Global Furniture Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Furniture Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global furniture market report has been segmented on the basis of material, application, sales channels, and region.

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Global Furniture Market: Overview

Furniture is an essential part of modern lifestyle, as it helps to organize the household and any other structure efficiently. It also aids to add aesthetic look to the interior as well as exterior space of the home and commercial spaces. The range of furniture includes chairs, tables, beds, and other related organizers which aids to make life convenient.

Global Furniture Market: Dynamics

Rapidly increasing household and commercial construction projects globally is one of the key factor projected to drive growth of the global furniture market. In addition, advancements in terms of design, technology, and customization of furniture as per requisites of end user is another factor estimated to propel global market growth. Moreover, increasing number of startup companies in developed and developing countries is fueling demand for commercial furniture which turn in growth of the global market. Furthermore, increasing disposable income, rapid urbanization, industrialization, coupled with rising demand for luxurious furniture are some factor anticipated to augment growth of the target market during forecast period. Growing population, rising number of renovation activities among residential and commercial spaces are some of the key factors estimated to support revenue growth of the global market.

Ongoing trend of online shopping and availability of furniture at competitive prize and hassle-free shopping experience are favoring growth of the global market.

However, availability of counterfeit furniture products at lower cost may hamper growth of the target market.

Global Furniture Market: Segmental Analysis

Among the material segments, the wood segment is estimated to contribute significant revenue shares in global market, due to its properties including recyclability, durability and ease of availability.

Among the application segments, the residential segment is anticipated to register significant growth, due to increasing renovation and household construction activities.

Among the sales channels, the online segment is anticipated to account for majority revenue shares, owing to various discounts and after sales service offered by retailers.

Global Furniture Market: Regional Analysis

Furniture market in Asia Pacific is projected to account for substantial revenue shares in target market. In addition, rapid urbanization and inclination towards modern lifestyle are some of the major factors estimated to support revenue growth of the target market in this region. Strong manufacturing base and availability of labor and raw material required for production of various kind of furniture at lower cost are creating opportunities for manufacturers for expansion of the business. North America furniture market is estimated to register significant growth, owing to increasing demand for premium furniture. This is attributable to high disposable income of the population and inclination towards luxurious lifestyle. In addition, increasing number of hotels, corporate offices, and other commercial spaces are some factors projected to fuel demand for commercial furniture which turns in growth of the target market in this region. Markets in Europe Latin America, and Middle East and Africa are expected to register substantial growth over the forecast period.

Global Furniture Market Segmentation:

Segmentation by Material:

Wood
Plastic
Metal
Others (Leather and Glass)

Segmentation by Application:

Residential
Kitchen & Dining
Bedroom
Living Room
Outdoor
Commercial
Hotels
Offices
Educational institutes
Hospitality

Segmentation by Sales Channel:

Online
Offline