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Market Research Report

Global Furniture Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024

Published On : 2017-09-19 Report Page : 230 Category:Consumer Retail

Global Furniture Market

Market Overview

Rapid urbanization and growth in real estate business has significantly bolstered the growth of furniture market. Growing office furniture demand with the rising number of offices in emerging countries also accelerated the growth of office furniture across the globe. The furniture market has expanded to the manufacturing of home interiors and furnishing that exhibit class and high-quality. Furniture industry is not limited to the use of wood; the other materials are use like metal, leather, glass and plastic to increase its durability and elegance. The furniture industry has developed over the years with no longer restricted to the manufacturing of chairs and tables.

China is the largest producer and exporter of furniture across the globe, with its vision focused on export-driven industrial production and huge foreign investments, China has witnessed unmatched growth in last two decades. The Chinese furniture market has now become a huge industry incorporated with more than 5 million employees, exporting more than 35% of its total furniture production and satisfying 99% of the domestic demand. Many other well known manufacturers from Italy, Japan and United States also entered the China's furniture market owing to the availability of huge domestic market, lower cost of labor, and declining import tariff rates. Increased merger and acquisition activities can be seen for furniture industry in order to sustain and maintain market position. For instance, Littlejohn & co., a private investment firm based Connecticut, has acquired manufacturer of outdoor furniture and accessories.

Market Segmentation

  • By Product Type
  • Seating
  • Sleeping
  • Tables
  • Storage
  • By Material Type
  • Wood
  • Plastic
  • Metal
  • Leather
  • Glass
  • By End Users
  • Residential
  • Commercial
  • By Distribution channel:
  • Online Channels
  • Offline Channels (wholesaler, retailers, Agents etc )
  • By Geography
  • North America (US, Canada) {Market Share (%), Market Size (USD Million)}
  • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Million)}
  • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Million) }
  • Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Million) }
  • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Million) }
  • Rest of the World{Market Share (%), Market Size (USD Million) }

Growth Drivers and Challenges

Growing urbanization and rising personal disposable income of people in merging countries has significantly boosted the growth of global furniture market. According to data of United Nations (U.N) more than 54% of global population is living in urban areas, which is generating new employment opportunities and hence improving annual income of individuals. People from urban areas are more tend to spend on new furniture as compared to people in rural areas. Growing e-commerce business across the globe also significantly improved the sales of furniture through online portals. On the other hand, millennial are actively adopting new technologies and are more comfortable making their purchases online as compare to older generation.  In 2016, more than USD 100 billion of furniture sale was generated through e-commerce, which is expected to surpass USD 210 billion by the end of 2024. However, challenges for the transportation of furniture in different countries affecting the manufacturers profit base as they have to face various regulations by different countries for the export and import of timber goods for instance, EU timber regulation and trans-pacific pacts are some of the regulations hindering the growth of global furniture market.

Market Size and Forecast

Global furniture market valued more than USD 400 billion in 2016 owing to rising sales in growing economies. Global furniture market is anticipated to expand at a compound annual growth rate of 4.2% over the forecast period i.e.2016-2024. Further, the market is projected to surpass USD 550 billion by the end of 2024.

Geographically, Asia Pacific is the largest consumer of furniture accounted for one third of global furniture market in 2016. China and India are the largest producers of furniture in the APAC region which is expected to witness significant growth in production owing to rising domestic demand for furniture. APAC region is followed by the North America which accounted for more than USD 102 billion furniture market in 2016. Europe is the third largest furniture market across the globe with Germany, Italy and France as the largest furniture producers in Europe. Germany accounted for the 5% global furniture production in 2016.

Key Market Players

  • IKEA
  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis
  • Williams-Sonoma
  • Ashley Furniture
  • Steel Case
  • OKAMURA
  • 9 to 5 Seating
  • Godrej Interio
  • Rooms To Go
  • TJX
  • Herman Miller
  • HNI
  • Okamura
  • 9to5 Seating
  • Clarin
  • Creative Wood
  • Kimball International

Scope Background

Market Synopsis

Market Segmentation

Global Furniture market is segmented as follows:

  • By Product Type (Market Size, Demand Analysis and Growth Analysis)
  • By Material Type (Market Size, Demand Analysis and Growth Analysis)
  • By End Users Type (Market Size, Demand Analysis and Growth Analysis)
  • By Distribution Channels Type (Market Size, Demand Analysis and Growth Analysis)

Global Furniture Market Report covered insights of below mentioned regions:

  • North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis}
  • Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis}
  • Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis}
  • Asia-Pacific (China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis}
  • Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis}
  • Rest of World  {Market Size, Growth Analysis and Opportunity Analysis}

Market Dynamics: Growth Drivers, Restraints and Opportunities

  • Risk Factors
  • Regional Variations
  • Recent Trends and Developments

Key Market Players

  • Synopsis
  • Business Strategy
  • Product Portfolio
  • SWOT Analysis

Porter’s Five Force Model

Market Landscape: Competition and Beyond

Market outlook for business players and entry level players to ascertain their business in dynamic ecosystem

Expert Analysis

Concluding Remarks


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