Furniture Market to see Rapid Growth by 2028
The global furniture market is anticipated to grow at a significant CAGR of around 4.6% during the forecast period. The continued expansion of the building and construction industry is a primary market factor driving the global furniture market. It intends to improve the furniture market's growth in the current predicted years in a seamless manner. It is because of reason that the smart city projects are subjected to a quick investment strategy. For instance, in February 2022, London based planet smart city group, a firm that specializes in major projects that construct smart communities and affordable housing. announced its plan to raise 60 million euros to expand it's business in various countries. Planet's projects already have potential to transform the way people live in cities. Its success in Brazil, in which the first households are moving into its neighborhood, has established a distinct offering in compared to the majority of the real estate industry, especially in the inexpensive market category.
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The COVID 19 pandemic had a detrimental impact on export demand of furniture in international market. Consumer markets in Asia, Europe and the US gradually declined, and consumption expectations fell substantially. Foreign trade companies were frequently confronted with cancellations of orders by international buyers, particularly in the furniture industry, that has seen a significant drop in export volume due to demand-side factors, economic recession, and reduced consumer demand induced by the severe COVID-19 pandemic in Europe and the U.S. As COVID-19 spreads over the world, a general public policy response was to impose the temporary shutdown of non-essential economic activity, which has had a negative influence on the furniture industry.
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· Market Coverage
· Market number available for – 2022-2028
· Base year- 2021
· Forecast period- 2022-2028
· Segment Covered- By Source, By Product Type, By Applications
· Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
Inc., and others
Market Segmentation
Global Furniture Market by Material
o Wood
o Metal
o Plastic
o Glass
Global Furniture Market by End Use
o Residential
o Commercial
Regional Analysis
o North America
o US
o Canada
o Europe
o UK
o Germany
o Italy
o Spain
o France
o Rest of Europe
o Asia-Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia-Pacific
o Rest of the World
Company Profiles
o Durham Furniture Inc.
o Godrej & Boyce Maufacturing Co. Ltd.
o Herma Miller Inc.
o Haworth, Inc.
o Home Depot Inc.
o Inter IKEA Systems B.V.
o Kohler Co.
o LA-Z-OY ASIA CO., LTD.
o Leggett & Platt, Incorporated
o OKAMURA Corp.
o OFS rads
o Stickley Furniture Inc.
o Steelcase Inc.
o Urban Office Interiors Ltd.
o Williams-Sooma, Ic.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global furniture market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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