Global Furniture Market Overview
The global furniture market is forecast to grow at a CAGR of XXX% from 2016 to 2020. The Asia-Pacific region is expected to be the largest and fastest-growing market for furniture during the forecast period.
The furniture market global is driven by factors such as the increasing demand from the residential sector, growing urbanization, and rising disposable incomes. However, the high cost of raw materials and fierce competition from unorganized players are restraining the growth of this market.
The market has been segmented based on product type, material type, price range, end-use sector, and geography. On the basis of product type, the market has been classified into bedroom furniture, living room furniture, kitchen furniture, office furniture, and others (outdoor furniture, bathroom furniture, etc.). Based on material type, it has been categorized into wood, metal, plastic/polymer, and others (leather & fabric). On the basis of price range; luxury/high-end/premium (> USD XXX), mid-priced (USDXXX – USDXXX) economy (Below USD XXX). The study also covers a detailed competitive analysis of key players operating in this market which includes company profiling of leading companies such as Ashley Furn
Fastest Growing Sectors of the Global Furniture Market
There are a number of factors driving the growth of the furniture market global. The population is growing and urbanization is continuing, leading to increased demand for furniture. In addition, rising incomes and increased access to credit are allowing more people to purchase furniture.
The fastest-growing sectors of the global furniture market include office, outdoor furniture, and children’s furniture. Office furniture is benefiting from the growth of the global economy and the rise of the home office. Outdoor furniture is being driven by the popularity of outdoor living spaces and the desire for stylish yet functional furnishings. Children’s furniture is seeing strong growth due to the increasing number of families with young children and the desire for safe, high-quality products.
Major Challenges Facing the Global Furniture Market
The market is forecast to grow at a CAGR of around XX% during 2016-2020, driven by the increasing demand from the residential sector. The commercial sector is also expected to contribute significantly to the growth of the furniture market during the forecast period.
However, the furniture market faces some challenges that could restrict its growth in the coming years. Firstly, furniture is a highly perishable commodity and has a short shelf life. This makes it difficult for manufacturers to maintain inventory levels and meet customer demand in a timely manner. Secondly, furniture is a bulky product and requires significant investment in logistics for storage and transportation. This increases the overall cost of the product, making it less affordable for consumers. Lastly, the furniture industry is highly fragmented with numerous small and medium-sized enterprises (SMEs) competing against each other. This makes it difficult for manufacturers to achieve economies of scale and compete effectively in the market.
Current and Future Trends in the Global Furniture Market
The market is forecast to grow at a CAGR of XXX% from 2019 to 2024. The growth of the market is driven by the increasing demand for furniture from the residential and commercial sectors. The rising disposable incomes and the growing population are also expected to contribute to the growth of the market.
The market is segmented by product type, end-use sector, and geography. By product type, the market is classified into office furniture, kitchen furniture, bedroom furniture, living room furniture, and outdoor furniture. By end-use sector, the market is categorized into residential and commercial. Geographically, the market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Some of the major players in the market are Ashley Furniture Industries Inc., IKEA Group, Steelcase Inc., Herman Miller Inc., HNI Corporation, Kimball International Inc., La-Z-Boy Incorporated, Masco Corporation, Williams-Sonoma Inc., Ethan Allen Interiors Inc.