Impact of Existing and Emerging Furniture Market Trends And Forecast 2020

Furniture is a movable object intended to support various human activity such as sleeping, seating, fencing and protection. Furniture is also used to keep or hold the object at proper height for working. Furniture can also be designed and used as decorative object. Furniture is made of various materials such as metal, plastic and wood. Furniture has become part of human life since non-nomadic culture. The Chinese use uncarved wood and bamboo to manufacture their furniture. Japanese furniture is well known for its minimalist style, extensive use of wood and high-quality craftsmanship on the furniture. Different qualities of woods are used to manufacture different sets of furniture such as hardwoods and softwoods.

Furniture is kept in house or other commercial buildings to make the living and working environment comfortable. There are different types of furniture the people use on daily bases such as tables, chairs, beds, desks, dressers and cupboards. On the bases of material used to manufacture furniture, the global furniture market can be bifurcated into metal, plastic and wood. Major application includes residential and commercial building hotels, motels, hospitals and other similar institution.

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North America has the largest market share for furniture products, followed by Europe and Asia Pacific. Asia Pacific region is expected to overtake North American furniture market in the forecasted period in terms of market share. Asian market for furniture is expected to witness double digit growth in the coming years. Emerging markets of India and China are expected to boost the Asia Pacific furniture market in future.

Booming real estate industry in the current scenario is driving the global furniture market. Increasing urban population in the developing countries is also driving the global furniture market. Additionally, increasing disposable income has influenced the individual to spend more on comfortable life style, this is expected to provide growth opportunity for the global furniture market to some extent. Low cost furniture producers like China, Vietnam is also driving the furniture market. However, scarcity of skilled labor, better transportation facilities and infrastructure facilities may act as hindrance for the global furniture market.

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Booming real estate industry have influence many multinationals to invest in the emerging markets. Some of the major companies operating at the global furniture market are IKEA International Group, Knoll Inc., Steelcase Inc., Masco Corp., Kimball International, Sears Holdings Corp., KOKUYO Furniture Co. Ltd., HNI Corp., Herman Miller Inc., Haworth Inc. and Ashley Furniture Industries Ltd.

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