Sellbyville, DE -- (SBWire) -- 05/10/2019 --Global Market Insights recently introduced new report on global Furniture market with an in-depth study providing complete analysis of the industry size, share and statistics for the period 2019 to 2024. It also provides complete overview of Furniture industry considering all the major industry trends, market dynamics and competitive scenario.
Furniture Market in Europe is projected to exceed USD 200 billion revenue by 2024. The industry growth is attributed to the fact that the production of regional players originating from plants outside the region (e.g., China) has been growing over the last decade. A quarter of the world's market is accounted from Europe. Germany, Italy, Poland, and France rank among the top 10 global manufacturers and cumulatively account for a 13% share of global production.
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Rising investments in residential buildings supported by material & technological advancements, offering durability and innovative storage solutions are propelling the furniture market growth. Rapid urbanization coupled with increasing disposable incomes, particularly in emerging economies, is positively influencing the residential market expansion.
Consumer expectations and consumption patterns in different regions are also important factors to be considered in the furniture market. Workforces in this industry regularly act as their own negotiators in debates between the retailers and manufacturers. Wholesale suppliers often procure from the manufacturers and distribute them to departmental stores and specialty shops.
Commercial furniture market generated over USD 150 million in 2017. Rapid commercialization across developing economies along with the subsequent mandate for operational spaces fueling industry growth. Thus, the thrust on real estate construction is expected to sustain over the forecast timeline, thereby ensuring a sustainable growth for the industry participants.
The residential sector is expected to witness over 5% CAGR up to 2024. Increasing necessity to accommodate rising population is anticipated to drive the residential market over the forecast timeframe. Socioeconomic development along with housing subsidies by governments will positively impact the industry expansion. Household renovations have observed a strong demand in the past and are anticipated to witness significant gains over the forecast timespan.
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Rise in standard of living owing to increasing disposable incomes, growing purchasing power, and willingness to live in a better environment is driving the investments on home improvement & decoration in China. Reduced product prices owing to the increasing competitiveness in the country's furniture market are supporting the business expansion.
Asia Pacific is the fastest growing region in construction owing to reduced interest rates and growing FDI inflows. The growing tourism supported by expanding hospitality industry, particularly in Thailand, Indonesia, and Malaysia, is fueling demand in the commercial sector. For instance, as per the India Ministry of Tourism, the number of tourists in the country has grown from 5.78 million in 2010 to 8.03 million in 2015.
The U.S., China, Japan, India, and Brazil are among the potential countries for market growth. As per Furniture Today report published in 2017, the U.S. is the largest furniture importer globally, registered over USD 24.5 billion imports. Residential construction is the fastest growing segment in the North American construction market. Substantially lower lending rates coupled with higher consumer spending are among the major factors which makes the region most lucrative for furniture manufacturers.
European furniture industry includes over 130,000 companies generating an annual turnover of around USD 110 Billion. EU production satisfies the majority of the in-home demand. The region consumes around 85% of its total production in 2017. Growing demand for imported furniture is limiting the local manufacturing market share.
The Furniture market report offers detailed competitive landscape of the global market. It includes companies, industry statistics, market share analysis and product portfolio of the major industry participants. The report provides detailed segmentation of the Furniture market based on product, technology, end user and region.
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The global industry share is highly fragmented due to a large presence of industry players in regional and global levels. Key industry participants are:
- Ashley Industries
- Inter IKEA Group
- Steelcase
- Okamura Corporation
- Herman Miller
- Inc.
- The Home Depot
- Inc
- La-Z-Boy
- Inc.
- Godrej & Boyce Manufacturing Co.
- Ltd.
- HNI Corporation
Product design, configuration, and after-sale service is the key concerning areas for industry players.
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Furniture Market with in-Depth Regional & Growth Analysis over 2019 – 2024 : Leading Manufacturers: Inter IKEA Group, Steelcase, the Home Depot, HNI Corporation
Rising investments in residential buildings supported by material & technological advancements, offering durability and innovative storage solutions are propelling the furniture market growth.