Selbyville, DE -- (SBWIRE) -- 07/01/2020 -- The global furniture market is slated to observe substantial growth over the coming years owing to the emerging trend of shrinking living spaces and furniture industry's focus on catering to this new demographic. Prominent industry players are increasingly innovating to offer space-saving furniture products to consumers. In fact, in 2018, Godrej Interio, a premium furniture brand, rolled out its new range of space-saving furniture products, Transpose, with estimates that this product range would represent 15% to 20% of the company's annual revenues.

Meanwhile, from a wider perspective, increasing investments in residential buildings aided by technological and material advancements, facilitating durable as well as is creative storage solutions, would further propel the overall market size. In addition, according to Global Market Insights, Inc., rapid urbanization and growing disposable incomes, majorly in emerging economies, are also positively driving the furniture industry share.

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Below is a brief overview of the top trends fueling the global furniture market outlook:

Increasing construction activities in the Asia Pacific

Substantial growth in the FDI inflows and low interest rates are fueling the APAC construction sector, which is the fastest growing regional construction market. The region's flourishing construction sector is expected to further drive the APAC furniture market size.

In addition, the region's strong tourism and hospitality sector, specifically in Indonesia, Malaysia, and Thailand, is offering a positive growth trajectory to the regional commercial furniture sector. Citing an instance, according to the Indian Ministry of Tourism, in 2010, the tourist numbers in the country was over 5.78 million, which increased to 8.03 million by 2015.

Growing consumer inclination towards wooden furniture

With reference to the material, wood represented more than 60% of the overall industry demand and is projected to show similar dominance in the market throughout the forthcoming timespan. Some of the most typically used wood to manufacture furniture includes Teak, Mahogany, Cedar, Fir, Birch, Redwood, and others.

Wood is characterized into hardwood and softwood as per its physical edifice. Hardwood observes immense use for manufacturing high-quality furniture while softwood is used to make medium density products. The level of versatility provided by these two wood types would help the sector maintain its dominating industry stance.

Rising adoption of commercial furniture

The commercial furniture industry surpassed a valuation of $150 million in 2017 and is forecast to undergo tremendous growth. Rapid urbanization and commercialization throughout emerging economies is pushing the segment share.

Moreover, subsequent norms for operational spaces are further outlining the commercial segment growth. Furthermore, increasing real estate construction activities are also projected to sustain over the analysis timeframe, thereby affirming the sustainable expansion of market players.

Key industry players are implementing several growth strategies to get a competitive edge over their counterparts, with acquisitions, collaborations, investments, and regional expansions being some of the most commonly used efforts.

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Taking June 2020 for instance, IKEA, the world's biggest furniture brand, unveiled its plan to open a new company outlet in Singapore in 2021. The proposed outlet would span over an area of 70,000 sq. ft and would be spread across three different floors of the renowned Jem suburban mall and open by the second quarter Q2 of 2021.

The competitive landscape of the global furniture market is inclusive of players such as HNI Corporation, Godrej & Boyce Manufacturing Co., La-Z-Boy, Inc., Home Depot, Inc., Herman Miller, Okamura Corporation, Inc., Steelcase, and Ashley Industries among others.

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