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Boosting the Furniture Market by 2020
Furniture Market
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North America has the largest market share for furniture products, followed by Europe and Asia Pacific. Asia Pacific region is expected to overtake North American furniture market in the forecasted period in terms of market share. Asian market for furniture is expected to witness double digit growth in the coming years. Emerging markets of India and China are expected to boost the Asia Pacific furniture market in future.
Booming real estate industry in the current scenario is driving the global furniture market. Increasing urban population in the developing countries is also driving the global furniture market. Additionally, increasing disposable income has influenced the individual to spend more on comfortable life style, this is expected to provide growth opportunity for the global furniture market to some extent. Low cost furniture producers like China, Vietnam is also driving the furniture market. However, scarcity of skilled labor, better transportation facilities and infrastructure facilities may act as hindrance for the global furniture market.
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Booming real estate industry have influence many multinationals to invest in the emerging markets. Some of the major companies operating at the global furniture market are IKEA International Group, Knoll Inc., Steelcase Inc., Masco Corp., Kimball International, Sears Holdings Corp., KOKUYO Furniture Co. Ltd., HNI Corp., Herman Miller Inc., Haworth Inc. and Ashley Furniture Industries Ltd.
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