LONDON--(BUSINESS WIRE)--The global online furniture market is expected to register a CAGR of over 15% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the market’s growth is the rise in online spending and smartphone penetration. The increase in Internet penetration has been a major driver for the growth of the online furniture market. Online shopping through smart devices has also gained popularity over the years due to the high penetration of Internet services, improved economy, and upgradation of purchase and delivery options with the emergence of m-commerce.
This market research report on the global online furniture market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights mobile commerce and network marketing as one of the key emerging trends in the global online furniture market:
Global online furniture market: Mobile commerce and network marketing
The increase in mobile commerce is driven by consumers who are purchasing new phones and are creating more opportunities for the buyers to shop through the mobile commerce platform. Some of the major retailers have launched their mobile applications in addition to websites. With the increase in popularity of shopping through mobile devices, sales through these devices are expected to increase.
“To take advantage of the rising popularity of shopping through mobile devices, most online retailers have launched mobile versions of their shopping portals. Many key vendors have in the online space, have introduced mobile applications compatible with iOS, Windows, Android, Blackberry, and other operating systems, allowing users to shop conveniently using their mobile devices,” says a senior analyst at Technavio for research on furniture and home furnishing.
Global online furniture market: Segmentation analysis
This market research report segments the global online furniture market into the following applications (ORF and OCF) and key regions (the Americas, APAC, and EMEA).
The ORF segment held the largest market share in 2017, accounting for more than 82% of the market. The market share occupied by this segment is expected to increase to some extent during the forecast period.
In 2017, EMEA held the highest share of the global online furniture market, accounting for a share of approximately 40%. It was followed by APAC and the Americas respectively. The APAC region is anticipated to post the fastest growth during 2018-2022.
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