The global furniture market size is expected to reach USD 718.3 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 5.1% during the forecast period. The market is driven by various factors such as growing disposable income to spend more on a comfortable lifestyle, increasing construction activities which are largely supported smart city developments, and demand for luxury and quality furniture from certain customer sections.
The global furniture market is also driven by the need for flexible and multifunctional products that provide portability and can be comfortably accommodated in small spaces. Not only does furniture help and allow simple day-to-day functions such as sleeping and eating, but it has also been considered an important item for home decor. Additionally, due to the availability of online platforms, buying furniture has become easier now.
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Based on end-use, the global furniture market is split into:
· Residential
. Kitchen & Dining
. Living Room
. Bedroom
. Outdoor
. Others
· Commercial
· Office
· Hotels
· Others
Increasing employment opportunities around the globe create a need for additional office spaces which eventually fuel the demand for office furniture. Companies are adopting innovative furniture to boost productivity in the workforce and instill creativity in the workplace.
Further key findings from the report suggest:
. In 2017, the wood furniture segment held the largest market share in terms of revenue. The segment accounted for more than 30% market share attributable to wood used in combination with other materials for the manufacture of various furniture items.
. The residential segment is expected to flourish during the forecast period owing to the growing demand for living room and bedroom furniture coupled with a rise in government-initiated real estate construction projects, especially in urban areas.
. The commercial segment under the end-user category for the furniture market is expected to exhibit a second-highest CAGR of more than 4.0% during the forecast period owing to the increasing demand for office furniture.
. The market for furniture in the Asia Pacific region accounted for over 40% of the total share of revenue in 2017, owing to the rising disposable income of the upper and middle-class population in the region.
. Key participants in the global furniture market include KOKUYO Co., Ltd., Godrej & Boyce Manufacturing Company Limited, OKAMURA CORPORATION, HNI Corporation, Inter IKEA Systems B.V., Herman Miller, Inc., Kimball International Inc., BERCO DESIGNS, AFC SYSTEMS, Ashley Furniture Industries, Inc.
The Middle Eastern and African region is projected to witness substantial growth during the forecast period owing to the rising residential and commercial construction industries.
Major industry participants include:
· KOKUYO Co., Ltd.
· Godrej & Boyce Manufacturing Company Limited
· OKAMURA CORPORATION
· HNI Corporation
· Inter IKEA Systems B.V.
· Herman Miller, Inc.
· Kimball International Inc.
· BERCO DESIGNS
· AFC SYSTEMS
· Ashley Furniture Industries, Inc.
Some of the major developments that have taken place over the past few years include:
· In June 2018, HNI Corporation announced a collaboration with Nowy Styl Company, a manufacturer of office furniture and chairs based in Europe. As a result of this collaboration, both organizations expect to develop a homogenous support and service network to ensure continuity in client services and solutions.
· In 2018, Godrej & Boyce Manufacturing Co., Ltd. released a line of space-saving furniture called ‘Transpose’.
· In September 2018, Steelcase Inc. acquired Orangebox Group Limited, a UK-based designer and manufacturer of furniture for the changing workplace to expand its line of innovative products to change the way people work.
· In March 2020, IKEA and Alibaba announced the launch of an IKEA virtual store on Alibaba’s Tmall e-commerce site. This partnership will help IKEA to become more accessible to a larger population in China and will allow IKEA to test and learn how to serve new customers.
