E-commerce and Smart Furniture Drive Furniture Market Transformation Post-COVID-19: Tech-Enabled Smart Furniture Comes to the Fore

Dublin, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The "Furniture - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.

The global market for Furniture estimated at US$545.9 Billion in the year 2022, is projected to reach a revised size of US$872.5 Billion by 2030, growing at a CAGR of 6% over the analysis period 2022-2030.

Wood, one of the segments analyzed in the report, is projected to record 7% CAGR and reach US$335.5 Billion by the end of the analysis period. Growth in the Metal segment is estimated at 6.3% CAGR for the next 8-year period.

The U.S. Market is Estimated at $119.7 Billion, While China is Forecast to Grow at 8.2% CAGR:

• The Furniture market in the U.S. is estimated at US$119.7 Billion in the year 2022.
• China, the world's second largest economy, is forecast to reach a projected market size of US$159.3 Billion by the year 2030, trailing a CAGR of 8.2% over the analysis period 2022 to 2030.
• Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.7% and 4.8% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

The global economic outlook is improving, and growth recovery, albeit on the lower side, is expected for this year and the next. The United States although witnessing slowing GDP growth in response to tight monetary and financial conditions, has nevertheless overcome the recession threat. Easing of headline inflation in the Euro area is helping boost real incomes and is contributing to a pick-up in economic activity. China is expected to see strong increases in GDP in the coming year as the pandemic threat recedes and the government sheds its zero-COVID policy. With optimistic GDP projections, India remains on-course to emerge into a US$6 trillion economy by 2030, surpassing Japan and Germany.

The upturn, however, remains fragile, and a number of interlocking challenges continue to run in parallel, such as continued uncertainty around the war in Ukraine; slower than expected decline in global headline inflation; continuation of food and fuel inflation as a persistent economic problem for most developing countries; and still high retail inflation and its impact on consumer confidence and spending. Countries and their governments are showing signs of weathering these challenges, which helps lift market sentiments. As governments continue to combat inflation to get it down to more economically conformable levels by raising interest rates, new job creation will slow down and impact economic activity. Stricter regulatory environment and pressure to mainstream climate change into economic decisions will compound the complexity of challenges faced.

Although corporate investments can likely be held back by inflation worries and weaker demand, rise of new technologies will reverse partially this prevailing investment sentiment. Rise of generative AI; applied AI; industrializing machine learning; next-generation software development; Web3; cloud and edge computing; quantum technologies; electrification and renewables and climate technologies beyond electrification and renewables, will open up the global investment landscape. The technologies hold the potential to drive sizeable incremental growth and value to global GDP in the coming years. The short-term is expected to be a mixed bag of challenges and opportunities for both consumers and investors alike. There is always opportunity for businesses and their leaders who can chart a path forward with resilience and adaptability.

Companies Mentioned:

• Ace Hardware Corporation
• Ac Pacific Corporation
• A.R.T. Furniture, Inc.
• AAA State of Play
• Abbyson Living
• Adams Manufacturing
• Agio International Co., Ltd.
• Alfresco Home LLC
• Allagash Wood Products, Inc.
• American Chair & Seating Corporation
• American Holtzkraft, Inc.
• ACTIU Berbegal y Formas S.A.
• Ak-47 S.R.L.
• 13CASA.COM Srl

What`s New?

• Special discussions on the global economic climate and market sentiment
• Coverage on global competitiveness and key competitor percentage market shares
• Market presence analysis across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to digital archives and trademarked research platform
• Complimentary updates for one year
• Access to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Impact of COVID-19 Pandemic and Looming Global Recession
• 2020 Marked as a Year of Disruption & Transformation
• As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed?
• World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
• As COVID-19 Pandemic Affects the World, Non-Essential Furniture Sales Take a Hit
• Trend towards WFM Model Impacts Sales of Office Furniture
• Companies Make a Shift Towards Remote Working Mandated by COVID-19 Outbreak, Affecting Sales of Office Furniture: WFM Employees as a % of the Total Workforce 2019, 2020 and 2021
• While Store Sales Decline, Online Furniture Sales Report Growth
• Furniture Industry Views COVID-19 as an Opportunity for Coming up with Innovative Strategies for Increasing Sales
• Post Pandemic Strategies for Furniture Manufacturers
• The Furniture Industry in 2022 and Beyond
• Furniture - Global Key Competitors Percentage Market Share in 2022 (E)
• Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
• Furniture: Product Profile
• Furniture Market by Material
• Furniture Market by End-Use
• Global Market Prospects & Outlook
• Wood Leads the Furniture Market by Material
• Home Furniture Leads, Corporate Needs to Drive Growth in Office Furniture Market
• Online Sales Continue to Gain Traction in Furniture Market
• Developing Economies Poised to Drive Long-term Growth
• Production Scenario
• Major Furniture Manufacturing Countries Worldwide: 2020
• Global Furniture Market: Breakdown of Export Value (in %) by Country for 2020
• Global Furniture Market: Breakdown of Import Value (in %) by Country for 2020
• Competition
• World Brands
• Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

