May 11, 2020
As per the report titled ‘Furniture Market Size By Material Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global furniture market is predicted to display a strong CAGR during through 2024.
Rapid urbanization along with rising disposable incomes, particularly in emerging economies, and increasing investment in residential spaces are driving the growth of global furniture market. Moreover, material & technological advancements with improved durability and innovative storage solutions are augmenting the industry growth.
Based on the material, wood segment account for over 60% of the total demand and is expected to follow similar trends during the forecast period. Wood can be categorized based on its physical structure into softwood and hardwood. Softwood is used for to make medium density products while hardwood is widely used for designing high-quality furniture.
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Elaborating on the application scope, furniture market share from commercial segment accrued USD 150 million in 2017 and is expected to gain decent traction in the coming years. Rapid commercialization across developing nations coupled with growing demand for operational spaces in commercial establishments is fueling the segment growth. The expansion of the real estate sector is further expected to boost furniture market size over the forecast timeline.
Meanwhile, residential segment is projected to grow with a CAGR of 5% throughout the forecast duration. Increasing construction of residential spaces to accommodate rising population, socioeconomic development, housing subsidies by governments, and home renovation projects are supporting the furniture market demand.
Considering the geographical landscape, Europe furniture market is estimated to accumulate USD 200 billion by the year 2024. Germany, Poland, Italy, and France rank among the top 10 global furniture manufacturers and collectively hold 13% of global production share.
Meanwhile, U.S. furniture market is slated to exhibit a strong CAGR in the forthcoming years. According to the Furniture Today report in 2017, U.S. was the largest furniture importer worldwide accounting for over USD 24.5 billion worth imports. Increase in residential construction along with comparatively lower loan rates and higher consumer spending are among the major factors contributing to the regional industry expansion.
Major players in global furniture market are Steelcase, Ashley Furniture Industries, Inter IKEA Group, Okamura Corporation, La-Z-Boy, Inc., Kohler Co., Heritage Home, Global Furniture Group, Haworth, Inc., Furniture Concepts, HNI Corporation, Herman Miller, Inc., Urban Office Interiors, Renaissance Furniture, McCarthy Group Ltd., Humanscale Corp., The Home Depot, Inc., and Furniture Services, Inc.