Global Furniture Market Driven by Growth in Real Estate Business and Rapid Urbanization

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According to Goldstein Research, world furniture market is expected to reach more than USD 550 billion by 2024 from USD 400 billion in 2016, growing at a compounded annual growth rate of 4.2% over the forecast period 2016-2024. Furniture market globally has its increasing foothold. With the rapid urbanization in a region real estate market also tends to grow thus driving the growth in demand for furniture. Moreover, the millennial population is majorly creating the demand for advanced and functional furniture, impacting largely the growth of furniture market globally. Global furniture market segmentation has been carried out on the basis of product type, material type, end users, distribution channel, and region. Based on distribution channel, the online furniture portals is significantly contributing to the growth of world furniture market and over the forecast period, is expected to harness considerable market share. Global furniture market is majorly driven by the Asia Pacific, majorly India and China in terms of both manufacturing and consumption of furniture. The major factors are the immense supply of raw material for manufacturing of furniture and the highest population of millennial is in APAC region, creating high demand for the furniture market.

Market Segmentation

On the basis of our in-depth analysis, Global Furniture Market can be segmented as follows:

  • By Product Type
    • Seating
    • Sleeping
    • Tables
    • Storage
  • By Material Type
    • Wood
    • Plastic
    • Metal
    • Leather
    • Glass
  • By End Users
    • Residential
    • Commercial
  • By Distribution channel:
    • Online Channels
    • Offline Channels (wholesaler, retailers, Agents etc )
  • By Region
    • North America (US, Canada) {Market Share (%), Market Size (USD Billion, Adoption Rate (%)}
    • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
    • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
    • Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
    • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}
    • Rest of the World {Market Share (%), Market Size (USD Billion), Adoption Rate (%)}

 

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Furniture Market Global Scenario

“Global Furniture Market Outlook 2024” contains a detailed overview of the global furniture market. On the basis of our in-depth analysis, the market can be segmented in terms of market segmentation by product type, material type, end users and distribution channel.

Further, for the in-depth analysis, Global Furniture Market Trends encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes competitive outlook of some of the major players profiling of companies such as IKEA, Williams-Sonoma, Ashley Furniture, Steel Case, Godrej Interio, Rooms To Go, TJX, Herman Miller, HNI, Okamura, 9to5 Seating, Clarin, Creative Wood, Kimball International, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services, and industries catered, financial analysis of the company and recent developments. Overall, the report represents the global furniture market trends along with the market forecast that will help industry consultants, technology providers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.

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