DUBLIN--(BUSINESS WIRE)--The "Furniture Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.
This report provides strategists, marketers and senior management with the information they need to assess the global furniture market as it emerges from the COVID-19 shut down.
The global furniture market is expected to grow from $564.17 billion in 2020 to $671.07 billion in 2021 at a compound annual growth rate (CAGR) of 18.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $850.38 billion in 2025 at a CAGR of 6%.
Companies Mentioned
- IKEA AB
- Ashley Furniture Industries Inc
- Steelcase Inc
- Tempur Sealy International Inc
- Leggett & Platt Incorporated
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider furniture market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The furniture market section of the report gives context. It compares the furniture market with other segments of the paper, plastics, rubber, wood and textile market by size and growth, historic and forecast. It analyses GDP proportion, expenditure per capita, furniture indicators comparison.
Asia Pacific was the largest region in the global furniture market, accounting for 45% of the market in 2020. North America was the second largest region accounting for 21% of the global furniture market. Africa was the smallest region in the global furniture market.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the furniture manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of 'lock down' and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the furniture manufacturing market will recover from the shock across the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Increasing demand for online shopping is expected to help the furniture manufacturing market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the furniture manufacturing market. in countries such as India, for instance, e-commerce portals have boosted the sales of furniture manufacturers by giving larger exposure to producers who were confined to one geography.
For more information about this report visit https://www.researchandmarkets.com/r/y3erq
