Manufacturers are increasingly using raw materials that have comparatively longer durability. Attributed to features such as chemical resistance and longer durability, furniture coated with engineered wood is expected to witness significant demand in the residential and hospitality industry. Engineered wood is expected to protect the home furniture from physical, chemical and mechanical damages.

Rockville, WA -- (SBWire) -- 07/26/2018 --The global home furniture market is anticipated to reap potential gains from the rising demand for high-quality and ingeniously designed furnishings in the residential and hospitality industries. The adoption of creative pieces of furniture is receiving increased impetus world over from the rising demand for stylish and trendy furnishings in living rooms. Smart furniture with innovative designs is also gathering steam among residential buyers and restaurant owners, a key trend the potential of which worldwide manufacturers are tapping into. Customers in the hotel industry are exploring latest technologies that enhance value to their stay and hence are increasingly attracted to smartly- designed furniture equipped and enhanced with technologies. This is paving way for exciting avenues in the market. In the backdrop of shrinking living spaces around the world, the market is also witnessing the lucrative demand for multi-purpose furniture that scores high on functionality as well as aesthetics.

According to FactMR, the global home furniture market is projected to cross a revenue worth US$ 170 Bn by the end of 2022. The market is estimated to rise at a promising CAGR over the forecast period of 2017–2022.

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Residential Buyers contribute Lucrative Avenues for Smart Technology in Furniture

The demand for home furniture has been gaining pace from the rising shift in consumers to beautify their spaces with decorative pieces of furniture and smart accessories. The global market is potentially benefiting from this shift that has gained strength over the years from the growing volume of global population moving from one place to another. The trend is increasingly supported by the swift pace of urbanization in developing economies.

Manufacturers, especially in developed economies, are capitalizing from the rising proclivity of buyers to demand furniture with innovative designs and enhanced comfort. Integrating trendy pieces of furniture with advanced electronic technologies is a striking factor supporting the market expansion. For instance, remote-controlled furniture has gained popularity across savvy consumers.

Furniture that Scores High on Functionality are Popular in Demand in Hospitality Industry

The rising demand for smart home furniture such as hydraulic beds, storage beds, and several types of multi-purpose furniture has already gained traction among consumers world over. The growth of the market is catalyzed by the adoption of better raw materials for making furniture such as rust-free aluminum. Of special significance is the proliferating demand for home furniture made up of weather-resistant coating, especially among hotels and restaurants for patios, roof terraces, balcony, and gardens. However, the adoption of smart home furniture is severely crippled by their prices being on the higher side of the spectrum.

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Substantial Demand for Engineered Wood accentuates Market

The various types of material used for home furniture include wood, metal, glass, and plastics. Of all the segments, wood is expected to register higher growth in revenue over the assessment period. In 2017 end, its estimated valuation was US$20 Bn. The growth of the segment can be attributed to an extensive demand for engineered wood, particularly among home users and the hospitality industry. The segment is trailed by furniture made of metal. Meanwhile, plastics furniture is anticipated to garner the dominant CAGR over the assessment period and is trailed by glass segment. Among all product types, beds and mattresses are anticipated to garner the most attractive revenue growth in the global market.

On the geographical front, Europe is expected to emerge as the leading regional market for home furniture. The extensive demand for trendy furniture that are also high on functionality is helping this regional market expand rapidly.

The various distribution channels are retail stores, direct to consumer, manufacturer stores, e-commerce stores, discount stores, rental stores, club stores, and DIY stores. Of these, retail distribution stores are expected to rise at the most attractive revenue growth as well as CAGR over the assessment period.

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Some of the players holding a sizeable stake in the home furniture market are Steelcase, Berkshire Hathaway, Williams-Sonoma, Inc, Kimball International, Inc, Herman Miller Inc, Steinhoff, Nitori Co Ltd, Inter Ikea Systems B.V., Flexsteel Industries, Inc., La-Z-Boy Incorporated, AND Ashley Furniture Industries.

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