Furniture Market Size Was Valued at USD 640.8 Billion in 2020 and Is Anticipated To Reach USD 1053.7 Billion by 2030 with the CAGR of 5.10% Over The Forecast Period
COVID-19 Impact: Affirmative Commercial Business Sales expected after Pandemic.
In 2020, the outbreak of the Coronavirus illness (COVID-19) acted as a major limitation on the furniture manufacturing industry, as supply chains were disrupted by trade restrictions and demand fell as a result of government-imposed restrictions throughout the world. National governments' efforts to stop the spread have resulted in a halt to production and a drop in economic activity, with nations going into lockdown, and the epidemic is likely to have a detrimental impact on companies throughout 2020 and into 2021.
The furniture manufacturing industry, on the other hand, is projected to recover from the shock throughout the projection period.With the increase in time spent at home due to the pandemic, about most of the world's population was compelled to transition to a stay-at-home protocol for a longer period of time, motivating consumers to optimize their homes and furniture. COVID-19 also emphasized the necessity of lowering dependency on imports, as well as boosting industry automation and digitalization.
Get a Sample PDF Brochure:
List of Key Players Covered in this Market Report
• Kimball International, Inc.
• Herman Miller, Inc.;
• HNI Corporation
• American Woodmark
Based on the user type it can be segmented into residential, and commercial. Residential is the largest furniture market category in, owing to the improved global economy, which has increased consumer purchasing power, driving the sale of branded furniture goods in the market. Furthermore, the global demand for home furniture goods has been fuelled by the expansion of commercial infrastructure and the real estate industry.
The market is segmented into four categories based on the kind of material used: metal, wood, plastic, and glass. The market is segmented into online and offline distribution channels.The advent of decreasing internet costs and the widespread availability of inexpensive smartphones has resulted in an exponential increase in the number of online shoppers throughout the world. Due to growing internet penetration throughout the world, a significant number of customers can access the online channel.
Drivers and Restraints
Rising disposable income, a rise in urban families, and predicted expansion in the hotel, tourist, and commercial building sectors drive Market Growth
The increasing real estate and hotel industries are driving the global furniture industry. The industry has also benefited from significant investments in the tourist, healthcare, and education sectors. With the new era of comprehensive, interactive, and flip classrooms, the demand for portable and flexible furniture with quick reconfiguration has become a necessity in the education industry. Furthermore, as the number of individuals suffering from postural dysfunction rises, so does the demand for ergonomically built furniture to avoid health and posture issues in children and adults.
Due to rising disposable income, a rise in urban families, and predicted expansion in the hotel, tourist, and commercial building sectors, the furniture industry is likely to grow fast. With more job opportunities, global consumers' purchasing power is increasing, which is expected to continue and drive-up demand for both designer and inexpensive furniture in the world.The organised furniture business is predicted to increase by 20% each year, according to a World Bank research. A major portion of this increase is projected to come from Asia's fast developing consumer markets, indicating significant growth potential for the Indian furniture industry. The need for high-quality and customised furniture has gradually grown as the desire for star hotels and the upgrading idea of consumption has increased. On the other hand, urbanisation has resulted in the influx of low-yielding rural populations into cities, resulting in a new cycle of low-end furniture sector demand.
Browse Summary of this Complete Research Report:
The Asia-Pacific area is rapidly expanding, due to large population and rising residential building. Customers have begun to invest in home decorating and furnishings as the standard of living in China continues to rise. The growth of the furniture sector in the region has also been driven by rising consumer spending power. China is the world's greatest manufacturer and exporter of furniture, with a strategy centred on export-driven industrial output and massive foreign investments. In the previous two decades, China has experienced unprecedented growth. The Chinese furniture business has grown into a massive industry with over 5 million people, exporting over 35 percent of total furniture output and meeting 99 percent of domestic demand. Due to the large local market, reduced labour costs, and falling import tariff rates, several other well-known manufacturers from Italy, Japan, and the United States have entered the Chinese furniture industry.
Furniture brands are embracing sustainable methods as a result of consumers' overall preference for eco-friendly and sustainable activities and products.
Because there are so many industry participants at the regional and global levels, the furniture business is extremely fragmented. To boost their industry presence, several firms have formed partnerships and alliances. Companies are expected to expand their supply chain network to benefit from being customer-friendly in order to acquire a greater industry share. Over the predicted timeframe, new entrants will grow gradually, pushed by strong profit margins.
Industry companies will use mergers and acquisitions as a major strategy to grow their market share.In response to strong demand from the younger generation, key players have introduced a variety of discounts on their products. The rising demand for ready-to-assemble furniture is also supporting the market's expansion, notably in the residential and office furniture categories, resulting in higher sales all over the world. The market is expected to grow as the number of residential and commercial buildings worldwide rises, as well as the number of strategic partnerships and collaborations expand. Most furniture brands are embracing sustainable methods as a result of consumers' overall preference for eco-friendly and sustainable activities and products.
Inquire Before Buying This Research:
July 2021:IKEA cancels plans for new stores in UK, citing the rise in online shopping during the epidemic as a reason.
May 2021:IKEA and World Wild Federation Renewed partnership to accelerate action to enhance biodiversity.
