The market for furniture in Europe is anticipated to show considerable growth over the forecast period.
Increasing investment in housing and commercial infrastructure combined with manufacturing design developments is driving the market share of furniture. China, India, and the United States are among the world's largest building industries. Changing consumer trends with growing product launches will boost company development over the timeframe forecast. Due to changing lifestyles, the shift in customer purchasing habits will increase product demand. Regional expansion of renowned brands will boost sector growth by offering reduced-cost residential furnishings. Due to the evolution of flat-pack and RTA furniture, the home furniture segment accounts for the most significant share of income. To meet the increasing demand, market suppliers focus on manufacturing medium-price flat-pack furniture and dense wood furniture aimed at the high-end market. This market study estimates that APAC will be the leading market contributor in terms of geographic areas. This is primarily due to the growing end-user expenditure ability. Also, the development of the region's developing countries, which will boost demand for modern furniture, will increase the growth prospects of the market.
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Region Wise Market Analysis
Growth in the Asia Pacific country such as Singapore, Thailand, Indonesia, China, Hong Kong, Japan, Malaysia, is primarily due to rising disposable income and increasing customer preference for well-equipped housing. The Asia Pacific furniture market is expected to expand within the forecast period due to increased investment in the building and real estate industries at a substantial CAGR. This report estimates that APAC will be the leading market contributor in terms of geographic areas. This is primarily due to the growing end-user expenditure ability. Besides, the development of the region's developing countries, which will boost demand for modern furniture, will also increase the growth prospects of the market. The market for furniture in Europe is anticipated to show considerable growth over the forecast period. The increase in the region is mainly attributed to the increasing adoption of luxury furniture in both residential and commercial segments. The growth of the market for furniture in North America is due to the increased investments in advanced processes of furniture manufacturing. In Latin America, the furniture market is growing at a moderate CAGR.
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Segments And Classification
The global furniture market is classified into three sections based on type, region and application.
Segments in Global Furniture Market Based on Type
• Metal Furniture
• Plastic Furniture
• Wood Furniture
Segments in Global Furniture Market Based on Application
• Home Application
• Office Application
Segments in Global Furniture Market Based on Region
• North America
The study includes significant players on the market operating internationally. About market share, the market is presently dominated by a few of the leading players. However, mid-size to smaller businesses are growing their market presence by securing new agreements and taping fresh markets with technological advances and product innovation. Some of the significant companies analyzed in this report are,
• Ashley Furniture Industries
• Rooms To Go
• Herman Miller
• HNI Corporation
• 9to5 Seating
• Creative Wood
• Kimball International
What The Report Has To Offer
This report focuses on the quantity and value of furniture worldwide, regional and business level. This study reflects the overall size of the furniture industry from a comprehensive view by evaluating historical information and prospects for the future. This study further focuses on several main areas at the regional level. The rapidly evolving tourism industry in the Middle East and Africa is anticipated to boost the growth of the market for furniture in the coming years.
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REPORTS COVERING SPECIFIC SUBSETS OF FURNITURE MARKET
In 2018, the global Luxury Furniture market size was 37360 million US$ and it is expected to reach 50460 million US$ by the end of 2025, with a CAGR of 4.4% during 2019-2025. Luxury furniture is a work of art, designed and completed with the highest level of finish, well balanced and of superlative quality.It is usually made from very best materials such as top quality wood, top quality leather and top quality glass. The luxury furniture market is very fragmented concentrated market; key players includes Restoration Hardware, Hooker Furniture Corporation, Knoll, Kimball, Molteni Group, Poltrona Frau, Roche Bobois, Scavolini S.p.A., B&B Italia, Minotti, Ligne Roset, Luxury Living Group (Fendi Casa) etc; the revenue of top ten manufacturers accounts about 12% of the total revenue in 2018.
Source: EIN Presswire