Furniture Market size worth over $885 bn by 2026

Furniture Market demand will likely to cross USD 885 billion by 2026; according to a new research report by Global Market Insights, Inc.
 

Remodeling projects to strengthen residential segment penetration

Rising inclination towards renovation and remodeling projects in residential sectors will enhance the furniture industry size over the forecast timeframe. Increasing investments in renovation projects, particularly in the North America & Europe is anticipated to stimulate the product demand. According to the European Federation of DIY Manufacturers (FEDIYMA), Europe led by Germany, France, Belgium, and the Netherlands will foresee substantial growth in the home improvement market size. An appreciation in the prices of new houses is driving the renovation and remodeling market development. Further, escalating household spending towards home renovation & furniture replacement will induce significant industry growth.


 

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Favorable FDI policies to enhance the GDP growth are fueling the commercial sector advancement. Growing FDI investments, particularly in hospitality, education, hospitals, and other commercial sector, is strongly supporting the commercial market expansion. Low cost along with increasing penetration of the online distribution channel in emerging economies is stimulating the industry development.
 

U.S. Residential and Commercial Furniture Industry Share, 2016 & 2026 (USD Million)
Global Furniture Market

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Browse key industry insights spread across 415 pages with 400 data tables & 25 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]) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/furniture-market

 

Wooden furniture to witness upward trajectory trend

Wood is continually showcasing strong growth outlook owing to its advantageous physical characteristics. The segment is gaining traction with wide variety of natural coloring and textured choices. Increasing market standards of craftmanship coupled with introduction of innovative material such as fireboards, plyboards, and particleboards are providing industry with slew of bold and innovative offerings inline with rapidly changing consumer demands. Moreover, consumer inclination towards green and organic architecture is surging demand for wood-based furniture in household construction.
 

Blinds & shades provide the facility of window covering for limited light inflow. Blinds are manufactured from hard materials and the shades are softer owing to the usage of fabric. Surging development of smart homes coupled with the innovative interior designs among the consumers will enhance the application scope over the study timeframe.
 

Commercial building to provide significant growth prospects in Middle East

Middle East & Africa furniture market share led by Saudi Arabia and UAE is driven by the rising count of offices, educational institutions, and hotels. The Saudi Arabia construction sector is driven by strong investments to attract tourism. Projects such as the Kingdom Tower and mixed-use development (KAAR) project will escalate the revenue generation. In 2017, the Saudi Arabia government announced to build a mega city worth USD 500 billion to boost its economy. Moreover, the UAE market growth is strongly supported by the increasing investments in the hospitality industry.
 

Service providers developing innovative furniture to gain competitive edge

Incorporation of innovative technologies in the furniture to elevate its functional capabilities and strengthen their industry foothold. For instance, in November 2017, Blue Blood Studio revealed its Kickstarter funding project “SmarTables” featuring smart wooden table with integrated Bluetooth speakers, illuminating nighttime LED, Qi wireless charger, and USB sockets. The table is constructed with whole oak wood piece and compartment to store valuables.
 

Market participants are introducing innovative styling to provide consumers with unique offerings. For instance, in October 2019, Ikea revealed its wooden furniture collection in collaboration with founder of “Off-White”, Virgil Abloh. This designer line-up comprises of tables and chairs featuring minimalistic design and color approach.
 

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