125, Beadon Street, Kolkata -700006
Decision Foresight is a market research organization known for its reliable and genuine content, market estimation and the best analysis which is designed to deliver state-of-the-art quality syndicate reports to our customers. Apart from syndicate reports, you will find the best market insights, strategies that will help in taking better business decisions on subjects that may require you to develop and grow your business-like health, science, technology and many more.
At Decision Foresight, we truly believe in disseminating the right piece of knowledge to a large section of the audience and cover the in-depth insights of market leaders across various verticals and horizontals.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Furniture Market Size Was Valued at USD 640.8 Billion in 2020 and Is Anticipated To Reach USD 1053.7 Billion by 2030 with the CAGR of 5.10% Over The Forecast Period here
News-ID: 2350508 • Views: 317
More Releases from Decisionforesight
Mobile Advertising Market Size, Share and Forecast 2030 | Tencent's Digital Ad R …
The global mobile advertising market size was valued at USD 76.9 billion in 2020 and it is expected to reach USD 1234.5 billion by 2030 with the CAGR of 32% during 2020-2030. This information is published by “Decision foresight“, in its report, titled, “Global Mobile Advertising Market, 2020-2030.”As a result of the growth in mobile usage, mobile app advertising expenditure has skyrocketed. According to the latest data from the Interactive Advertising
Energy Drinks Market Size Forecast 2030 | The increased popularity of alternativ …
According to the research study, The global energy drinks market size was valued at USD 60.8 billion in 2020 and is anticipated to reach USD 120.7 billion by 2030 with a CAGR of 7.10% over the forecast period. in the research report, titled, “Global Energy Drinks Market, 2020-2030.”Carbonated beverages, fruit and vegetable juices, bottled water, sports drinks, beverage concentrates, ready-to-drink tea, and ready-to-drink coffee are all included in the soft drink
Cybersecurity Market Size, Share and Forecast 2030 | Introduction of Disruptive …
The global cybersecurity market held USD 157 billion in 2020 and is to grow with a CAGR of 8.89% from 2021-2030. This information is published by “Decision foresight”, in its report, titled, “Global Cybersecurity Market, 2020-2030.”The data and integrity of computing resources connected to or placed on a business network are protected by Cybersecurity. Its goal is to protect these resources from all types of hackers throughout the assault cycle. One
Internet of Things Market Accounted USD 169.8 Million in 2020 and is predicted t …
The global Internet of Things market accounted $169.8 million USD in 2020 and is predicted to reach 1060.2 million USD by 2030 with a CAGR of 20.10% during the forecast period. This information is published by “Decision foresight“, in its report, titled, “Global Internet of Things Market, 2020-2030.”Internet of Things has emerged as one of the most important technologies of the twenty-first century in recent years. Now that we can
More Releases for Decision
Clinical Decision Support Systems (CDSS) Market Report
The findings reviewed by GME stated that the Clinical Decision Support Systems (CDSS) Market will expand with a high CAGR value by 2026. Increasing awareness of the advantages of digital solutions, the development of medical infrastructure in developing countries, and the increasing population, as well as the increasing chronic diseases, are becoming significant growth factors for the market. Furthermore, the ongoing pandemic has also contributed to the growing demand for
Management Decision Market Competitive Analysis 2019-2027
Zion Market Research analysts forecast the latest report on "Management Decision Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2018-2024", according to their latest report the Management Decision Market report covers the overall and all-inclusive analysis of the Management Decision Market with all its factors that have an impact on market growth. The Management Decision Market's complete outline is crystal clear penned down in the global Management Decision
Holidaymakers concerned over Brexit decision
Holidaymakers have been left nursing serious concerns about the impact that victory for the Leave campaign in the EU Referendum will have on their future travel plans, according to a survey from leading independent travel agent Traveltext.co.uk Data compiled by the online agent following the much-discussed referendum revealed that more than 85% of respondents were worried in some way about the impact of Brexit on the travel industry. Those concerns
Decision Making Tool Simplifying the Decision Making Process
Daily life can sometimes be very complex. Regularly, we have to take decisions, short-term, long-term, far-reaching and comprehensive ones. Would it not be of advantage to have a decision-making tool simplifying the decision-making process? Issues in the private, as well as in professional life, can impose decisions that are complex, time consuming and far-reaching: Shall I change my job? Which profession shall I choose? Which car shall I buy? Is
Latin Builders Association® presents Decision 2012
For Immediate Publication Contact: Tina Dominguez January 16, 2012 email@example.com As the 2012 elections continue to heat up, the Latin Builders Association® is hosting an event that is sure to be the most exclusive campaign stop in Florida. This all-day event will showcase leading GOP frontrunners. Each candidate will have a dedicated program to speak to the membership. Governor Rick Scott will be the main speaker at the luncheon. The event
Saudi Infrastructure Brings Together Decision Makers
The Mayor of Jeddah Inaugurates the First International Exhibition on the Infrastructure and Cities Planning. 80 Saudi and International Companies Opt to Share New Projects. On behalf of his Royal Highness Prince Mansour Bin Mitib Bin Abdulaziz, Minister of Municipal & Rural Affairs, Mayor of Jeddah Dr Hani Abu Ras has inaugurated the first international forum and exhibition specialised in the infrastructure cities planning, and transportation. The event is organised