2 Industry pitfalls & challenges
3.10.2.1 Limited availability of skilled labor to meet fluctuating consumer demand
3.10.2.2 Increasing cost and need to enhance supply chain visibility and efficiency
3.11 Trade Statistics
3.11.1 Major importing countries
3.11.2 Major exporting countries
3.12 Growth potential analysis, 2017
3.13 Competitive landscape
3.13.1 Company performance analysis
3.13.2 Strategy dashboard
3.14 Porter’s analysis
3.15 PESTLE analysis
Browse related report:
Wooden Furniture Market Size By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room], Commercial [Business/Office, Educational, Healthcare, Hospitality]), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026
https://www.gminsights.com/industry-analysis/wooden-furniture-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision-making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.