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Global furniture market to record USD 750 billion revenue during forecast time

Author : Rahul Varpe | Published Date : 2019-10-21 

Commercial furniture market generated over USD 150 million in 2017. Rapid commercialization across developing economies along with the subsequent mandate for operational spaces fueling industry growth. Thus, the thrust on real estate construction is expected to sustain over the forecast timeline, thereby ensuring a sustainable growth for the industry participants.

Rising investments in residential buildings supported by material & technological advancements, offering durability and innovative storage solutions are propelling the furniture market growth. Rapid urbanization coupled with increasing disposable incomes, particularly in emerging economies, is positively influencing the residential furniture market expansion.

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The U.S., China, Japan, India, and Brazil are among the potential countries for market growth. As per Furniture Today report published in 2017, the U.S. is the largest furniture importer globally, registered over USD 24.5 billion imports. Residential construction is the fastest growing segment in the North American construction market. Substantially lower lending rates coupled with higher consumer spending are among the major factors which makes the region most lucrative for furniture manufacturers.

Asia Pacific is the fastest growing region in construction owing to reduced interest rates and growing FDI inflows. The growing tourism supported by expanding hospitality industry, particularly in Thailand, Indonesia, and Malaysia, is fueling demand in the commercial sector. For instance, as per the India Ministry of Tourism, the number of tourists in the country has grown from 5.78 million in 2010 to 8.03 million in 2015.

European furniture industry includes over 130,000 companies generating an annual turnover of around USD 110 Billion. EU production satisfies the majority of the in-home demand. The region consumes around 85% of its total production in 2017. Growing demand for imported furniture is limiting the local manufacturing market share.

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Wood accounted for over 60% of the demand and is expected to continue its dominance in the industry over the forecast period. Some of the commonly used wood across furniture market includes Mahogany, Teak, Fir, Cedar, Redwood, Birch, etc. Based on its physical edifice, wood can be classified as a softwood and hardwood. Softwood makes medium density products while the hardwood is widely used for making high-quality furniture.

Europe is projected to exceed USD 200 billion revenue by 2024. The industry growth is attributed to the fact that the production of regional players originating from plants outside the region (e.g., China) has been growing over the last decade. A quarter of the world's furniture market is accounted from Europe. Germany, Italy, Poland, and France rank among the top 10 global manufacturers and cumulatively account for a 13% share of global production.

The global industry share is highly fragmented due to a large presence of industry players in regional and global levels. Key industry participants are Ashley Industries, Inter IKEA Group, Steelcase, and Okamura Corporation, Herman Miller, Inc. and the Home Depot, Inc. Other prominent players are La-Z-Boy, Inc., Godrej & Boyce Manufacturing Co., Ltd., and HNI Corporation. Product design, configuration, and after-sale service is the key concerning areas for industry players.

Related news - https://blog.naver.com/industryupdates/221681751918

https://varpe6.kinja.com/conveying-equipment-market-growth-outlook-with-industry-1839157549?rev=1571389275815

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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