WASHINGTON, Nov. 06, 2023 (GLOBE NEWSWIRE) — According to Vantage Market Research, the Global Furniture Market is estimated to be valued at USD 800.3 Billion by 2030 at an exponential growth of 5.5% in the next seven years.
The continuously growing real estate sector from the past decade, the rise of e-commerce platforms, and consumers growing attraction towards eco-friendly Furniture products are some of the main factors driving the market growth.
The Report Provides Insights on the Following Pointers
- Market Penetration: Provides comprehensive information on the market offered by the key players,
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets,
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments,
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation,
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players,
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
Furniture products made from various new environmentally friendly raw materials, like bamboo, cork, and felt, are gaining consumer traction. These materials are durable and very cheap compared to costly timber and other forest wood used in the industry. Felt uses recycled plastic bottles to make chairs, desks, and other artistic materials. Development of advanced manufacturing technologies and reduced the cost of Furniture. The need for more skilled laborers is one of the significant obstacles to market growth.
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Factors Affecting the Growth of the Furniture Industry
The development of the Furniture market may be impacted by a number of variables. Some of these factors include:
- Changing consumer preferences for eco-friendly Furniture products led to a rise in demand for Furniture made from sustainable materials, positively influencing market growth.
- Growing infrastructural activities in economically emerging countries in the past few years, especially in the healthcare and commercial sectors, have increased market demand.
- Rising E-commerce platforms specific to Furniture, such as ashleyFurniture.com and ikea.com, have gained traction in recent years due to increased digitization and customized design, and much lower prices than offline options.
- Rising disposable income in developing countries is responsible for the market’s growth, as customers are ready to spend on new Furniture and other decorative goods.
- The continuously growing real estate sector over the past decade and the rise of e-commerce platforms are responsible for the growth of the Furniture industry.
- By Category, the Indoor segment dominated the Furniture market with 65% of the share in 2022 due to growing consumer demand for artistic interiors.
- By End-User, the residential sector is expected to lead the industry during the forecast period due to the continuous growth in residential construction.
- The Asia Pacific region had the highest market share of over 30% in 2022.
Prominent Players in The Global Furniture Market Report Scope:
- Harman Miller Inc. (U.S.)
- Steelcase Inc. (U.S.)
- HNI Corporation (U.S.)
- Ashley Furniture
- Industries Inc. (U.S.)
- Duff & Phelps LLC. (U.S.)
- Global Furniture USA (U.S.)
- ZouYou (China)
- P & C ArteMobili SA (Brazil)
- Saudi Modern Factory Co. (Saudi Arabia)
- DEDON GmbH (Germany)
- Dare Studio (UK)
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- Customers are seeking more personalized and user-friendly Furniture that can be helpful to fulfill their needs and preferences.
- Technological advancement has led to innovative solutions such as smart Furniture, which makes homes more connected and convenient, attracting consumer traction.
- Due to changing lifestyles, there is a rise in cases of medical illnesses like Insomnia and lower back pain, leading to the growing demand for comfort and ergonomic Furniture products like ergonomic chairs and zero gravity recliners.
Key Strategies in the Furniture Market
The Furniture industry has seen remarkable growth as a result of the disposable income of consumers and rising living standards in increasing economics. Here are essential pointers to critical competitors and success strategies in the market:
- Offer Diversity in the product portfolio at different price ranges.
- Effective Internet use for Marketing and Branding by developing a website.
- Focus on consumer trends and customer-friendly experiences.
- Utilize digital marketing channels, social media, and influencer collaborations for visibility.
- Collaborate with various E-commerce platforms to increase sales and a more expansive presence.
- Stay current with growing sustainability trends by adopting eco-friendly manufacturing techniques and sustainable materials.
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Recent Development of the Global Furniture Market
- In July 2022, desks, monitor arms, and gaming chairs will be supplied by Harman Miller Inc. in collaboration with G2 Esports. Revenue from sales and gross profit will rise for the company as a result of the relationship.
- In December 2022, Brosa, one of Australia’s biggest online luxury Furniture sellers, was taken up by Kogan.com Limited. Through the backing of the Kogan Group, the agreement guarantees that the well-known Furniture brand endures and emerges stronger than before.
Global Furniture Market Segmentation
By Raw Material
- Other Raw Materials
By End User
- Other End Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Furniture Market Forecast Report (2023-2030).
Highlights From Segments
Raw Material Analysis
- Wood material dominates the Furniture industry in 2022 and is expected to continue its dominance during 2023-2030.
- Raw materials used in wood-based Furniture products are readily available and durable.
- The indoor category maintained a dominant position in the Furniture market, with 65% of the share in 2022.
- One of the primary reasons for its growth is the growing consumer demand for artistic interiors.
- The residential segment is expected to grow maximum during the forecast years.
- After the pandemic, the rise in residential real estate, tourism, and hospitality industry sectors has increased the demand for Furniture products.
- The Asia Pacific region had the highest market share of over 30% in 2022 and is expected to continue its growth from 2023 to 2030.
- The availability of durable and cheap Furniture products in India and China and the rising income of middle-class people are the notable factors driving the industry in the region.
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Scope of the Report:
|Market Size in 2022
|USD 521.5 Billion
|Revenue Forecast by 2030
|USD 800.3 Billion
|5.5% from 2023 to 2030
|2023 to 2030
|Harman Miller Inc., Steelcase Inc., HNI Corporation, Ashley Furniture, Industries Inc., Duff & Phelps LLC., Global Furniture USA, ZouYou, P & C ArteMobili SA, Saudi Modern Factory Co., DEDON GmbH, Dare Studio
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