• Notable Trends Influencing Growth Outlook in the Furniture Market
• Pandemic-Driven Changes to Propel Furniture Industry's Growth
• Technology Trends Influencing Growth of Furniture Industry
• 3D Modelling & Visualization Adds New Capabilities in Furniture Design
• Tech-Enabled Smart Furniture Comes to the Fore
• Growing Popularity of Eco-Friendly Furniture
• Rising Obesity Levels Drive the Need for Larger Furniture
• Obesity Prevalence Rate (%) in Select Countries for the Years 2019 and 2030P
• Average Per Capita Annual Health Expenditure (In US$) due to Obesity
• Restaurants Look to Accommodate Obese Customers
• Plus-Sized Furniture for Addressing Needs of Overweight People
• Rise in Demand for Multi-Functional Furniture for Homes and Flexible Workspaces
• Select Types of Multipurpose Furniture for Space Constrained Homes
• Changing Trends in the Choice of Materials Used in Furniture
• Increasing Trend Towards Smart Homes Drives Demand for Smart Furniture
• Smart Home Penetration Rate (%) by Region/Country: 2020
• Global Smart Home Penetration Rate (%): 2017-2025
• A Review of Select Smart Furniture Products
• Challenges Facing Smart Furniture Manufacturers
• Pre-assembled or Ready-to-assemble (RTA) Furniture Gets Popular
• Office Furniture Market Facing Challenging Times Amidst the Pandemic
• Multifunctional and Personalized Office Furniture to Drive Market Gains
• Eco-Friendly Office Furniture Find Favor
• Private Sector Drives Growth in Office Furniture Market
• Infrastructure Transformation in Emerging Economies: Potential for Growth
• Office Furniture Design Trends in the Post-COVID Era
• Varied Designs for Different Customers' Needs
• Advent of Innovative and Inexpensive Furniture
• Low Imports in Developed Countries Affect Market Development
• Online Sales of Office Furniture Gather Pace
• Global Office Furniture Market by Distribution Channel (in %) for 2020
• Fierce competition in the Office Furniture Market
• Home Furniture Market: Stable Growth Ahead
• Wooden Furniture Continue to Hold Prominence among Customers
• Plastic Furniture: Lightweight and Low Cost Attributes Propel Sales
• Plastic Furniture Market Worldwide by Distribution Channel (in %) for 2022E
• Customers Exhibit Inclination towards Recycled Plastic Furniture
• Need for High-End Goods to Foster Demand for Luxury Furniture
• Luxury Furniture Market by Material Type (in %) for 2022E
• Luxury Furniture Sales Hit Hard by the Pandemic
• Transforming Luxury Furniture Designs: A Review
• Folding Furniture Sales Benefit from the Growing Needs of Constrained Spaces
• Outdoor Furniture Continues Gain Momentum
• Branded Furniture Finds Favor
• Competitive Scenario
• Healthcare Industry Creates Strong Demand for Aesthetic and Ergonomically Designed Furniture Post-Pandemic
• DTC (Direct To Consumer) Channel Gains Popularity in Furniture Market
• Benefits of DTC model in Furniture Brand Businesses
• Marketing DTC Furniture
• Digital Sales of Furniture Products Gain Traction Worldwide
• e-Commerce Platforms Boost Sales of Furniture
• Global e-Commerce Market Growth Outlook (In %) For Years 2019 Through 2025
• B2B E-Commerce Driving Growth in Furniture Industry During COVID-19 Pandemic
• Noteworthy E-commerce Trends in Furniture & Furnishings Marketplace
• Manufacturers and Retailers Focus on Enhancing Personalized Experiences for Customers
• Product Customization: A Win-Win Approach
• Ergonomic Furniture Gains Spotlight in Offices and Educational Institutions
• Augmented Reality Emerges as a Viable Marketing Tool
• Millennials Emerge as an Important Demographic for Furniture Retailers and Brands
• Global Millennials Population Spread by Region: 2019
• Millennial Population as a Percentage (%) of Total Population in Select Countries: 2019
• Marketing Strategies for Millennials
• Decline in Hospitality Industry Hits Furniture Sales
• Global Hotels and Hospitality Market Reset & Trajectory - Growth Outlook (In %) For Years 2019 Through 2025
• COVID-19 Impact on Travel & Tourism Industry: Growth Rate (%) of Industry Revenues in Select Countries for 2020 Vs 2019
• Residential and Commercial Construction Trends Influence Furniture Sales
• Global Construction Reset & Trajectory: Growth Outlook (In %) For Years 2019 Through 2025
• Macro Drivers and Demographic Trends Influence Market Prospects
• Expanding Global Population
• World Population (in Thousands) by Geographic Region for the Years 2019, 2030, 2050, 2100
• Urbanization Trend
• World Urban Population in Thousands: 1950-2050P
• Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 1950, 1970, 1990, 2018, 2030 and 2050
• Burgeoning Middle Class Population
• Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
• Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
• Challenges Confronting Furniture Manufacturers

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/no5zgj

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