Selbyville, Delaware, July 05, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the furniture market which estimates the market valuation for furniture will cross US$ 785 billion by 2027. The swift technological advancements & innovations in the healthcare furniture industry will stimulate the business outlook in the market. Moreover, key trends, such as ergonomics, bariatrics, sustainability and safety of inputs, and cleanability, will further fuel the industry landscape.
The COVID-19 pandemic has highly impacted commercial & residential construction activities, resulting in a significant drop in the revenue generation. Additionally, the delivery of furniture items from China was postponed or interrupted due to difficulties in the production and shipping of goods due to the COVID-19 pandemic. Moreover, due to the COVID-19 pandemic, several residential & commercial construction projects are at a standstill and it has also disrupted the normal pace of economic operations and affected various sectors including the industry.
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Online distribution channel is poised to witness around 8.5% CAGR by 2027 in furniture market. The presence of several midsized & small domestic manufacturers along with the entry of e-commerce giants in the offline distribution segment indicates the importance of the offline business segment. For instance, in July 2019, Flipkart announced to establish a furniture experience center in India to compete with other e-commerce giants, such as Urban Ladder and Pepperfry, who have launched their offline experience studios to maximize revenues.
In 2020, Europe held over 25% share in furniture market size, since a quarter of the world’s furniture is produced in Europe. Germany, France, Poland and Italy are among the top 10 furniture manufacturers across the globe with over 10% share in global production and around 60% share in the European market. The EU flagship initiative, Industrial Policy launched within the Europe 2020 strategy will bolster the financial and regulatory benefits offered to the industry.
Some major findings of furniture market report include:
- Increased sales from numerous retail shops owing to the rising spending capacity among middle-class consumers will enhance the significant application scope. In addition, the intense competition between e-commerce business and retail business will significantly support the business outlook in the market.
- Several manufacturers are concentrating majorly on novel construction owing to the higher profitability achieved through new residential construction. India, China, South Korea, Indonesia, and Malaysia are providing market opportunities due to improved economic conditions and the growing population, fueling market expansion during the forecast period.
- The preference for smaller homes and apartments owing to increasing land prices & rents will boost the market growth; hence, the demand for space saving, multi-functional, and smart furniture is supporting the industry development.
- Government initiatives for safety enhancement in offices along with the desire for a better working atmosphere among employees are stimulating the commercial furniture market from remodeling services. Improved logistics & supply chain management is providing more furniture options to customers.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Global furniture industry 360° synopsis, 2017 - 2027
2.1.1. Business trends
2.1.2. Material trends
2.1.3. Application trends
2.1.4. Distribution channel trends
2.1.5. Price range trends
2.1.6. Regional trends
Chapter 3. Global Furniture Industry Insights
3.1. Industry segmentation
3.2. Industry ecosystem analysis
3.2.1. Raw material supplier
3.2.2. Manufacturer
3.2.3. Suppliers & Distributors
3.2.4. Furniture Assemblers
3.2.5. Potential customers
3.2.6. Distribution channel analysis
3.2.7. Profit margin trends
3.2.8. Vendor matrix
3.3. Technology landscape
3.3.1. Computer Aided Design (CAD)
3.3.2. Computer Aided Manufacturing (CAM)
3.3.3. CNC bending and cutting
3.3.4. New Materials
3.3.5. Innovation for sustainability
3.3.6. Innovation in Marketing
3.4. Industry best practices & key buying criteria
3.5. Consumer buying behavior analysis
3.6. Regulatory landscape
3.6.1. North America
3.6.2. Europe
3.6.3. Asia Pacific
3.6.4. Latin America
3.6.5. MEA
3.7. Pricing analysis (including COVID-19 impact)
3.7.1. Regional pricing
3.7.2. Price by material
3.7.3. Price by application
3.7.4. COVID-19 impact on pricing
3.8. Raw material analysis
3.8.1. Metal
3.8.2. Plastic
3.8.3. Wood
3.8.4. Other materials
3.8.5. Raw Material Benchmarking
3.9. Industry impact forces
3.9.1. Growth drivers
3.9.1.1. Change in consumer buying behavior due to transformation in living styles across the globe
3.9.1.2. Rising replacement of aging infrastructure
3.9.2. Industry pitfalls & challenges
3.9.2.1. Limited availability of skilled labor to meet fluctuating consumer demand
3.9.2.2. Increasing cost and need to enhance supply chain visibility & efficiency
3.10. Growth potential analysis, 2020
3.11. Competitive landscape
3.11.1. Top player’s analysis, 2020
3.11.2. Strategy dashboard
3.12. Porter’s analysis
3.13. PESTLE analysis
3.14. COVID-19 impact on demand for furniture market by application
3.14.1. Residential
3.14.2. Commercial
Chapter 4. Furniture Market, By Material
4.1. Global furniture market insights, by material
4.2. Plastic
4.2.1. Global market estimates and forecasts, 2017 - 2027
4.2.2. Market estimates and forecast, by region, 2017 - 2027
4.3. Wood
4.3.1. Global market estimates and forecasts, 2017 - 2027
4.3.2. Market estimates and forecast, by region, 2017 – 2027
4.4. Metal
4.4.1. Global market estimates and forecasts, 2017 - 2027
4.4.2. Market estimates and forecast, by region, 2017 – 2027
4.5. Other materials
4.5.1. Global market estimates and forecasts, 2017 - 2027
4.5.2. Market estimates and forecast, by region, 2017 – 2027
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.