Furniture Market Outlook, Developments Forecast 2022 To 28

The global furniture market size is expected to reach a value of USD 827.5 million by 2028, growing at a CAGR of 5.2% during the forecast period 2022-28. In both home and business settings, furniture refers to moveable and ergonomic items like chairs, tables, beds, cabinets, workstations, sofas, and chairs that are utilized for sitting configurations, storage needs, and enhancing the aesthetic value of a space. Wood, polymers, glass, iron, as well as marble, are some of the long-lasting raw materials used in its manufacture. Manufacturers now offer multi-functional options with better aesthetics, comfort, usefulness, and storage capabilities for offices, residences, and indoor and outdoor locations in a variety of colors, sizes, styles, and designs.

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The Furniture Market Growth Factors:
The market is driven by a number of factors, including increased disposable incomes, expansion of the real estate and hotel sectors, and demand from certain consumer segments for premium and luxury furnishings. Additionally, rising government spending on infrastructure development is boosting demand in the residential and commercial sectors, which will likely increase demand for products in the near future. The expansion of the construction industry in Saudi Arabia has also been sparked by significant investments in the tourism, healthcare, and educational sectors. This is likely to increase demand for products from Saudi Arabia. Furniture has been regarded as a crucial component for home décor in addition to supporting and enabling basic daily activities like sleeping and eating. Moreover, the advent of online platforms has made furniture shopping simpler.

The Furniture Market Segmentation:
The Furniture Market on the basis of Type, the market is categorized into Ready-to-Assemble (RTA), Non-RTA) By Material, the market is divided into Metal, Wood, Plastic, Glass. On the basis of Application, the market is divided into Residential, Commercial. On the basis of Distribution Channel, the market is fragmented into Home Centers, Flagships Stores, Specialty Stores, Online.

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The Furniture Market Regional Analysis:
Europe is expected to grow at a CAGR of more than 5.0% during the forecast period, which can be attributed to the growing tourism industry's influence on the hospitality sector and the subsequent rise in demand for upscale furnishings. One of the key regions where furniture exports outpace imports is Europe. A large portion of the industry's significant players is concentrated in Italy, Germany, and France. A number of governments view international tourism as a tool for eradicating poverty as well as for creating job opportunities. A number of nations in the Middle East, like the UAE and Saudi Arabia, are making significant investments in infrastructure development in an effort to draw in foreign tourists and open up new business prospects.

Key players' profiles in the furniture market report are Bassett Furniture Industries (Bassett), Durham Furniture, Haworth, Inc., Hni Corporation, Inter Ikea Systems Bv, Kimball International Inc., L. & J.G. Stickley, Inc.

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