New York, NY, Sept. 30, 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.
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Furniture is a decorative and functional object which is used to enhance the overall appearance of home and offices. Furniture adds style and comfort to the home and office space. Furniture supports various human activities such as sleeping, seating, and eating. Furniture is also useful in storage and holding of the object at a suitable height. Over the years, traditional furniture designs have been evolved to a great extent. Depending on the end-use the furniture is designed in many different ways.
Furniture is widely used for efficient and smart use of space available in office and home. The right choice of furniture enhances the beauty of residential and commercial spaces. Additionally, furniture offers a solution for proper storage and management of equipment and accessories. The rapid development in the technology of furniture designing and manufacturing is enabling furniture manufacturers to produce a variety of furniture products. Nowadays, furniture is considered an integral part of the office and home interior. Furniture is also considered as a symbol of status across different regions.
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On the basis of product type, the global market for furniture is classified as tables, chairs, beds, sofas, cupboards, and others. Chairs segment accounted for the major market share in terms of revenue in 2017. The growth of the chairs segment is witnessing high demand owing to its increased demand in the residential and commercial applications. Sofas is another important segment which is anticipated to show significant growth over the forecast period. The increasing consumer preference for luxury furniture and a growing number of commercial spaces including restaurants, hotels, hospitals, and offices is projected to enhance the demand for sofas in the years to come. On the basis of material type, the global market for furniture is classified as wood, metal, plastic, and others. The others segment includes glass, leather, and rubber. The wood segment is the fastest growing segment with the largest market share in terms of revenue in 2017. The segment growth is due to certain characteristics associated with a wood material such as natural look and high durability. The metal segment is another important segment projected to grow at a significant CAGR during the forecast period, owing to increasing research & development activities associated with metal processing and designing. The range of other material used in furniture manufacturing includes glass, rubber, and leather. Among these, glass segment is projected to exhibit considerable growth over the forecast timeframe. On the basis of application, the global market for furniture is classified as commercial and residential. Residential segment is growing at the fastest CAGR with increasing consumer spending on home furnishing and interior decoration products & services.
By geography, Asia Pacific held the largest market share in terms of revenue in 2017. The growth for the furniture market in the Asia Pacific is mainly due to the increasing disposable income and rising consumer preference for well-furnished homes. The furniture market in the Asia Pacific is projected to grow at a significant CAGR within the forecast period owing to increasing investment in the construction and real estate industry. The market for furniture in Europe is anticipated to show considerable growth over the forecast period. The growth in the region is mainly attributed to the increasing adoption of luxury furniture in both residential and commercial segments. The growth of the market for furniture in North America is due to the increased investments in advanced processes of furniture manufacturing. In Latin America, the furniture market is growing at a moderate CAGR. The rapidly evolving tourism industry in the Middle East and Africa is anticipated to boost the growth of the market for furniture in the coming years.
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The major companies operating in the global furniture market are competing for the significant market share. The companies anticipate changing the consumer preferences & demands and plan the appropriate strategies accordingly in order to achieve customer satisfaction. The companies are focusing on innovative product designs and the 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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