Furniture Market Top Key Player Analysis - Heritage Home, Furniture Concepts, Haworth, Steelcase, Okamura Corporation, Inter IKEA Group, Kohler CO, La-Z-Boy, Global Furniture Group & More
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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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.
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.
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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.
Table of Content:
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. Furniture Industry Insights
Chapter 4. Furniture Market, By Material
Chapter 5. Furniture Market, By Application
Chapter 6. Furniture Market, By Region
Chapter 7. Company Profiles
More Details on this Report At: https://www.marketstudyreport.com/reports/furniture-market
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