Furniture Market is Expected to Register US$ 885 Bn Revenue by 2026: GMI
Wooden furniture market segment is anticipated to showcase continual growth outlook over 2019-2026 driven by timeless design and natural texture of wooden furniture provides aesthetic appeal and peerless structural integrity.
SELBYVILLE, Del., November 19, 2019 (Newswire.com) - Global Market Insights, Inc. has recently added a new report with an overview of the global furniture market which forecasts that the market will exceed USD 885 billion by 2026. Increasing adoption of modular and self-assembled furniture will induce significant growth potential in the furniture industry landscape.
Proliferating demand for modular and ready to assemble furniture is providing a strong growth outlook with increasing consumer expectations for shorter delivery time. Industry players are resorting towards automated manufacturing techniques thereby eliminating the need for shifting manufacturing operations to lower-cost regions. Increasing trends towards online furniture sales and changing consumer dynamics from traditional hardwood furniture to economical and disposable furniture is propelling industry growth.
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Some major findings of the furniture market report include:
- Changing architectural trends towards traditional and organic design.
- Proliferating e-commerce distribution model.
- Consumer inclination towards modular and ready to assemble furniture.
- Strategic mergers and acquisition by industry participants to expand regional presence. Major industry players include Ashley Furniture Industries, Okamura Corporation, Inter IKEA Group, Steelcase, Kohler Co. and La-Z-Boy, Inc. among others.
The transformation of furniture from a functional object to a form of art and an integrated part of architecture is escalating the global furniture market size. Constant changing architectural trends are influencing the furniture industry thereby resulting in shifting consumer inclination towards organic and traditional furniture designs.
The wooden segment dominates the industry share and is anticipated to showcase continual growth outlook over the projected timeframe. Timeless design and natural texture of wooden furniture provides aesthetic appeal and peerless structural integrity. Wooden furniture has an array of natural material and texture options, providing consumers with a wide variety of alternatives. Developed and emerging economies across the globe are enhancing their domestic wood imports to fulfill regional demand. For instance, according to United Nations Economic Commission (UNEC) in 2016, China imported over 6.5 million m3 of tropical sawn hardwood as compared to 5.5 million m3 in 2015, justifying growing domestic and export market.
Browse key industry insights spread across 415 pages with 400 data tables & 25 figures & charts from the report, “Furniture Market Size By Material (Plastic, Wood, Metal), By Application (Residential [Upholstered Furniture, Non-Upholstered Furniture, Bedroom, Kitchen Cabinet, Dining Room, Blinds & Shades, Mattresses], Commercial [Business/Office, Educational, Healthcare, Hospitality]) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Residential sector is one of the largest catalysts for wood and furniture consumption and is anticipated to remain a dominant sector during the forecast timeframe. According to APA, in 2017, the residential sector experienced a growth of around 2.5% in plywood consumption as compared to 2016. Further, a growing housing sector in emerging nations is positively influencing the furniture industry growth.
Asia Pacific is one of the major producers and consumers for furniture. Multiple factors including improving economic conditions, fast-paced growth in the construction industry, and increasing disposable income are providing an opportunistic scenario for industry expansion. Low labor cost coupled with the availability of subsidized land is attracting industry players to set up manufacturing units in regions such as China, Thailand, and Indonesia.
Government efforts to support the domestic furniture industry are complementing furniture market expansion. For instance, the Russian Government signed a decree for 2 years that prohibits public procurement of foreign-produced furniture products starting from December 2017. This is anticipated to support domestic furniture production in Russia.
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Partial chapter from report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Furniture industry 360-degree synopsis, 2016 - 2026
2.2 Business trends
2.3 Material trends
2.4 Application trends
2.5 Regional trends
Chapter 3 Furniture Industry Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016- 2026
3.3 Industry ecosystem analysis
3.3.1 Raw material suppliers
22.214.171.124 Challenges faced by the raw material suppliers
126.96.36.199 Challenges faced by furniture manufacturers
3.3.3 Suppliers & Distributors
3.3.4 Furniture Assemblers
3.3.5 Potential customers
3.3.6 Distribution channel analysis
3.3.7 Profit margin trends
3.3.8 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Computer Aided Design (CAD)
3.4.2 Computer Aided Manufacturing (CAM)
3.4.3 CNC bending and cutting
3.4.4 New Materials
3.4.5 Innovation for sustainability
3.4.6 Innovation in Marketing
3.5 Industry best practices & key buying criteria
3.6 Consumer buying behavior analysis
3.6.1 Micro & macro-economic factors influencing demand
188.8.131.52 Upcoming construction projects
3.7 Regulatory landscape
3.7.1 North America
3.7.3 Asia Pacific
3.7.4 Latin America
184.108.40.206 South Africa
3.8 Pricing analysis, 2016 - 2026
3.8.1 Regional pricing
3.9 Raw material analysis
3.9.4 Other materials
3.9.5 Raw Material Benchmarking
3.10 Industry impact forces
3.10.1 Growth drivers
220.127.116.11 Change in consumer buying behavior due to transformation in living styles across the globe
18.104.22.168 Rising replacement of aging infrastructure
3.10.2 Industry pitfalls & challenges
22.214.171.124 Limited availability of skilled labor to meet fluctuating consumer demand
126.96.36.199 Increasing cost and need to enhance supply chain visibility and efficiency
3.11 Trade Statistics
3.11.1 Major importing countries
3.11.2 Major exporting countries
3.12 Growth potential analysis, 2018
3.13 Competitive landscape
3.13.1 Company performance analysis
3.13.2 Strategy dashboard
3.14 Porter’s analysis
3.15 PESTLE analysis
Browse complete TOC: https://www.gminsights.com/toc/detail/furniture-market
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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