Dublin, Oct. 15, 2021 (GLOBE NEWSWIRE) — The “Furniture – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Furniture Market to Reach $616.7 Billion by 2026
With the COVID-19-induced shelter-in-place mandates keeping people within their homes, there is significant increase in demand for home goods including furniture through online platforms. Though many furniture retailers closed their stores, some received increased online orders.
While stores remained closed, some retailers started offering curb-side pick-up or delivery to customers. Some others introduced online showrooms. For example, the virtual showroom introduced by BoConcept allows customers to view the items in the way they are styled in store, examine them closely, and even ask questions about the products. Online retailers such as Overstock.com and Wayfair are witnessing considerable increase in sales.
While the early days of the pandemic witnessed huge increase in demand for home-office furniture, over the past few months, there is growing demand for outdoor furniture as well as indoor recreational products such as pool floats as people start planning to spend their summer holidays at home.
In the US, before COVID-19 outbreak, less than 15% of furniture sold in the US was through online stores. With a significant proportion of furniture supply closing down due to COVID-19, the online stores market has boomed, although the gains could be a temporary phenomenon until the stores reopen. For instance, Wayfair, an online furniture company, recorded a boom in business as consumers decorate or furnish home offices while being shut indoors due to the coronavirus pandemic.
Almost the entire nation has shifted to remote learning or working from home as schools and offices remain shut to help contain the spread of the coronavirus pandemic. Few consumers have sought standing desks or more comfortable chairs on online stores to spruce up home offices.
The closure of almost all physical stores for the time being has greatly benefited the online furniture store Wayfair in meeting consumer demand. Consumers confined to their homes are also utilizing the free time available with them on decorating their homes. The e-commerce model of Wayfair is well suited to serve the practical needs of customers in the current challenging scenario.
Amid the COVID-19 crisis, the global market for Furniture estimated at US$464 Billion in the year 2020, is projected to reach a revised size of US$616.7 Billion by 2026, growing at a CAGR of 4.9% over the analysis period.
Wood, one of the segments analyzed in the report, is projected to grow at a 5.7% CAGR to reach US$233.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Metal segment is readjusted to a revised 5% CAGR for the next 7-year period. This segment currently accounts for a 20.9% share of the global Furniture market.
The Furniture market in the U.S. is estimated at US$105.2 Billion in the year 2021. The country currently accounts for a 22.07% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$101.7 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.7% CAGR while Rest of European market (as defined in the study) will reach US$108.3 Billion by the close of the analysis period.
The market will continue to be driven by the rapid pace of urbanization and growing real estate industry especially in developing countries. Growing investments in infrastructure and commercial development projects will further provide growth opportunities in the furniture market. The increasing number of modification and renovation projects in countries such as India, United States and China is another major market driver.
Positive trade relations among several countries and policies by the governments such as relaxations in FDI have resulted in increasing number of multinational companies and technology parks. The surge in construction of offices, commercial complexes and residences is also poised to fuel furniture sales in the coming years. With rising discretionary income, consumer’s preference for western furniture is also increasing in developing countries.
The middle and upper-middle range furniture has also witnessed growth over the years. Asia-Pacific region is projected to be a major growth driver in the global furniture and fixtures market in coming years. The region is likely to become the hub of production as several large manufacturers from developed countries are establishing operations to source furniture manufacturing.
Primary factors driving the shift of production bases to Asia-pacific include low cost advantage in terms of production, labor, and skilled workforce. China presents a huge customer base and a booming economy for rapid market growth. Other major countries with significant market potential include Vietnam, Thailand, Korea, and Malaysia.
Plastic Segment to Reach $102 Billion by 2026
In the global Plastic segment, USA, Canada, Japan, China and Europe will drive the 4.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$55.2 Billion in the year 2020 will reach a projected size of US$73.5 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$21.8 Billion by the year 2026, while Latin America will expand at a 5.4% CAGR through the analysis period.
Select Competitors (Total 594 Featured)
- AFC System
- Ashley Furniture Industries, Inc.
- Berco Designs
- Godrej & Boyce Manufacturing Company Limited
- Herman Miller, Inc.
- HNI Corporation
- Inter IKEA Systems B.V.
- Kimball International, Inc.
- Kokuyo Co. Ltd.
- Okamura Corporation
Key Topics Covered
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of COVID-19 Pandemic and Looming Global Recession
- 2020 Marked as a Year of Disruption & Transformation
- As COVID-19 Pandemic Affects the World, Non-Essential Furniture Sales Take a Hit
- Trend towards WFM Model Impacts Sales of Office Furniture
- While Store Sales Decline, Online Furniture Sales Report Growth
- Post Pandemic Strategies for Furniture Manufacturers
- Furniture: Product Profile
- Furniture Market by Material
- Furniture Market by End-use
- Global Market Prospects & Outlook
- Wood Leads the Furniture Market by Material
- Home Furniture Leads, Corporate Needs to Drive Growth in Office Furniture Market
- Online Sales Continue to Gain Traction in Furniture Market
- Developing Economies Poised to Drive Long-term Growth
- Production Scenario
- World Brands
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Notable Trends Influencing Growth Outlook in the Furniture Market
- Technology Trends Influencing Growth of Furniture Industry
- 3D Modelling & Visualization Adds New Capabilities in Furniture Design
- Tech-Enabled Smart Furniture Comes to the Fore
- Growing Popularity of Eco-Friendly Furniture
- Rising Obesity Levels Drive the Need for Larger Furniture
- Restaurants Look to Accommodate Obese Customers
- Plus-Sized Furniture for Addressing Needs of Overweight People
- Rise in Demand for Multi-Functional Furniture for Homes and Flexible Workspaces
- Select Types of Multipurpose Furniture for Space Constrained Homes
- Changing Trends in the Choice of Materials Used in Furniture
- Increasing Trend Towards Smart Homes Drives Demand for Smart Furniture
- A Review of Select Smart Furniture Products
- Challenges Facing Smart Furniture Manufacturers
- Pre-assembled or Ready-to-assemble (RTA) Furniture Gets Popular
- Office Furniture Market Facing Challenging Times Amidst the Pandemic
- Multifunctional and Personalized Office Furniture to Drive Market Gains
- Eco-Friendly Office Furniture Find Favor
- Private Sector Drives Growth in Office Furniture Market
- Infrastructure Transformation in Emerging Economies: Potential for Growth
- Office Furniture Design Trends in the Post-COVID Era
- Varied Designs for Different Customers’ Needs
- Advent of Innovative and Inexpensive Furniture
- Low Imports in…