Furniture Market Size

Furniture Market Size

Furniture Market size exceeded USD 545.78 billion in 2020 and is estimated to exhibit 5.4% CAGR from 2021 to 2027. The industry is forecast to cross 62,496.5 Kilo Tons volume by 2027, growing at around 4.8% growth rate.

Growing development of new residential projects across the globe is likely to drive the industry growth. The ongoing smart city developments along with growth of the construction industry is projected to create substantial demand for the furniture solutions. According to the International Data Corporation, the smart city projects across the globe are expected to interest technology investments of over USD 158 billion by 2022.

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Proliferating marketing campaigns with ready to use furniture for residential and commercial building accommodation will attract more consumers and better deals, propelling market expansion. Furniture manufacturers are anticipated to gain an advantage by entering into partnerships with construction companies.

Infrastructure expansion is the key factor prompting the economy of advanced and emerging countries. A country’s growth affects its financial aspects, thus supporting efficiency and boosting construction development. The economic development among the global population is a vital aspect for infrastructure growth followed by the increasing demand for residential & commercial place equipped with harm-resistant features.

The expansion of the hospitality and real estate sectors coupled with increasing disposable incomes, specifically in urban areas, is fueling the industry growth. Parallelly, leading global players have started to shift their production core to Asian countries such as India, China owing to inexpensive & skilled work force, which is likely to positively influence the furniture market outlook.