“Furniture Market Performance & SWOT Analysis (2020 -2028) key Players Duresta Upholstery Ltd, Turri SRL, Heritage Home Group, Herman Miller, Inc. etc.”

Furniture Market Outlook

Market Research Future (MRFR) believes that the furniture market will project a growth rate of 3.14% from 2020 to 2027. Meanwhile, the market value by the end of 2027 will be around USD 183 billion, adds MRFR.

Major Boosters and Restraints

In view of the surging urbanization rate worldwide, people are gaining interest in aesthetics as well as an urbane lifestyle, which has led to higher adoption of high-end premium furniture. Urbanization has been one of the top growth boosters in the furniture industry, fostering the demand for premium items like furniture. North America is one of the most urbanized continents in the world, with a huge portion of the total population living in urban locations.  furniture made of metal and wood are largely popular among consumers given their impressive aesthetic value as well as high durability. A notable trend arising in developed countries is the booming sales of multifunctional and eco-friendly furniture market.

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Rapidly expanding construction industry worldwide and the booming population in line with evolving lifestyles are some of the major growth rendering factors as well. Furnitures have a few functional applications including sleeping, work, storage, home decoration, seating, and many more. They find use in offices and homes along with public places like hotels and restaurants. Hence, the growing real estate and hospitality sectors are bound to give a significant boost to the global market.

A few other reasons for the robust market growth can be the high focus on positioning and branding, stunning growth in globalisation, lower manufacturing and operational costs and the surge in infrastructure investments.

Segmental Review 

 furniture industry has been segregated in terms of product type, material type, furniture type, and end-use.

The products types are RTA Furniture as well as Non-RTA Furniture.

Key material types considered in the MRFR market study are melamine, wood, steel, glass, finished foils, wrapped panels, lacquered panels as well as laminates.

The primary furniture types discussed in the report include cabinets, sofas, chairs, beds, tables, and others.

Top end users are household and commercial.

Regional Insight

The furniture industry has been geographically segmented in terms of Europe, MEA or the Middle East & Africa, Asia Pacific, Latin America, and North America.

The European market for furniture has secured the lead with the largest share of 47.22% in the year 2018. A thriving hospitality sector along with the escalating interest of consumers in interior designing has raised the sales of  furniture market in the region. France and Italy are leading hubs for the latest fashion trends while also marked by a strong economy, making them the highest contributors to the European industry. Favourable interest rates, high economic growth, and the constant participation of the public sector has driven the growth of the construction sector in the region, which should bolster the demand for furniture. The European market also profits from the rise in immigration as well as the escalating urbanization rate, along with increasing spending on the development of durable and sustainable furniture.

Asia Pacific should note the fastest growth rate in the global market for furniture, in view of the fast-expanding real estate sector and vigorous advertising campaigns led by leading brands. In line with the rising urbanization, the preference for a posh ambience such as elegant acoustics and luxurious architecture at restaurants, home, vehicles, and hotels has soared as well. The region is a prime spot for large-scale foreign investments, considering the rapidly growing construction sector. The availability of cheap labour is another important growth rendering factor. Mounting demand for furniture is also the result of the exploding population witnessing surge in disposable incomes and the rising investments in infrastructure development, especially in India and China.

Renowned Firms

Steinhoff International (South Africa), Giovanni Visentin S.R.L. (Italy), Scavolini S.p.a. (Italy), Duresta Upholstery Ltd (UK), Valderamobili (S.R.L.) (Italy), Iola Furniture Limited (UK), Herman Miller, Inc. (US), Turri SRL (Italy), Nella Vetrina (Italy), Heritage Home Group (US), Muebles Picó (Spain), are the active players in the furniture industry.

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Recent Developments

May 2021

Bradington-Young, a renowned upholstery firm, part of the Hooker Furnishings, is set to launch a range of fully customizable office chairs known as Home Office BY Design. This collection is perfectly timed as the demand for home office furniture has been on a rise following the pandemic. The consumer can personalize their chairs in over 400 options such as any combination of leathers, fabrics, base colors and novelty leathers, keeping in mind with their home decor.

May 2021

Arogya Health Care has introduced a new line of Automatic Massage Chairs along with Foot and Leg Massager products in India. The massage chair has a few advanced mechanisms that include Infrared Heating, 3D massage, Built-in Control panel and Bluetooth Function that form a next-generation technological solution for numerous health issues including stress and anxiety. The chair also helps boost the blood flow as well as energy.

NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.

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