At 5.6% CAGR, Demand for Global Furniture Market Size & Share To Surpass USD 722 Billion by 2028 | Furniture Industry Statistics, Trends, Growth, Value, Analysis & Forecast Report by ZMR
NEW YORK, June 13, 2022 /PRNewswire/ -- As per Zion Market Research study, The global furniture market was valued at $595 Billion in 2021 and is likely to exceed $722 Billion by the end of 2028. The market is likely to grow with a considerable CAGR of 5.6% during the forecast period. The report is an in-depth study of leading growth factors, restraints, opportunities, and challenges in the global market.
Key Industry Insights & Finding of the Furniture Market Reports:
- As per the analysis shared by our research analyst, the Furniture Market is expected to grow annually at a CAGR of around 5.6 % (2022-2028).
- Through the primary research, it was established that the Furniture Market was valued approximately USD 595 Billion in 2021 and is projected to reach to roughly USD 722 Billion by 2028.
- Asia Pacific accounts for the largest share of the global furniture market due to the growing expansion of the real estate and hospitality sector in the region.
- The fast spurring of commercial spaces, particularly in India, is likely to further expedite the market growth manifolds in the forthcoming years.
- North America is expected to be the fastest-growing region in the global market due to the growing demand for multi-functional furniture in the region.
Zion Market Research published the latest report titled as "Furniture Market By Type (RTA, Residential, And Commercial), By Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, And E-Commerce), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028." into their research database.
Furniture Market: Overview
Furniture includes myriad categories, including dining, sitting, sleeping, etc. The furniture form an impressive layout for the interior design and decoration of offices & residential spaces. However, furniture plays a crucial role in commercial spaces. Furniture is available in different designs in a wide range of materials. Fancy houses furnishings upscale the beauty of the living space. However, furniture is used in different spaces, including bedrooms, camping, restaurants, cleaning rooms, offices, parks, laboratories, libraries, spas, stores, and others. Furniture is movable items like cupboards, beds, chairs, tables, shelves, etc.
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- Zion Market Research methodology
Industry Dynamics:
Furniture Market: Growth Drivers
- Transformation in buying behavior of consumers due to the change in living styles will drive market growth.
The increasing development of new residential spaces is thriving the growth of the global furniture market. Additionally, people became very choosy regarding the interiors and furnishing of their living spaces. The ongoing development of smart cities and significant spike in the growth of the construction sector is also projected to create substantial demand for furnishing solutions in the forthcoming years. Fast-growing marketing campaigns with readymade furniture for commercial and residential building accommodations are likely to entice customers. Additionally, better deals and enhanced service are further propelling the market expansion. Increasing government investments to boost the domestic furniture market will also support the growth of the global market. Developments in technology in this space of furnishing and decoration will also escalate the market growth.
Furniture Market: Restraints
- High costs and need for supply chain optimization will hamper market growth.
The cost of the final product is quite expensive, which limits the consumers from buying premium and high-end products. Additionally, there are many disruptions in the supply chain logistics which further restrain the growth of the global market.
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Furniture Market: Opportunities
- Increasing replacement of aging infrastructure is likely to open new avenues in the global market.
There is a growing trend of renovation and replacement of aging infrastructure, which is likely to create several new lucrative growth opportunities in the global market. The growing government initiatives to revamp the public infrastructure will further expand the scope of the global market.
Furniture Market: Challenges
- Unavailability of skilled labor to meet the soaring demands is a huge challenge in the global market.
Nowadays, people are demanding premium products that require skilled labor. However, the lack of skilled expertise in this area is a huge challenge in the global market. Also, the unavailability of advanced technology in many developing and underdeveloped regions will also affect the growth of the global market.
Global Furniture Market: Segmentation
- The global furniture market can be segmented into type, distribution channel, and region.
By type, the market can be segmented into commercial, residential, and RTA.
By distribution channel, the market can be segmented into e-commerce, specialist stores, supermarkets & hypermarkets, and others.
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List of Key Players of Furniture Market:
- HNI Corporation
- Kohler CO.
- Urban Office Interiors
- Godrej & Boyce Manufacturing Co.Ltd.
- La-Z-Boy Inc.
- Home Depot Inc.
- Herman Miller Inc.
- Okamura Corporation
- Steelcase
- Inter IKEA Group
- Ashley Furniture Industries.
Key questions answered in this report:
- What are the growth rate forecast and market size for Furniture Market?
- What are the key driving factors propelling the Furniture Market forward?
- What are the most important companies in the Furniture Market Industry?
- What segments does the Furniture Market cover?
- How can I receive a free copy of the Furniture Market sample report and company profiles?
Report Scope:
Free Brochure: https://www.zionmarketresearch.com/requestbrochure/furniture-market
Recent Developments:
- IKEA collaborated with the Republic of Gamers (ROG) in September 2020 to innovate a new range of affordable gaming furniture and accessories to come up with an advanced gaming experience at home.
- Herman Miller, in October 2020, proliferated its gaming series with Sayl Chair, a Special Gaming Edition which is ergonomically designed for optimal performance and comfort with six new color palette options.
Regional Dominance:
- Asia Pacific to swipe the largest share in the global market.
Asia Pacific accounts for the largest share of the global furniture market due to the growing expansion of the real estate and hospitality sector in the region. Furthermore, the growing disposable income of people along with rapid urbanization will further contribute to the regional market growth. However, the fast spurring of commercial spaces, particularly in India, is likely to further expedite the market growth manifolds in the forthcoming years.
North America is expected to be the fastest-growing region in the global market due to the growing demand for multi-functional furniture in the region. Furthermore, the presence of the global market leaders in the region will further encourage the growth of the regional market in the forthcoming years.
Global Furniture Market is segmented as follows:
Furniture Market: By Type Outlook (2022-2028)
- RTA
- Residential
- Commercial
Furniture Market: By Distribution Channel Outlook (2022-2028)
- Supermarkets & Hypermarkets
- Specialty Stores
- E-Commerce
Furniture Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Furniture Market: https://www.zionmarketresearch.com/news/global-furniture-market
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