The global Furniture Market was valued at $502.54 Billion in 2018 and is forecast to grow at a modest 6.3 % CAGR between 2018 and 2026, culminating in 2026 global sales of $654.8 Billion.
Furnitures is the movable or shifting objects in a room which are used for decoration, functions, & for sitting. Furniture makes a room comfortable for living, helps decorate a room, it can used for storage purpose, its supports human body to relax, help us hold objects from ground. Furniture’s are classified by material such as wooden furniture, bamboo furniture, metal furniture, plastic furniture, glass furniture, concrete furniture. Furniture helps to decorate home in a very attractive design & it helps to create pleasant, productive office environments with well-designed furniture that’s incorporates new technology into the classic office mode, in which real people can work happily.
The furniture market has exhibited the steady improvement over the years owing to the rise living standards, increasing disposable incomes, economic growth & urbanization.
“Optimal Price Point (OPP) for Furnitures”
Estimated Average product/ service cost – $ xx globally. However, with improving access and availability of options, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Due to the wide array of products available in the market, pricing, positioning, and sales channel optimization play a vital role in the success of a product. On an average, in the China Furnitures are available at USD xxx- USD xxxx. However, the high-end products are available at much higher prices. The prices in emerging countries and developed countries vary significantly due to the difference in purchasing power and availability of latest products.
FurnituresMarket by “Material Categories”
We have segmented the Furniture market based on Material categories as Metal, Wood, Plastic, Glass, Others.
We have observed the significant growth of furniture market by wood materials segment which dominates the market & is expected to expand at the highest CAGR 14.2% over the forecast period. Wooden furniture requires very less maintenance & it is extremely resilient. It has a higher insulation rather than plastic or steel as a result of its natural cellular structure. It means buildings & homes requires less energy to maintain heat & cool and regulates humidity level to a small degree. Wood is used in all kind of furniture both indoor as well as outdoor, it is used to make door & windows frames, used to make patterns, paving materials. Wood materials are used for structural frames & steam bent furniture pieces. Different types of wood have different strength, texture, color, &properties. Some specific type of wood is specially used for lining drawers, boxes &chest. So due to the demand for construction with the increasing populations generates a demand for furniture’s market over the forecast period.
Furnitures Market by “End-Use”
We have segmented the Furniture market based on product types are Residential & Commercial.
We have observed the rapid growth of furniture’s market by the end use of residential segment which dominate the market & expected to expand at highest CAGR more than 8.0% over the forecast period. Growing demand for furniture’s in living room, hall, bedroom, kitchen, bathroom with increase in construction projects is expected to boost the demand of furniture’s market during the forecast period.
China and India accounted for the maximum revenue share of over xx% in 2018 due to increased demand of Furnitures materials followed by EU- Top 5 countries contribute $X.6 Billion in 2018 and expected to reach $x.5 Billion by 2026.
Increase demand for living room followed by hall, dining room, kitchen & bedroom and availability of wood, metal, plastic & others materials option, create an impact in developing countries for demand of furniture’s.
“Competitive Landscape”and“Merger & Acquisition Insights”
The key market participants include BERCO DESIGNS, Ashley Furniture Industries, AFC SYSTEMS, Herman Miller Inc, Kimball International Inc, HNI Corporation, Inter IKEA Systems B.V., Godrej & Boyce Manufacturing Company Limited, OKAMURA CORPORATION are few major players in Furnitures markets. The Furnitures market is fragmented with large number of global & local players. Merger &Acquisitions, collaborations & new products launch are some of the major strategies adopted by key market players. Apart from this innovations & new product development are major focus area for dominant companies.
Furniture Market by Material Categories (Revenue, Million, 2018 – 2026)
Furniture Market by End-Use (Revenue, Million, 2018 – 2026)
Furniture Market Regional Outlook (Revenue, USD Million, 2018- 2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- South Africa
- Saudi Arabia
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