What's driving the Furniture Market growth? Steelcase, Ashley Furniture Industries, Inter IKEA Group, Kohler Co., Humanscale Corporation
Europe is projected to exceed USD 200 billion revenue by 2024. The industry growth is attributed to the fact that the production of regional players originating from plants outside the region (e.g., China) has been growing over the last decade. A quarter of the world’s furniture market is accounted from Europe. Germany, Italy, Poland, and France rank among the top 10 global manufacturers and cumulatively account for a 13% share of global production.
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Rising investments in residential buildings supported by material & technological advancements, offering durability and innovative storage solutions are propelling the furniture market growth. Rapid urbanization coupled with increasing disposable incomes, particularly in emerging economies, is positively influencing the residential furniture market expansion.
The U.S., China, Japan, India, and Brazil are among the potential countries for market growth. As per Furniture Today report published in 2017, the U.S. is the largest furniture importer globally, registered over USD 24.5 billion imports. Residential construction is the fastest growing segment in the North American construction market. Substantially lower lending rates coupled with higher consumer spending are among the major factors which makes the region most lucrative for furniture manufacturers.
Asia Pacific is the fastest growing region in construction owing to reduced interest rates and growing FDI inflows. The growing tourism supported by expanding hospitality industry, particularly in Thailand, Indonesia, and Malaysia, is fueling demand in the commercial sector. For instance, as per the India Ministry of Tourism, the number of tourists in the country has grown from 5.78 million in 2010 to 8.03 million in 2015.
Rise in standard of living owing to increasing disposable incomes, growing purchasing power, and willingness to live in a better environment is driving the investments on home improvement & decoration in China. Reduced product prices owing to the increasing competitiveness in the country?s furniture market are supporting the business expansion.
European furniture industry includes over 130,000 companies generating an annual turnover of around USD 110 Billion. EU production satisfies the majority of the in-home demand. The region consumes around 85% of its total production in 2017. Growing demand for imported furniture is limiting the local manufacturing market share.
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Consumer expectations and consumption patterns in different regions are also important factors to be considered in the furniture market. Workforces in this industry regularly act as their own negotiators in debates between the retailers and manufacturers. Wholesale suppliers often procure from the manufacturers and distribute them to departmental stores and specialty shops.
Wood accounted for over 60% of the demand and is expected to continue its dominance in the industry over the forecast period. Some of the commonly used wood across furniture market includes Mahogany, Teak, Fir, Cedar, Redwood, Birch, etc. Based on its physical edifice, wood can be classified as a softwood and hardwood. Softwood makes medium density products while the hardwood is widely used for making high-quality furniture.
The residential sector is expected to witness over 5% CAGR up to 2024. Increasing necessity to accommodate rising population is anticipated to drive the residential market over the forecast timeframe. Socioeconomic development along with housing subsidies by governments will positively impact the industry expansion. Household renovations have observed a strong demand in the past and are anticipated to witness significant gains over the forecast timespan.
The global industry share is highly fragmented due to a large presence of industry players in regional and global levels. Key industry participants are Ashley Industries, Inter IKEA Group, Steelcase, and Okamura Corporation, Herman Miller, Inc. and the Home Depot, Inc. Other prominent players are La-Z-Boy, Inc., Godrej & Boyce Manufacturing Co., Ltd., and HNI Corporation. Product design, configuration, and after-sale service is the key concerning areas for industry players.
Table of Content:
Chapter 1. Methodology & Scope
1.1.1. Initial data exploration
1.1.2. Statistical model and forecast
1.1.3. Industry insights and validation
22.214.171.124. By Material
126.96.36.199. By Application
1.1.5. Assumptions, scope & forecast parameters
1.2. Data sources
Chapter 2. Executive Summary
2.1. Furniture industry 360 degree synopsis, 2013 -2024
2.1.1. Business trends
2.1.2. Material trends
2.1.3. Application trends
2.1.4. Regional trends
Chapter 3. Furniture Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Raw material suppliers
188.8.131.52. Challenges faced by the raw material suppliers
184.108.40.206. Challenges faced by furniture manufacturers
3.3.3. Suppliers & Distributors
3.3.4. Furniture Assemblers
3.3.5. Potential customers
3.3.6. Distribution channel analysis
3.3.7. Profit margin trends
3.3.8. Vendor matrix
3.4. Technology and innovation landscape
3.4.1. Computer Aided Design (CAD)
3.4.2. Computer Aided Manufacturing (CAM)
3.4.3. CNC bending and cutting
3.4.4. New Materials
3.4.5. Innovation for sustainability
3.4.6. Innovation in Marketing
3.5. Industry best practices & key buying criteria
3.6. Consumer buying behavior analysis
3.6.1. Micro & macro-economic factors influencing demand
3.7. Regulatory landscape
3.7.1. North America
3.7.3. Asia Pacific
3.7.4. Latin America
220.127.116.11. South Africa
3.8. Pricing analysis
3.8.1. Regional pricing
3.8.2. Raw material analysis
18.104.22.168. Other materials
22.214.171.124. Raw material benchmarking
3.9. Industry impact forces
3.9.1. Growth drivers
126.96.36.199. Change in consumer buying behavior due to transformation in living styles across the globe
188.8.131.52. Rising replacement of aging infrastructure
3.9.2. Industry pitfalls & challenges
184.108.40.206. Limited availability of skilled labor to meet fluctuating consumer demand
220.127.116.11. Increasing cost and need to enhance supply chain visibility and efficiency
3.9.3. Trade Statistics
18.104.22.168. Major importing countries
22.214.171.124. Major exporting countries
3.10. Growth potential analysis, 2017
3.11. Competitive landscape, 2017
3.11.1. Company performance analysis, 2017
3.11.2. Strategy dashboard
3.12. Porter's analysis
3.13. PESTEL analysis
Chapter 4. Furniture Market, By Material
4.1. Global furniture market share by material, 2017 & 2024
4.2.1. Plastic furniture market estimates and forecast, 2013 - 2024, (Thousand Tonnes) (USD Billion)
4.2.2. Plastic furniture market estimates and forecast, by region, 2013-2024 (Thousand Tonnes) (USD Billion)
4.3.1. Wood furniture market estimates and forecast, 2013 - 2024, (Thousand Tonnes) (USD Billion)
4.3.2. Wood furniture market estimates and forecast, by region, 2013-2024 (Thousand Tonnes) (USD Billion)
4.4.1. Metal furniture market estimates and forecast, 2013 - 2024, (Thousand Tonnes) (USD Billion)
4.4.2. Metal furniture market estimates and forecast, by region, 2013-2024 (Thousand Tonnes) (USD Billion)
4.5.1. Other furniture market estimates and forecast, 2013 - 2024, (Thousand Tonnes) (USD Billion)
4.5.2. Other furniture market estimates and forecast, by region, 2013-2024 (Thousand Tonnes) (USD Billion)
Chapter 5. Furniture Market, By Application
5.1. Global furniture market share by application, 2017 & 2024
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Global (United States, European Union and China) Residential Furniture Market Research Report 2019-2025
In 2019, the market size of Residential Furniture is million US$ and it will reach million US$ in 2025, growing at a CAGR of from 2019; while in China, the market size is valued at xx million US$ and will increase to xx million US$ in 2025, with a CAGR of xx% during forecast period.
In this report, 2018 has been considered as the base year and 2019 to 2025 as the forecast period to estimate the market size for Residential Furniture.
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