Furniture Market Growth

Global Furniture market is expected to grow above a CAGR of 5.5% and is anticipated to reach over USD 800 billion by 2026.

NEW YORK, UNITED STATES, July 9, 2020 /EINPresswire.com/ -- Findings from Facts and Factors report “Furniture Market By Material (Plastic, Wood, Metal, and Others), and By Application (Residential, and Commercial): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” states that the global Furniture market in 2019 was above USD 550 billion. The market is expected to grow above a CAGR of 5.5% and is anticipated to reach over USD 800 billion by 2026.

Furniture can be used in laboratories, restaurants, offices, parks, libraries and many more places. Variety of material such as plastic, woos, metal, etc in the manufacturing of furniture. Funiture includes a chair, beds, cupboards, tables, and many more. They are used for various applications such as for sitting, storage of documents and other materials. The multi-functional furniture facilitates extra storage. In small houses, furniture plays a vital role in storing.

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Furniture provides space for storage, increasing needs of the consumer for storage drive the market growth. There are a variety of well-established players in the furniture market who are interested in providing a wide range of players. The players on this market focus on developing new products with different models and pricing to increase their share. The world furniture market, the development of new designs in the market due to rising consumer demand is one of the main factors driving the market growth. New designs are emerging from industry suppliers, using recyclable materials will lead to market growth. In the sense of rising tourism, the market is also experiencing the introduction of regional and cultural influences. The growing use of smartphones, tablets and other devices to charge these devices has increased the demand for storage pockets or docks. The market sellers supply different products according to consumer tastes and preferences, which will then increase the size of furniture on the market. However, the limited availability of skilled labor, increasing cost, are the factors that may hinder the market growth. Due to the increasing disposable income consumer spend more on furniture for comfort. Moreover, growth in real estate, hospitality industry demand more luxurious furniture and new innovative designs, manufacturers strategy that is the marketing through the internet, produces many opportunities in the industry.

By material segment, the market is divided into plastic, wood, metal, and others. Among these, the wood segment-headed the market in 2019 owing to the increasing demand for wooden furniture.

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By application segment, the market is divided into residential and commercial. Among these, the residential segment held a major share of the global market attributed to the use of furniture in various residential applications such as kitchen, bedroom, dining room, etc.

By geography, North America dominated the market in 2019, owing to the increase in the real estate and more spending capacity of the consumers for comfort.

Top key players operating in the market are Ashley Furniture Industries, Steelcase, Okamura Corporation, Inter IKEA Group, Kohler CO., La-Z-Boy, Inc., Global Furniture Group, Heritage Home, Furniture Concepts, Haworth, Inc., Godrej & Boyce Manufacturing Co. Ltd., Herman Miller, Inc., HNI Corporation, Renaissance Furniture, Urban Office Interiors, Humanscale Corporation, McCarthy Group Ltd., Furniture Services, Inc., The Home Depot, Inc., and others.

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This report segments the furniture market as follows:

Global Furniture Market: By Material Segmentation Analysis

Plastic
Wood
Metal
Other

Global Furniture Market: By Application Segmentation Analysis

Residential
Commercial

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