LONDON--(BUSINESS WIRE)--The global furniture market size is poised to grow by USD 113.61 billion during 2020-2024, progressing at a CAGR of almost 4% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The growth of the real estate sector and increasing residential and commercial construction are some of the factors which will boost the demand for furniture in the forthcoming years. Significant investments have been made for infrastructural development in developed economies along with favorable government initiatives and urbanization in emerging economies. There has also been a rise in the number of renovation and modification projects in countries such as the US, China, and India. Such market developments are increasing the demand for furniture across the world, thus leading to market growth during the forecast period.
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Report Highlights:
- The major furniture market growth came from home furniture segment. Urbanization in emerging economies and the growth of the real estate sector in developed economies are some of the factors boosting the demand for home furniture. The increasing government initiatives for urban housing development and the rising demand for multifunctional furniture will also contribute to furniture market growth in the home segment.
- APAC was the largest furniture market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the onset of urbanization and the increasing disposable income in emerging economies will significantly drive furniture market growth in this region over the forecast period.
- The global furniture market is fragmented. Ashley Furniture Industries Inc., Berco Designs, Godrej Consumer Products Ltd., Herman Miller Inc., HNI Corp., Inter IKEA Holding BV, Kimball International Inc., Okamura Corp., Steelcase Inc., and Williams-Sonoma Inc.. are some of the major market participants. To help clients improve their market position, this furniture market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global furniture market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increasing Number of Strategic Alliances and Partnerships will be a Key Market Trend
Several vendors in the global furniture market are entering into strategic alliances and partnerships to enhance their operational efficiency. Such strategic alliances and acquisitions will also allow vendors to offer end-to-end furniture solutions, expand their range of services, and transform themselves into global lifestyle brands. For instance, IKEA acquired 49% stake in Traemand Group, a kitchen installation partner in the US. This increasing number of strategic alliances and partnerships has been identified as one of the critical furniture market trend, which will fuel the market growth during the forecast period.
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Furniture Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist furniture market growth during the next five years
- Estimation of the furniture market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the furniture market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of furniture market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Home - Market size and forecast 2019-2024
- Office - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Product
Customer landscape
- Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Ashley Furniture Industries Inc.
- Berco Designs
- Godrej Consumer Products Ltd.
- Herman Miller Inc.
- HNI Corp.
- Inter IKEA Holding BV
- Kimball International Inc.
- Okamura Corp.
- Steelcase Inc.
- Williams-Sonoma Inc.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
