Furniture Market 2020 with (Covid-19) Impact Analysis: Growth, Latest Trend Analysis and Forecast 2025

The demand for furniture is on the rise across the globe. The market players have adopted key developmental strategies such as product launch to fuel the growth of the wooden floor market. They have introduced advanced designs to boost the demand for furniture. Also, in recent time the growing commercial sector has contributed toward the growth of the furniture market.

Furniture is used in laboratories, spa, office, clean room, restaurants, camping, bedroom, outdoor, library, parks, stores, and many more places. Global furniture market is projected to reach $800,596 million by 2025 end, with a CAGR of 3.5% from 2018 to 2025. Most of the furniture is manufactured using a variety of materials and is available in different designs. Furniture are movable items such as chairs, beds, cupboards, tables, shelves, or in form of decorative art used at various places. Furniture offer different solutions such as sleeping, dining, seating, and storage function. In commercial spaces, furniture plays an important role in seating arrangements and document storage. Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. The rise in number of small-size houses has encouraged multi-functional furniture, which has facilities for extra storage. It was observed that there is increasing utilization of extra home spaces for an office which has led to a demand for office furniture. The furniture market is highly fragmented due to multiple vendors in both international and regional players. Booming real estate industry in the current scenario is driving the global furniture market. In addition, increase in disposable income has influenced the individual to spend more on comfortable lifestyle, this in turn is expected to provide growth opportunities for the global furniture market. Low-cost furniture producers such as China and Vietnam are also anticipated to drive the growth of the furniture market. However, scarcity of skilled labor, better transportation facilities, and infrastructure facilities may act as a hindrance for the global furniture market.

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The global furniture market is segmented based on type, distribution channel, and region. Based on type, it is classified into RTA, residential, and commercial. The distribution channel comprises supermarkets & hypermarkets, specialty stores, e-commerce, and others. Based on region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, Spain, UK, Italy, France, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).

Based on type, it is classified as RTA, residential, and commercial. In 2017, residential was the leading furniture market segments, due to rise in global economy that has increased the spending capacity of the consumers, which in turn has impelled the sale of branded furniture items in the market. In addition, growing commercial infrastructure and real estate sector has fueled the demand for the residential furniture products across the globe.

Based on distribution channel, the market is categorized into supermarkets & hypermarkets, specialty stores, e-commerce, and others. In 2017, specialty store was the leading segment in the global market, owing to wide range of furniture category that is offered by specialty store. In addition, the increase in income levels and change in lifestyle of consumers are expected to further drive the market growth.

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By region, North America was the largest market for furniture in 2017 due to increase in spending capacity of the consumers and real estate sector. Online retailing and increase in demand for multifunctional furniture present significant opportunities for the growth of the North America furniture market.

Some of the major players in the global furniture industry analyzed in this report are Haworth, Inc., Inter IKEA Systems BV, Steelcase Inc., Masco Corporation, HNI Corporation, L. & J.G. STICKLEY, INC., Kimball International, Inc., Okamura Corporation, Heritage Home Group LLC, and Durham Furniture Inc.

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