Rockville, MD , July 19, 2018 (GLOBE NEWSWIRE) -- Growing need for shifting and settling down has led to an upsurge in demand for home furniture globally. Increasing demand for smart furniture is projected to contribute towards growth of the global market of home furniture significantly. A recently published report by Fact.MR reveals that the global home furniture market is projected to reflect a healthy CAGR over the forecast period, 2017 – 2022.
Factors Fuelling Growth of the Global Market
Increasing deterioration in the quality of furniture has led the customers to purchase home furniture globally. Moreover, demand for smart furniture is projected to witness a boost in the global market. Growing demand for smart and multi-purpose furniture has led manufacturers to embed advanced technology in the furniture. Aside from this, increasing need for shifting from one place to another has led the customers to purchase home furniture. Bound to such factors, the global market of home furniture is projected to witness a boost in growth during the predicted period.
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Design of the furniture and comfort are significantly impacting the purchasing decisions of the customers. Customers today prefer purchasing home furniture that are equipped with smart technology as compared to traditional furniture. Smart furniture enable the customers to conveniently move and operate the furniture. Hydraulic beds, sofa cum beds, bed with storage, recliners, and foldable tables are some of the smart furniture that witness considerable demand among customers. Such factors are likely to fuel demand for home furniture throughout 2022.
Upholstery to Register Significant Growth
Plastic as compared to other materials is projected to reflect a relatively high growth in the global market through 2022. Glass material segment is projected to reflect the second highest CAGR in the global market of home furniture throughout 2022.Wood among other materials is projected to witness a relatively high growth in terms of revenue in the global market of home furniture. The wood segment is projected to represent more than US$ 25,000 Mn by 2017 – end. Metal among other material types is projected to reflect a significant growth in terms of revenue after wood in the global market in 2017.
Upholstery is projected to reflect a relatively high CAGR in the global market of home furniture. Storage units is projected to record significant CAGR growth in the global market after upholstery during the predicted period. Europe among other regions is projected to remain a major market for the home furniture products in the global market. Bed and mattress is projected to represent a relatively high growth in terms of revenue in the global market. The bed and mattress segment is projected to represent more than US$ 20,000 Mn by 2022 – end. Table and desks is projected to represent a high growth in terms of revenue after bed and mattress by 2022 – end.
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Sales of home furniture is projected to remain high through retail sector globally. The retail sector segment is projected to reflect a value lower than US$ 20,000 Mn in 2022 – end. Direct to consumer segment among other distribution channels is projected to reflect a significant growth in terms of revenue by 2022 – end. Retail sector among other distribution channels is projected to reflect a relatively high CAGR throughout 2022.
Market Players
Major market players in the global market of home furniture are La-Z-Boy Incorporated, Ashley Furniture Industries, Inter Ikea Systems B.V., Flexsteel Industries, Inc., Suofeiya Home Collection Co Ltd, Nitori Co Ltd, Steinhoff International Holding N.V., Basset Furniture Industries Inc, Kimball International, Inc, Herman Miller Inc, Berkshire Hathaway, Steelcase, and Williams-Sonoma, Inc.
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