According to Fortune Business Insights, the global furniture market size was USD 475.4 billion in 2020. The market is projected to grow from USD 493.6 billion in 2021 to USD 720.2 billion by 2028 at a CAGR of 5.5% in the 2021-2028 period.
COVID-19 Impact
Closure of Furniture Shops amid COVID-19 Lockdown Constraints to Restrict Market Growth
The indeterminate existence of the COVID-19 lockdown limitations is leading to the closing down of upholstery shops around the globe. Therefore, upholstery shops are observing a deterioration in sales owing to such a limitation. Furthermore, to avert coronavirus infection, common people have restricted themselves to shop furniture pieces from these stores. Such influences are exhibiting difficulties to the complete market growth during the pandemic period.
Fortune Business Insights™ lists out all the furniture market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- Harman Miller Inc. (Michigan, U.S.)
- Steelcase Inc. (Michigan, U.S.)
- HNI Corporation (Lowa, U.S.)
- Ashley Furniture Industries Inc. (Wisconsin, U.S.)
- Duff & Phelps, LLC. (New York, U.S.)
- Global Furniture USA (New Jersey, U.S.)
- ZouYou (Shenzhen, China)
- P & C ArteMobili SA (Nova Prata, Brazil)
- Saudi Modern Factory Co. (Riyadh, Saudi Arabia)
- DEDON GmbH (Luneburg, Germany)
- Dare Studio (Worthing, England)
Report Coverage
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the virtual reality market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Driving Factors
Steady Launch of Groundbreaking and Lavish Furniture Pieces to Spur Growth
Intermittent presentation of companies’ elite home facilities is anticipated to entice people to purchase them, consequently fueling the demand for these products. For example, in February 2020, BAXTER, which is an Italian home fitting products company, along with Sources Unlimited, its Indian provider, unveiled radical, lavish, and greatly crafted fixture items in India. This is expected to spur the furniture market growth.
Segmentation
By Material, the global market is divided into:
- Wood
- Metal
- Plastic
- Others
By Category, the market is segregated into:
- Indoor
- Outdoor
By End-User, the market is categorized into:
- Residential
- Office
- Hotel
- Others
By Region, the global market is branched into:
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Regional Insights
Asia Pacific to Hold Dominant Position in the Market through 2028
Asia Pacific market was worth USD 223.9 billion in 2020. The largest furniture market share of the Asia Pacific region is accredited to several wood furniture producers in nations such as China and India.
North America holds a substantial share of the market owing to the large usage of such products among the U.S. and Canada population, leading to the greater product incomes from such region.
Significant growth of the European region is accredited to the rising utilization of wood-based furnishing pieces among the population in nations such as the U.K. and Germany.
Competitive Landscape
Collaborations among Corporations to Safeguard Their Brand Values in Global Market
Fundamental players in the market are incessantly choosing operative tactics to endorse their products and institute their positions in the market. One such tactic is to unveil novel products by teaming up with other companies to expand their reach to end-users.
Industry Development
- May 2020: Theodore Alexander USA, Inc., who is a console table and chair products producer, teamed up with Ralph Lauren Corporation, a vital U.S. based fashion products company, to extend its business through the partner’s retail fashion stores based in the U.S.
Frequently Asked Questions (FAQs):
1. Is the Furniture Industry growing?
Answer: Fortune Business Insights says that the global market size was USD 475.4 billion in 2020 and is projected to reach USD 720.2 billion by 2028.
2. Who are the key players in the Furniture Market?
Answer: Herman Millar Inc., Steelcase Inc., and Ashley Furniture Industries Inc. are global market players.
3. What are the Key Factors Raising the Market?
Answer: Regular introduction of luxurious and innovative items by the associated companies is crucial for the market's growth.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/furniture-market-106357
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