Furniture Market size is expected to exceed USD 785 billion by 2027, according to a new research study published by Global Market Insights Inc.
The growing demand for furniture with superior aesthetics due to the large usage of many comfortable/stylish product for the residential application will augment furniture industry revenue generation. Enhanced consumer spending owing to increasing disposable incomes in the developing economics is enhancing industry growth.
Residential construction and renovation are fueling the demand for beds, upholstery, sofa and dining tables. The increasing government spending on commercial infrastructure construction such as, healthcare facilities, colleges and school is supporting the market growth.
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Growth in the multi-functional furniture sales
The rising adaption of multi-functional products that provides larger storage, innovative space designs, and higher portability will drive the furniture market growth. Industry players are taking initiatives to match the customer’s affluence and taste and enhance their revenue generation from both residential and commercial segments. Growing population and rising disposable incomes will create lucrative opportunities and induce significant growth potential.
Browse key industry insights spread across 380 pages with 323 market data tables & 29 figures & charts from the report, “Furniture Market Size By Material (Plastic, Wood, Metal), By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room, Blinds & Shades, Mattresses], Commercial [Business/Office, Educational, Healthcare, Hospitality]), By Distribution Channel (Online, Offline), By Price Range (High End Price Furniture, Medium Price Range Furniture, Low Price Range Furniture), COVID-19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The wood material segment is set to witness around 5.5% CAGR through 2027 since wood has wide applications production of products such as storage cabinets, dining tables, sofa sets, and other products mostly prefer wood. Crafting art coupled with the traditional usage of wood components from the past several decades due to suitable soft surface instigating manufacturers and designers. Wooden furniture provides appealing looks to matchup modern architecture, thus boosting the market revenue.
Kitchen cabinet application valued at over USD 42 billion in 2020 in the residential furniture market. Rapid technological advancements & innovations in kitchen cabinet designs & functions will proliferate the application scope. Taller cabinet types are rising in popularity led by their ability to provide a larger appearance to a smaller kitchen and additional storage capacity. An upsurge in construction activities, growing demand for expansive kitchens, and various bathroom designs will promulgate the scope for kitchen cabinets in the market.
North America furniture industry crossed above USD 75 billion in 2020, it is mainly contributed to the U.S. and Canada markets due to the presence of a strong consumer base. The U.S. has been a major growth driver for the industry. The constant business development in the regional economy, 328.2 million inhabitants having a per capita income of approximately USD 65,281, and its openness to imports have provided an impetus to the international trade.
Some of the major manufacturers in furniture market are Ashley Furniture Industries, Inter IKEA Group, Steelcase, Okamura Corporation, Herman Miller, Inc., Home Depot, Inc. La-Z-Boy, Godrej & Boyce Manufacturing, Urban Office Interiors, Kohler CO, HNI Corporation, among others. The prominent market participants are launching new products, to enhance the company’s product offerings.