Sarasota, FL -- (SBWIRE) -- 12/06/2018 -- Global furniture market was valued at around USD 331.21 billion in 2017 and is expected to reach approximately USD 472.30 billion by 2024, growing at a CAGR of around 5.2% between 2018 and 2024.
Furniture offers different solutions such as seating, sleeping, dining, and storage function. Furniture products are important parts of office and home layout. At commercial spaces, furniture plays an important role in seating arrangements and document storage. Furniture products are manufactured using a variety of material and are available in different designs. Depending upon the end-use, furniture designs can be modified through machine-based processes and handcrafting. Furniture manufacturing involves highly-skilled and creative professionals.
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The global market for furniture is growing at a considerable CAGR. The growth of the furniture market is mainly due to the growing demand for luxury and premium furniture. Additionally, rising government investment in infrastructure development coupled with growing urbanization is anticipated to enhance the growth of the global market for furniture. Increasing penetration of technology in the furniture manufacturing process is attracting the new entrants to invest in the global furniture market.
Based on product type, the market is divided into tables, chairs, beds, sofas, cupboards, and others. Chairs segment accounted for the largest market share in terms of revenue in 2017. Innovative product designs and high demand in both domestic and commercial segment is driving the growth of the chairs segment. Based on the material type, the market is divided into wood, plastic, metal, and others. Other materials popular in furniture production include glass, leather, and rubber. Wood material is widely used in manufacturing unique and premium furniture products. This, in turn, contributes to the high growth rate of the segment. Glass material is also gaining the popularity in furniture designing as it adds sophistication and elegance to the overall furniture look. On the basis of application, the market is divided into commercial and residential. Residential segment is exhibiting the largest market share in terms of revenue in 2017. Increasing trend of fully-furnished apartments, increasing investment in construction and real-estate sector, and rising per capita income is projected to enhance the demand for furniture in the residential segment during the forecast period.
The Asia Pacific market for furniture exhibited a major market share in terms of revenue in 2017. High demand for the residential furniture products and improving the standard of living is projected to boost the growth of the Asia Pacific furniture market in the near future. Europe is the second important market for furniture and is projected to grow at significant CAGR within the forecast period. The growth is mainly due to the rapid expansion of the hotel and tourism industry. The growth of the North America furniture market is attributed to the increasing number of domestic companies. The increasing penetration of import furniture is driving the Latin America furniture market growth. With the increasing number of furniture factories, the furniture market in the Middle East and Africa is anticipated to grow at a considerable CAGR within the period of forecast.
The major companies operating in the global furniture market are competing for the significant market share. The companies anticipate to change consumer preferences & demands and plan the appropriate strategies accordingly in order to achieve customer satisfaction. The companies are focusing on innovative product designs and are making use of durable raw materials for maintaining existing market position in the global furniture market. Some of the major companies included in the global furniture market report are Global Upholstery, HNI, Okamura, Ashley Furniture Industries, Steelcase, Herman Miller, Kokuyo, Williams-Sonoma, Godrej & Boyce, IKEA, Creative Wood, Kinnarps, Wipro Furniture, Steelcase, and AFC Systems.
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This report segments the global furniture market as follows:
Global Furniture Market: Type Segment Analysis
Global Furniture Market: Material Segment Analysis
Global Furniture Market: Application Segment Analysis
Global Furniture Market: Regional Segment Analysis
The Middle East and Africa