Market Dynamics:
The Global Furniture Market has witnessed substantial growth over the last few years and is expected to witness significant growth during the forecast period. The growth of the Furniture Market is anticipated to be driven by several factors.
The rising population and increasing urbanization are majorly driving the growth of real estate across the globe. The growth of the real estate sector is leading to a continuous increase in the number of houses and commercial properties, which is directly influencing the growth of the Furniture Market. According to the UN Department of Economic and Social Affairs (UN DESA), “the urban population of the world has grown rapidly from 751 million in 1950 to 4.2 billion in 2018”.
Among the furniture type, sofas accounted for the largest market share of 23.3% in 2018, closely followed by beds in the second place. However, the cabinets segment is expected to grow with the highest growth rate of 3.00% during the forecast period.
However, the only bottleneck in a growth trajectory of the global furniture market is the high prevalence of the unorganized sector in the furniture industry.
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Leading Key Players:
Some of the key players in the Global Furniture Market includes
- Dorel Industries Inc. (Canada)
- Sauder Woodworking Company (US)
- Inter IKEA Systems B.V. (the Netherlands)
- Cymax Group Inc. (Canada)
- Herman Miller Inc. (US)
- HNI Corporation (US)
- Venture Horizon Corporation (US)
- Dunn’s Furniture (US)
- The Godrej and Boyce Mfg. Co. Ltd (India)
- Kimball International Inc. (US)
Key Findings of the Study:
- The global furniture market is expected to reach USD 654.60 billion by 2025 from USD 532.88 billion in 2017 and is expected to register a CAGR of 2.64% during the forecast period from 2018 to 2025.
- In 2017, the market was led by the Asia-Pacific with a 33.74% share, followed by North America and Europe.
- Based on material type, the wood segment accounted for the largest market share of 27.6% in 2017. The melamine segment accounted for the highest CAGR of 3.10% during the forecast period.
- The sofas in the furniture type segment accounted for the largest market share at the global level with a value of USD 145.21 billion in 2017.
- Based on type, the RTA segment accounted for the largest market share and was valued USD 423.64 billion in 2017.
- Based on end-use, the household segment was the largest having a value of USD 408.23 billion in 2017.
Segmentation:
The Global Furniture Market has been segmented based on Type, Material Type, Furniture Type, End-Use, and Region.
By Type, the market is segmented into RTA and non-RTA.
Based on Material Type, the market has been segmented into wood, melamine, glass, steel, wrapped panels, finished foils, laminates, and lacquered panels.
Based on Furniture Type the market is segmented into chairs, sofas, tables, beds, cabinets, and others.
The Global Furniture Market has been Distributed Based on End–Use into Commercial and Household.
Regional Analysis:
Europe is a lucrative market for furniture manufacturers. The booming real estate sector is the major factor for the rising growth of the furniture market in Europe. Technological advancement among furniture manufacturers is one of the major factors for the rising growth of the market over the last few years. Product launch is one of the major trends gaining traction in the Europe furniture market. Key furniture manufacturers are emphasizing product launches to increase their sales volume and enhance brand value. The manufacturers are highly focusing on promotional activities to create strong awareness among consumers regarding product launches.
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North America has accounted for 31.38% of market share in 2018 and is projected to expand at a moderate growth during the forecast period of 2018-2025. Expansion of the furniture product portfolio by the key manufacturers is one of the significant factors for the rising growth of the furniture market in North America. North America furniture market is experiencing massive growth owing to various factors—increasing spending capacity of the consumers, along with the growth in the real estate sector. In North America, the US is estimated to retain its dominance throughout the forecast period and projected to witness a CAGR of 2.42% during the forecast period.
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