The global furniture market size was USD 475.4 billion in 2020. The market is projected to grow from USD 493.6 billion in 2021 to USD 720.2 billion by 2028 at a CAGR of 5.5% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Furniture Market, 2021-2028.”
According to our analysts, rising home decoration and renovation trends among the global population are principally promoting the demand for such products.
COVID-19 Impact
Closure of Furniture Shops amid COVID-19 Lockdown Constraints to Restrict Market Growth
The indeterminate existence of the COVID-19 lockdown limitations is leading to the closing down of upholstery shops around the globe. Therefore, upholstery shops are observing a deterioration in sales owing to such a limitation. Furthermore, to avert coronavirus infection, common people have restricted themselves to shop furniture pieces from these stores. Such influences are exhibiting difficulties to the complete market growth during the pandemic period.
Fortune Business Insights™ lists out all the furniture market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Harman Miller Inc. (Michigan, U.S.)
- Steelcase Inc. (Michigan, U.S.)
- HNI Corporation (Lowa, U.S.)
- Ashley Furniture Industries Inc. (Wisconsin, U.S.)
- Duff Phelps, LLC. (New York, U.S.)
- Global Furniture USA (New Jersey, U.S.)
- ZouYou (Shenzhen, China)
- P C ArteMobili SA (Nova Prata, Brazil)
- Saudi Modern Factory Co. (Riyadh, Saudi Arabia)
- DEDON GmbH (Luneburg, Germany)
- Dare Studio (Worthing, England)
Report Coverage
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the virtual reality market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Driving Factors
Steady Launch of Groundbreaking and Lavish Furniture Pieces to Spur Growth
Intermittent presentation of companies’ elite home facilities is anticipated to entice people to purchase them, consequently fueling the demand for these products. For example, in February 2020, BAXTER, which is an Italian home fitting products company, along with Sources Unlimited, its Indian provider, unveiled radical, lavish, and greatly crafted fixture items in India. This is expected to spur the furniture market growth.
Regional Insights
Asia Pacific to Hold Dominant Position in the Market through 2028
Asia Pacific market was worth USD 223.9 billion in 2020. The largest furniture market share of the Asia Pacific region is accredited to several wood furniture producers in nations such as China and India.
North America holds a substantial share of the market owing to the large usage of such products among the U.S. and Canada population, leading to the greater product incomes from such region.
Significant growth of the European region is accredited to the rising utilization of wood-based furnishing pieces among the population in nations such as the U.K. and Germany.
Segmentation
By Material, the global market is divided into:
- Wood
- Metal
- Plastic
- Others
By Category, the market is segregated into:
- Indoor
- Outdoor
By End-User, the market is categorized into:
- Residential
- Office
- Hotel
- Others
By Region, the global market is branched into:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Competitive Landscape
Collaborations among Corporations to Safeguard Their Brand Values in Global Market
Fundamental players in the market are incessantly choosing operative tactics to endorse their products and institute their positions in the market. One such tactic is to unveil novel products by teaming up with other companies to expand their reach to end-users.
Report Aim Scope:
- An overview of the market based on geographical scope, segmentation and financial performance of key players is presented in the report.
- The report presents the estimated market size by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- The report presents current trends in the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
- The various parameters accelerating the growth of the market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the market during the forecast period.
Key Players Assessment in this Research:
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in this market
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
Key Industry Development:
May 2020: Theodore Alexander USA, Inc., who is a console table and chair products producer, teamed up with Ralph Lauren Corporation, a vital U.S. based fashion products company, to extend its business through the partner’s retail fashion stores based in the U.S.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/furniture-market-106357
