(I-BusinessNews.Com, October 04, 2022 ) According to Precision Business Insights (PBI), the latest report global furniture market size is set to record a market value of USD 551.6 billion in 2021 and expected to reach USD 827.5 billion by 2028, expanding at a CAGR of 5.2%, which indicates steady positive market growth for the forecast period 2022-2028. The production and distribution of furniture for offices, hotels, residences, schools, and enterprises are all included in the furniture sector. The sector also includes the furniture accessories, such as upholstery, mattresses, and furnishings. Diverse machinery, tools, and CAD/CAM are used by skilled personnel in the business to support the design and production of the furniture. The furniture is made from a variety of materials, comprising metal, plastic, rattan, wood, and even silver. Furniture made of wood is frequently the most popular in both manufacturing and export.
Among the major factors favorably affecting the market are the expanding worldwide population, rapid urbanization, and increased development of both residential and commercial buildings. Additionally, the demand for lightweight, adaptable, portable furniture with ample storage is rising globally as a result of the growth of the travel and tourism industry, as well as rising income levels, changing lifestyles, and raising living standards. In addition, the rise in nuclear families is fueling demand for foldable, compact furniture that is simple to set up in limited places. In addition, the prevalence of postural dysfunction is fueling a desire for furniture that is ergonomically intended to prevent health issues and posture issues in both children and adults.
The Furniture Market Segmentation
The Furniture Market on the basis of Type, the market is categorized into Ready-to-Assemble (RTA), Non-RTA) Material (Metal, Wood, Plastic, Glass. On the basis of Application, the market is divided into Residential (Upholstered furniture, Non-upholstered furniture, Bedroom, Kitchen Cabinet, Dining Room, Blinds & Shades, Mattresses) ( Commercial (Business/Office, Educational, Healthcare, Hospitality). On the basis of Distribution Channel, the market is fragmented into Home Centers, Flagships Stores, Specialty Stores, Online.
• For its role in enhancing the comfort, beauty, and functionality of living areas, furniture is in high demand.
• The enterprises that are currently restructuring their workplaces & recovering from the impact of COVID-19, which resulted in social alienation, the cessation of commercial operations, and operational issues, are primarily responsible for the market's development.
Geographically, 46% of 2020's furniture market revenue came from Asia-Pacific. The growing disposable income of people in this region is mostly to blame for this. Due to the increasing popularity of online shopping, where furniture makers sell their products, Asia-Pacific is regarded as the world's largest region in the furniture business. In addition, the government of India's fast-expanding real estate construction projects, particularly in urban areas, are stimulating this region's furniture sector.
Luxury Furniture Market: By Product (Lighting, Tables, Chairs and Sofas, Executive Desks, Storage, Beds, Carpets and Carpet Pillows) Material (Metal, Wood, Plastic, Glass, Leather) End User (Residential (Kitchen, Living and bedroom, Bathroom, Outdoor, Lighting), Commercial (Office, Hospitality), Others) and Geography
Home Furniture Market: by Product (Living Room and Dining Room Furniture, Bedroom Furniture, Kitchen Furniture, Lamps and Lighting Furniture, Plastic and Other Furniture) Material Type (Wooden, Metal, Glass, Plastic, Others) Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online Stores, Other Distribution Channels) and Geography
Outdoor Furniture Market: By Material (Wood, Metal, Plastic, Textile) Product (Chairs, Tables, Seating sets, Dining sets, Loungers & day beds) End User (Residential, Commercial) Distribution Channel (Home Centers, Flagship Stores, Specialty Stores, Online) and Geography
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers. Precision Business Insights offers a variety of cost-effective and customized research services to meet research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.
Precision Business Insights | Toll Free: +1 866 598 1553
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: