Market Research Report
Global Furniture Market - Growth, Trends and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||708561|
|Published||Content info||130 Pages
Delivery time: 2-3 business days
|Global Furniture Market - Growth, Trends and Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 130 Pages||
Growing brand consciousness and increasing expenditure on furniture goods among millennials are supporting the market growth from the last few years. Additionally, the easy availability of furniture in various regions through the online platform is influencing the sales of domestic furniture products from the last few years. Due to significant demand from the younger generation, key players have now come up with various offers on their products along with DIY furniture products. This strategy makes the products quite affordable and supporting market growth. The rising trend among consumers to buy furniture products for home decor is further influencing the sales of furniture markets across the globe. The rise in residential and commercial construction and the increasing number of strategic alliances and partnerships are some of the factors that are expected to drive the market's growth.
Growing Demand for Home Furniture to Drive Furniture Market Growth
The growing demand for multi-functional furniture with various features such as the maximum storage facility, stylish design, and innovative space-saving designs are driving the furniture market growth from the last few years. The key players in the market are providing various products according to the preference and taste of the consumers, which is likely to influence the sales of home furniture during the forecast period. Ready-to-assemble (RTA) furniture is becoming increasingly popular among homeowners and renters, globally, because of lower costs and compact designs. RTA furniture, also known as flat-pack furniture, is not assembled by the manufacturer and is available in parts with instructions for customers, regarding assembling of the furniture.
Asia-Pacific Accounted for the Highest Market Share
In Asia-Pacific, many key players in the furniture market are launching their own online platform and entering partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the furniture market growth in the regional. China and India are the main countries for the furniture industry in Asia-Pacific. The key raw materials include wood, metal, and plastic, with bamboo and cane also being used in some cases. India imports wood from various South East Asian countries such as Indonesia, Malaysia, and Myanmar. As the standard of living continues to improve in China people are becoming increasingly willing to invest in home decoration. Consumers' increasing purchasing power has driven the furniture market to develop in leaps and bounds. Prospects for Asian furniture production is better than anywhere else in the world. China is the largest manufacturer, but others are growing faster. India and Vietnam fastest-growing producers.
The report covers major international players operating in the global furniture market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.