Pune, India, May 16, 2019 (GLOBE NEWSWIRE) -- Furniture Market is Poised to touch USD 654.60 Billion by 2025 at an Impressive 2.64% CAGR during the forecast period (2018-2025), reveals the latest report by Market Research Future (MRFR).
Market Analysis
The market can grow due to rapid urbanization and migration of denizens to cities. Changing consumer tastes in indoor furniture and the boom in the real estate sector are other drivers of the market. The market was highly unorganized until the launch of online furniture stores which gave it the much-needed boost. Online retailers such as IKEA, Urban Ladder, and others have enticed customers with a variety of options and numerous designs. Preference of close-to-home outlets by consumers have led to furniture manufacturers in opening up brick-and-mortar stores in tier-II and tier-III cities.
Key Players and Industry Buzz
Topline players in the global Furniture Market are The Godrej and Boyce Mfg. Co. Ltd, Sauder Woodworking Company, Cymax Group Inc., Herman Miller, Inc., HNI Corporation, Dorel Industries Inc., Inter IKEA Systems B.V., Dunn’s Furniture, Kimball International, Inc., and Venture Horizon Corporation.
Companies are focused on launching new products with attractive designs in response to consumer demands. But they are shifting to development of sustainable furniture which would reduce the reliance on wood as the primary source of raw material. For instance, Feather, a U.S. furniture retail and rental service, has raised close to USD 12 million in funding. The membership business model is enticing to millennials who change apartments within the city.
Sustainable furniture has been the focus of furniture manufacturers with rising awareness of consumers regarding eco-friendly items. Brands are increasingly using sustainable or recyclable materials to launch it under a new name. This is evident by the new Ergo collection of Natuzzi which has designed furniture in fluid shapes.
Another startup, Yardbird, has resorted to using ocean plastic as one of the components in the manufacture of furniture. Customer feedback and word-of-mouth managed to influence their sales. The company has decided to expand their reach in order to create awareness.
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Segmentation:
By type, the Furniture Market is divided into ready-to-assemble (RTA) and non-RTA. The non-RTA segment stood at a value of USD 432.28 billion in 2018. This segment can display 3.83% CAGR despite facing stiff competition from RTA furniture makers. On the other hand, the RTA segment can exhibit 3.80% CAGR over the forecast period. This can be attributed to brand such as IKEA which offer home delivery services coupled with attractive designs.
Types of materials discussed in the Furniture Market report include wood, melamine, glass, steel, wrapped panels, finished foils, lacquered panels, and laminates. Among these, wood held a value of USD 149.74 billion in 2018 due to its long shelf life. While the lacquered panels segment can register a CAGR close to 3% during the forecast timespan. The melamine segment can exhibit 3.10% CAGR during the review period owing to being used in decorative furniture. Its durability, uniform shape, and resistance towards wear & tear
Types of Furniture Market include cabinets, tables, sofas, chairs, beds, and others. Sofas held close to 23.8% market share in 2018. The comfort, shape, and elegance of sofas are prime factors driving the segment growth. Cabinets, on the other hand, are expected to exhibit 3% CAGR over the forecast period.
End-uses of the Furniture Market include commercial and household. The household segment accounted for large market share with a value estimated to be USD 416.64 billion in 2018. On the other hand, the commercial segment can display a CAGR above 3.56% during the assessment period.
Browse the market data and Information spread across 366 pages with 398 data tables and 21 figures of the report “Furniture Market Report - Forecast 2018-2025” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/furniture-market-7625
Regional Analysis:
Asia Pacific accounted for the largest Furniture Market share in 2018 due to heavy investments by major furniture brands in the region. The arrival of IKEA in India has shaken up the market. Many online furniture rental stores have decided to seek investments in order to build retail outlets to expand their reach. Partnerships with malls and commercial centers is likely to influence sales. The region can exhibit 2.78% CAGR during the forecast period due to rising income levels of the middle class. It is estimated to touch a valuation of USD 223.22 billion by 2025
North America accounted for 31.38% share in 2018. The shift to recyclable materials by furniture manufacturers in the region is likely to culminate in massive growth. The expansion of the product portfolio by manufacturer will bolster market demand considerably.
The Europe Furniture Market was valued at USD 133.46 billion in 2018. It can generate significant earnings due to being one of the top regions responsible for importing high-end furniture. In addition, the number of patents registered for new designs and large workforce are other drivers of the market.
Browse Related Reports:
Luxury Furniture Market Information by Raw Material (Wood, Metal, Plastic and others), Retails Formats (Furniture retailers, Departmental stores, Online retailing, and others), End-use (Residential and Commercial) and Region - Forecast to 2021
https://www.marketresearchfuture.com/reports/luxury-furniture-market-1305
Folding Furniture Market Information Report by Product (Chairs, Tables, Sofas, Beds and other Furniture), Application (Residential and Non-residential) and Region - Forecast to 2023
https://www.marketresearchfuture.com/reports/folding-furniture-market-4822
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