Home Furniture Market Forecast, Trend Analysis & Competition Tracking – Global Review 2017 to 2022
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Home furniture are movable objects that are used for sitting, sleeping, and eating. These furniture occupy the space at home, hotels and restaurants. Surge in preference for less crowded houses has led customers to opt for multi-purpose and smart furniture. Remote control-operated furniture and mattresses equipped with sleeping technology has witnessed considerable demand.
The global home furniture market is expected to register a healthy CAGR, and will represent a value of over US$ 170,000 Mn by the end of 2022.
Consumption in the Residential Industry
Aside from splashing colours and fixing tiles in the floor as a part of the home decoration, people in the residential and hospitality industry are accessorising their home space with furniture. Growing need to shift from one place to another has led to an upsurge in demand for home furniture globally. As comfort and design is more in vogue today, consumers increasingly prefer purchasing furniture that are comfortable. Growing demand for smart furniture has led the manufacturers to integrate enhanced technology in the home furniture. Attributed to enhanced technology, smart technology enables the customers to use furniture conveniently. Smart home furniture are foldable and multi-purpose, due to which these furniture witness considerable demand in the residential industry.
Considerable Demand for Smart Technology
Integrated with enhanced technology, the home furniture including beds, chairs and couches. Integration of enhanced technology in the home furniture has enabled customers to use furniture through the remote controls. Hydraulic beds, beds with storage, sofa cum beds, and recliners are smart furniture purchased by the customers to name a few. Moreover, manufacturers are redefining comfort through integration of sleeping technology in mattresses.
Significant Demand in the Hospitality Industry
Manufacturers are increasingly using raw materials that have comparatively longer durability. Attributed to features such as chemical resistance and longer durability, furniture coated with engineered wood is expected to witness significant demand in the residential and hospitality industry. Engineered wood is expected to protect the home furniture from physical, chemical and mechanical damages.
Beside residential industry, consumption of home furniture witnesses considerable demand in the hospitality industry as well. Equipped with rust free aluminium and plastic materials, the smart home furniture is expected to witness significant demand in the hospitality industry. Attributed to the rust-free features, several hotels and restaurants use these smart furniture in their gardens, terraces, and balcony as they are weather-resistant. On the other hand, high cost of multi-purpose furniture, and smart furniture is expected to hinder demand for home furniture during the predicted period.
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Retail Outlets to Represent a Leading Segment
Bed and mattress is expected to witness the highest revenue growth in the global market. This segment is expected to represent a value of over US$ 20,000 Mn by the end of 2022. Table and desks is expected to represent the second highest revenue growth in the global home furniture market during the predicted period. Upholstery is expected to register the highest CAGR growth in the global market, followed by storage units through 2022. Europe is expected to represent the largest market for home furniture globally.
Wood as compared to other types of materials is expected to witness the highest revenue growth in the global market. This segment is expected to represent a value of over US$ 25,000 Mn by 2017 – end. Metal is expected to represent the second highest revenue share in the global home furniture market by the end of 2017. Plastic is expected to register the highest CAGR growth in the global market, followed by glass throughout 2022.
Retail sector is expected to represent the highest revenue share in the global market. This segment is expected to represent a value of less than US$ 20,000 Mn by the end of 2022. Direct to consumer is expected to represent the second highest revenue share in the global home furniture market by the end 2022. Retail sector is expected to register the highest CAGR in the global market through 2022.
Leading market players operating in the global home furniture market include Ashley Furniture Industries, La-Z-Boy Incorporated, Flexsteel Industries, Inc., Inter Ikea Systems B.V., Nitori Co Ltd, Suofeiya Home Collection Co Ltd, Basset Furniture Industries Inc, Steinhoff International Holding N.V., Herman Miller Inc, Kimball International, Inc, Williams-Sonoma, Inc, Berkshire Hathaway, and Steelcase.
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