IMARC Group, a leading market research company, has recently released a report titled “Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″. The study provides a detailed analysis of the industry, including the global furniture market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
What Are The Growth Prospects Of The Furniture Industry?
According to the report, The global furniture market size reached US$ 655.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 685.6 Billion by 2028.
What is Furniture?
Furniture is a movable and ergonomic object, comprising chairs, tables, cupboards, desks, sofas, beds, and cabinets, which is utilized for seating arrangements, storage purposes, and enhancing the aesthetic value of space. It is manufactured using different materials like wood, plastics, glass, iron, and marble and designed with skilled craftsmanship. It is durable, requires little maintenance, and offers elegance, attraction, and sophistication to any room. It also provides a long shelf life and can be easily cleaned by wiping the surface.
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What are the growth prospects and trends in the furniture industry?
The increasing requirement for premium-quality and aesthetically appealing furniture in residential and commercial complexes represents one of the major factors strengthening the growth of the market around the world. Rapid urbanization and the rising purchasing power of consumers are also favoring the growth of the market. Moreover, the growing number of nuclear families is driving the sales of foldable and compact furniture that can be readily arranged in smaller spaces. In addition, due to the increasing adoption of work-from-home (WFH) models in various industry verticals, there is a rise in demand for furniture as it helps create a safe and productive environment to work in, while maintaining business continuity. Consequently, key players are launching ultra-modern designs that relieve the strain and fatigue of users while being seated for long hours. They are also introducing a smart desk that is equipped with sensors and can record space utilization data and help correct the seating posture of individuals. This, in turn, is contributing to the growth of the market.
Apart from this, the expanding number of shopping malls, restaurants, cafes, theaters, stores, airports, offices, and hotels, is providing a thrust to the growth of the market. Furthermore, product manufacturers are introducing multi-purpose furniture with improved aesthetics, functionality, comfort, and storage capacities. They are also offering customization solutions to tailor the requirements of the consumer. In line with this, due to the growing influence of social media platforms on the purchasing decision of consumers, leading manufacturers are extensively financing digital marketing campaigns and celebrity endorsements to expand their consumer base. This, in turn, is creating a positive outlook for the market. Besides this, there is a rise in consumer preferences towards replacing aging furniture with in-trend and cost-effective furniture, which is providing lucrative growth opportunities to market players operating in the industry. Additionally, the emerging trend of shifting to multiple locations for different purposes is increasing the adoption of easy-to-move furniture. This is anticipated to provide a favorable market outlook.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Material:
Metal
Wood
Plastic
Glass
Others
Breakup by Distribution Channel:
Supermarkets and Hypermarkets
Specialty Stores
Online Stores
Others
Breakup by End Use:
Residential
Commercial
Market Breakup by Region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Durham Furniture Inc.
Haworth Inc. (Haworth International Ltd.)
Heritage Home Group LLC
HNI Corporation
Inter IKEA Systems B.V. (Interogo Foundation)
Kimball International Inc.
Kohler Co.
Masco Corporation
Okamura Corporation
Steelcase Inc.
Stickley Furniture Inc.
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