The market is driven by increasing construction activities. In addition, the increasing number of strategic alliances and partnerships among vendors will positively influence the growth of the furniture market.
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Furniture Market: Product Landscape
Based on the product, the market witnessed maximum growth in the home furniture segment. This can be attributed to the increasing government initiatives for urban housing development and the rising demand for multifunctional furniture. The market growth in the segment will be significant over the forecast period.
Furniture Market: Geography Landscape
47% of the market's growth originated from APAC in 2019. Factors such as growing urbanization and the increasing disposable income in emerging economies are fueling the growth of the furniture market in APAC.
China, Japan, and India are the key markets for furniture in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Major Five Furniture Market Vendors:
Ashley Furniture Industries Inc.: The company offers a wide range of furniture products across categories such as Beds, Benches, and Dining Chairs.
Berco Designs: The company offers a wide range of products that include tables, booths, seating, table builders, and others, under the brand name, Oasis.
Godrej Consumer Products Ltd.: The company offers, furniture such as beds, almirahs and wardrobes, sofas and recliners, furniture for study and home offices, living room furniture, and others, under the brand Godrej Interio.
Herman Miller Inc.: The company offers chairs, side chairs, stacking chairs, and other furniture products. Key offerings include Lispenard Sofa, Bolster Ottoman, Bolster Corner, Tuxedo Ottoman, Tuxedo Classic Corner Sofa, and Wireframe Sofa.
HNI Corp.: The company offers office furniture, systems, and seating arrangements across a range of price points, including panel-based, complementary products such as seating, storage, and tables. It also offers a complete line of office panel system products, classroom solutions, bookshelves, and credenzas.
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Related Reports on Consumer Staples Include:
Global Luxury Furniture Market – Global luxury furniture market is segmented by distribution channel (offline and online), application (residential and commercial), and geography (APAC, Europe, MEA, North America, and South America).
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Global Office Furniture Market – Global office furniture market is segmented by end-user (commercial office furniture and home office furniture), distribution channel (offline and online), product (seating, systems, tables, storage units and files, and overhead bins), and geography (APAC, Europe, MEA, North America, and South America).
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