This industry research report presents a detailed segmentation of the global furniture market by product type (home furniture and office furniture) and by geography (Americas, APAC, Europe, and MEA). The leading vendors analyzed in this market research are Ashley, IKEA, and Steelcase.
Technavio has released a new market research report on the global furniture market, which is expected to grow at a CAGR of 4% between 2016 and 2020. The growing global trend of home improvement will impel the prospects for growth in this market. Furthermore, as a result of the growing number of small-size houses across the globe, the populace’s demand for furniture, which have facilities for extra storage, will also increase. This increase in the demand for furniture with additional storage facilities will foster the demand for multi-functional furniture during the forecast period. APAC accounts for one-third of the overall market share, owing to skyrocketing growth in the residential furniture segment in countries like India and China.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Furniture manufacturers and retailers have begun selling furniture, floor coverings, and other home décor products online. They are entering the e-commerce market with user-friendly websites and attractive product offers. The convenience of purchasing at a time and place of the consumer’s choosing and the hassle-free delivery of products have led to higher use of the online channel. The strengthening of the e-commerce industry will have considerable positive impact on this market growth during the forecast period,” says Brijesh Kumar Choubey, Lead Analyst, Consumer & Retail, Technavio Research
The office furniture segment is the largest market segment in the global furniture market. This segment currently dominates the global furniture market and is envisaged to retain its hold over the market until the end of 2020 owing to factors like the rising utilization of extra home spaces for an office. This growing utilization of extra home spaces will, in turn, augment the demand for home-office furniture during the forecast period.
The leading vendors in the global furniture market include Ashley, IKEA, and Steelcase. This market is fragmented due to the presence of multiple vendors, which includes both international and regional players. These vendors compete on the basis of product portfolio and pricing to gain maximum market traction during the forecast period. The high level of vendor competition in this market will result in an increased number of mergers and acquisitions, wherein smaller entities will be acquired by, or merged with, larger players.
A more detailed analysis is available in the Technavio report, Global Furniture Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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