According to the latest report by IMARC Group “Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global furniture market size reached US$ 651 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 676 Billion by 2027, exhibiting a CAGR of 3.4% during 2022-2027.
Furniture is a movable object that facilitates numerous human activities such as sleeping, seating, and dining. Tables, seats, desks, and cupboards used in homes, offices, or institutions are included. With the advent of interactive classrooms, furniture has also become a necessity in the educational industry. Due to increased environmental concerns, furniture is now produced from recycled materials such as salvaged wood, fabrics, and wood pallets, as well as natural materials such as bamboo, rattan, and seagrasses. Furniture has grown in popularity in recent years since it improves the looks of a place while also providing practicality and comfort to the user.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The growing demand from the real estate and hospitality industries is driving the global furniture market. Improved discretionary income levels and rising living standards are also pushing consumers to invest in multi-functional furniture with ample storage space. In addition, rising investments in the tourist, healthcare, and education sectors are boosting demand for portable and adaptable furniture that can be reconfigured easily. Furthermore, as a result of the outbreak of coronavirus disease (COVID-19), there has been a large increase in the sales of ergonomically designed furniture, which helps avoid health and posture problems in adults and children. Furthermore, rising e-commerce platforms have improved the availability of a wide range of furniture styles and models, drawing a broader consumer base. Furthermore, factors such as the increasing number of nuclear families and the introduction of eco-friendly, versatile, and multi-functional items that allow for easy accommodation in tiny spaces are contributing to a positive market outlook. During the forecast period, the market is expected to increase at a CAGR of 3.4%. (2022-2027).
Breakup by Material:
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
Breakup by End Use:
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Durham Furniture Inc.
- Haworth Inc. (Haworth International Ltd.)
- Heritage Home Group LLC
- HNI Corporation
- Inter IKEA Systems B.V. (Interogo Foundation)
- Kimball International Inc.
- Kohler Co.
- Masco Corporation
- Okamura Corporation
- Steelcase Inc.
- Stickley Furniture Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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