New York, NY, Sept. 07, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Furniture Market By Type (Tables, Chairs, Beds, Sofas, Cupboards, and Others), By Material (Wood, Plastic, Metal, and Others (Glass, Leather, and Rubber)), and By Application (Residential and Commercial): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, the global furniture market was valued at around USD 331.21 billion in 2017 and is expected to reach approximately USD 472.30 billion by 2024, growing at a CAGR of around 5.2% between 2018 and 2024.
Furniture offers different solutions such as seating, sleeping, dining, and storage function. Furniture products are important parts of office and home layout. At commercial spaces, furniture plays an important role in seating arrangements and document storage. Furniture products are manufactured using a variety of material and are available in different designs. Depending upon the end-use, furniture designs can be modified through machine-based processes and handcrafting. Furniture manufacturing involves highly-skilled and creative professionals.
Browse through 198 Tables & 29 Figures spread over 110 Pages and in-depth TOC on “Global Furniture Market: Industry Size, Share Trends, Market Growth Analysis, and Forecast, 2017 – 2024”.
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The global market for furniture is growing at a considerable CAGR. The growth of the furniture market is mainly due to the growing demand for luxury and premium furniture. Additionally, rising government investment in infrastructure development coupled with growing urbanization is anticipated to enhance the growth of the global market for furniture. Increasing penetration of technology in the furniture manufacturing process is attracting the new entrants to invest in the global furniture market.
Based on product type, the market is divided into tables, chairs, beds, sofas, cupboards, and others. Chairs segment accounted for the largest market share in terms of revenue in 2017. Innovative product designs and high demand in both domestic and commercial segment is driving the growth of the chairs segment. Based on the material type, the market is divided into wood, plastic, metal, and others. Other materials popular in furniture production include glass, leather, and rubber. Wood material is widely used in manufacturing unique and premium furniture products. This, in turn, contributes to the high growth rate of the segment. Glass material is also gaining the popularity in furniture designing as it adds sophistication and elegance to the overall furniture look. On the basis of application, the market is divided into commercial and residential. Residential segment is exhibiting the largest market share in terms of revenue in 2017. Increasing trend of fully-furnished apartments, increasing investment in construction and real-estate sector, and rising per capita income is projected to enhance the demand for furniture in the residential segment during the forecast period.
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Regional Analysis:
The Asia Pacific is the dominant region in the global furniture market with the largest market share in terms of revenue in 2017. Increasing demand for the furniture products in residential application coupled with an increasingly high profile investment in the real-estate sector are the key factors enhancing furniture market growth in the region. Developing countries such as India and China are contributing to the Asia Pacific furniture market growth. The increasing disposable income and high demand for the living room and kitchen furniture & accessories is expected to boost the demand for the furniture products in the residential segment over the forecast period. Moreover, growing industrialization and rapid urbanization are expected to offer huge opportunities for the new entrants in the Asia Pacific furniture market within the period of forecast.
Europe is projected to exhibit huge development in furniture consumption rates owing to growing expansion of the tourism industry and high demand for luxury & premium furniture products. The dominance of micro-firms and small & medium-sized enterprises in the furniture industry is driving the furniture market growth in the region. Moreover, the increasing investment by the key companies in creativity, skills, innovations, and modern technologies to meet the changing demands of consumers is projected to boost the growth of the furniture market in Europe.
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The furniture market in North America is expected to grow at a moderate CAGR over the forecast period. The strategic partnerships of the furniture companies with interior designers and increasing adoption of online distribution channels are driving the growth of the furniture market in North America. Moreover, the increasing popularity of multi-functional and eco-friendly furniture products is projected to boost the demand for furniture in a residential application.
In Latin America, the furniture market is projected to show stable growth rate within the forecast period. Brazil and Mexico are the major countries contributing to the furniture market growth in the region. The high rate of furniture consumption in tourism and hotel industry is anticipated to boost the market growth in the near future.
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The growth of the furniture market in the Middle East and Africa is driven primarily due to increasing middle-class population. The increasing consumer preference for imported furniture products and high rate of furniture consumption in commercial offices is projected to boost the growth of the Middle East and Africa furniture market over the period of forecast.
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Major Company Profiles:
The major companies operating in the global furniture market are competing for the significant market share. The companies anticipate to change consumer preferences & demands and plan the appropriate strategies accordingly in order to achieve customer satisfaction. The companies are focusing on innovative product designs and are making use of durable raw materials for maintaining existing market position in the global furniture market. Some of the major companies included in the global furniture market report are Global Upholstery, HNI, Okamura, Ashley Furniture Industries, Steelcase, Herman Miller, Kokuyo, Williams-Sonoma, Godrej & Boyce, IKEA, Creative Wood, Kinnarps, Wipro Furniture, Steelcase, and AFC Systems.
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This report segments the global furniture market as follows:
Global Furniture Market: Type Segment Analysis
- Tables
- Chairs
- Beds
- Sofas
- Cupboards
- Others
Global Furniture Market: Material Segment Analysis
- Wood
- Plastic
- Metal
- Others
- Glass
- Leather
- Rubber
Global Furniture Market: Application Segment Analysis
- Residential
- Commercial
Global Furniture Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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