This report provides exclusive insights into the COVID-19 impact on the Furniture Market. The detailed analysis provides information about the impact of the outbreak on the demand and supply conditions, trends and forecasts of the Furniture Market. Moreover, the impact analysis covers the study of the COVID-19 on the supply chain of Furniture Market. The sectoral impact shall provide insights into both short term and long term effects of the pandemic on the related and support industries.
A recent report published by Infinium Global Research on furniture market provides an in-depth analysis of segments and sub-segments in the global as well as regional furniture market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional furniture market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global furniture market. According to the report, the global furniture market is projected to grow at a CAGR of 4.9% over the forecast period of 2018-2024.
The report defines furniture as accessories intended to
support various human activities and make life comfortable. Furniture includes
chairs, sofas, stools, tables, beds and several other products for enhancing
the appearance of a space. It provides comfort during sleeping, seating,
eating, relaxing and also offers storage facilities. Furniture products play a
vital role in the residential and commercial sector. These products are
manufacturing using different material includes wood, metal, and plastic and
are available in a different design.
Growing population coupled with increasing disposable
incomes, particularly in developing economies and increasing household spending
is positively promoting the furniture market growth. In addition, development
in the housing sector and changing living of standard and lifestyle of the
population are some factors are escalating the growth of the market. Apart from
this, growing job opportunities and increasing employment across the globe
create a necessity for additional office spaces, which in turn, catalyze the
demand of furniture market. Moreover, growing investment by government in
infrastructural development promotes the growth of the commercial and
residential sector, which is expected to increase the demand for furniture
product in the near future. A growing number of nuclear families is resulting
in demand for space-saving products. This factor is expected to contribute the
demand the furniture market growth in the near future. Rapid growth in cafes,
restaurants, and hospitals is boosting the growth of the market. Furthermore,
expanding investment in the retail sector by various international entities is
anticipated to increases the growth of the furniture market in the coming
future. Growing inclination towards online and mobile shopping is projected to
increase several opportunities for the market during the forecast period.
Among the geographic, the Asia Pacific region is exhibiting
significant share in furniture market during the forecast period. Rising disposable income, rapid population
coupled with improving the standard of living is projected to boost the growth
of the furniture market. In addition, government spending on housing projects
and the growth in urbanization coupled with expanding IT industry is
anticipated to positively impact demand. Europe is projected to the second largest region for furniture market
during the forecast period owing to increasing tourism industry driving the
hospitality sector, which in turn, generating demand for luxury furniture. The
North America region is projected to expand at the highest CAGR over the
forecast period. Moreover, consumer inclination towards purchasing luxury
furniture catalyze the demand for the market during the forecast period.
Growing number of major key players in the furniture market in the Middle East
and Africa is projected the grow with significant CAGR during the forecast
The report on the global furniture market covers segments such as type, material, and application. On the basis of type, the sub-markets include chairs and dining tables, beds, sofas sets, cupboards, kitchen shelfs, office desk, door & door panels, window frames, and others. On the basis of material, the sub-markets include wood, plastic, metal, and others. On the basis of application, the sub-markets include residential, commercial, and industrial.
The report provides profiles of the companies in the market such as Wipro Furniture Business, Kinnarps AB, Creativewood, IKEA Systems B.V., Godrej & Boyce, Williams-Sonoma Inc, KOKUYO Co., Ltd., Herman Miller, Inc., Steelcase Inc., Ashley Home Stores, Ltd., and HNI CORPORATION.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of furniture market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.