According to a new report by EMR titled, ‘Global Furniture Market Report and Forecast 2020-2025’, the global furniture market is expected to grow at a CAGR of about 5.2% in the forecast period of 2020-2025.
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Competitive Landscape & Supplier Analysis:
Kokuyo Co., Ltd., (TYO: 7984)
Okamura Corporation, (TYO: 7994)
Godrej & Boyce Manufacturing Company Limited
Inter Ikea Systems B.V.
HNI Corporation, (NYSE: HNI)
Kimball International Inc., (NASDAQ: KBAL)
Herman Miller, Inc. (NASDAQ: MLHR)
The global furniture market is majorly being driven by the rising global infrastructure industry. The different factors driving the market include increased disposable incomes, growth in the real estate and hospitality industries, and the rising demand for luxury and quality furniture in certain consumer sectors. In addition, increased government expenditure in infrastructure development contributes to the demand from the residential and commercial sectors that can drive the demand for products in the near future. Governments in the Middle East, particularly the government of Saudi Arabia, are concentrating on real estate development through several residential and commercial projects, eventually supporting their economy. Moreover, high investment in the tourism, health, and education sectors has driven the expansion, which will ultimately drive the domestic demand for furniture in the infrastructure industry in Saudi Arabia.
In the coming years, the market is expected to be driven by rising innovation in products and design. In January 2020, Kimball International Inc (NASDAQ: KBAL), one of the key players in the global furniture market, launched its new furniture concept WorkAble, a solution that will build the capability to take and use a wall or space which was once unused. WorkAble was conceived as a forward-looking approach with increased functionality that can be easily integrated with technology with the growing importance of open-plan environments. Brian Graham, San Francisco artist, worked with Kimball to develop a solution that utilizes the wall, making it as usable as possible. The aesthetic is basic and innovative with materials like unique work tools, pegboard, cork, chalkboard, or PET, accessories, among other work surfaces.
The wood segment holds the largest market share in the global furniture industry and is projected to grow over the forecast period at the fastest CAGR. This growth will continue to speed up because wood is among the naturally abundant raw materials and could be used in almost every form of furniture.
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The types of furniture include metal, wood, plastic, glass, among others.
Market breakup by End-Use:
Furniture finds its end-uses in the residential and commercial sectors.
Market breakup by Distribution Channel:
The distribution channels include offline and online channels.
Market breakup by Regions:
Middle East & Africa
The regional markets for furniture include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Key Findings of the Report:
The global furniture market is being driven by rapid technological advancements in internet services and e-commerce.
The rapidly growing construction sector is boosting the demand for furniture.
The availability of furniture on online e-commerce platforms is driving the market growth.
The availability of cost-effective furniture for multi-purposes is propelling the market growth.
The increasing disposable incomes of the consumers is also a driving factor for the growth of the industry.
Key Offerings of the Report:
The EMR report gives an overview of the global furniture market for the periods (2015-2019) and (2020-2025).
The report also offers the historical (2015-2019) and forecast (2020-2025) markets for the regions, types, distribution channels, and end-uses of furniture.
The EMR report also provides an insight into the trade data of the global furniture market.
An assessment of the key demand and price indicators has also been provided within the report.
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