Global Home Furniture Market Attractiveness, Growth, Trends and Forecasts to 2022

Growing need for shifting and settling down has led to an upsurge in demand for home furniture globally. Increasing demand for smart furniture is projected to contribute towards growth of the global market of home furniture significantly. A recently published report by Fact.MR reveals that the global market of home furniture market is projected to reflect a healthy CAGR over the forecast period, 2017 – 2022.

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The report offers an overview of the global home furniture market. This comprises an introduction to the market, along with a standard definition of the product – home furniture. In this section, market value and year-over-year growth is offered to the readers. Year-over-year growth provides readers with a broader view of growth patterns over the forecast period.

The report’s succeeding section focuses on drivers, restraints and key trends from macroeconomic, demand, and supply perspectives. Impact analysis of weighted average model-based growth drivers is contained in the report for better provision of decision-making insights to clients.

In order to offer readers with up-to-date information about the latest advancements in the global home furniture market, the report provides updates about market opportunities, which can benefit leading manufacturers of home furniture. With continuous evolution of the consumer goods sector, keeping a record of latest developments and trends is fundamental for home furniture manufacturers to formulate key business strategies. Detailed insights about raw material sourcing, supply chain, pricing analysis, list of distributors, and cost structure are provided in this section.

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.

Competition Tracking
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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About Fact.MR
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This release was published on openPR.