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

The global furniture market size was valued at USD 640.8 billion in 2020 and is anticipated to reach USD 1053.7 billion by 2030 with a CAGR of 5.10% over the forecast period. This information is published by “Decision foresight”, in its report, titled, “Global Furniture Market, 2020-2030.”With a growing worldwide population and a growing middle class in almost every part of the globe, demand for house furnishings is increasing, allowing this section of the market to expand even more. The need for multi-functional furniture with maximum storage, creative space-saving solutions, and beautiful design is driving the furniture market's growth, especially with the rising younger population and their distinctive furniture tastes.

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.

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List of Key Players Covered in this Market Report

• Kimball International, Inc.
• Herman Miller, Inc.;
• HNI Corporation
• KOKUYO
• IKEA
• American Woodmark
• Pepperfry
• Walmart
• Wayfair
• Sears
• Tesco

Segmentation

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.

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Regional Insights

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.

Competitive Landscape

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.

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Industry Development

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.

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This release was published on openPR.