The Business Research Company’s Furniture Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON , UK, May 20, 2021 /EINPresswire.com/ — Increasing demand for online shopping is expected to help the furniture manufacturing market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically, driving the growth of the assistive furniture industry. In countries such as India, for instance, e-commerce portals have boosted the sales of furniture manufacturers by giving larger exposure to producers who were earlier confined to one geography.
Major companies in the market include IKEA AB, Ashley Furniture Industries Inc, Steelcase Inc, Tempur Sealy International Inc, Leggett & Platt Incorporated.
The furniture market consists of sales of furniture by entities (organizations, sole traders and partnerships) that produce furniture including tables, chairs, desks, cabinets or fixtures that are used in a room or building to support various human activities. The furniture market includes the office furniture market and luxury furniture market.
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The global furniture market is expected to grow from $564.7 billion in 2020 to $671.7 billion in 2021 at a compound annual growth rate (CAGR) of 18%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $850.8 billion in 2025 at a CAGR of 6%.
Asia Pacific is the largest region in the global furniture market, accounting for 45% of the market in 2020. North America is the second largest region, accounting for 21% of the global market. Africa is the smallest region in the market.
The global furniture market is segmented by type into institutional and office furniture, household furniture and kitchen cabinet, mattresses, blinds and shades, by type of material into metal, wood, others, and by distribution channel into exclusive showrooms, online, hypermarkets, others.
Subsegments covered into institutional furniture, office furniture, household furniture, kitchen cabinet, mattresses, blind and shade.
Furniture Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides furniture global market overview, forecast furniture global market size and growth for the whole market, furniture global market segments, and geographies, furniture global market trends, furniture global market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Source: EIN Presswire