Pune, India, June 10, 2021 (GLOBE NEWSWIRE) --
The global furniture market size is anticipated to show tremendous growth during the forecast period owing to the rise in demand for different types of furniture from residential and commercial sectors. Countries across the world are seeing steady rise in construction and infrastructure activities for creating different public spaces like offices, schools, colleges, universities, hospitals, and many others.
Governments in several regions are increasing their investments in the infrastructure industry to cater to the demand for urban infrastructure. The use of aesthetic and smart furniture units is on the rise among the younger population as it will add to the beauty of their homes.
Here are some of the vital trends that will keep the furniture market in a dominant position in the future:
Wooden furniture will propel North America market:
North America furniture market will earn a valuation of nearly $104.73 billion by 2026. There are several types of raw materials used to manufacture furniture like metal, aluminum, wood, plastics, glass, fabrics and leather. However, wooden furniture will gain the maximum momentum in the coming years. The reason for this is that wood is one of the most popular raw materials used to make any kind of furniture. Both standard and luxury products can be made with the help of this material.
Several types of wood are readily available in the market like teak, redwood, birch, fir, and mahogany that are quite suitable for making high-quality and long-lasting product. Wood provides greater sturdiness and finer finishing as compared to those made from other raw materials.
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Increased construction projects in the US:
The U.S. and Canada are witnessing a rapid increase in construction activities because of the growing need for urban infrastructure. There is an incredible rise in the number of new buildings, which will ultimately drive the demand for new furniture in the region. Kitchen cabinets, dining tables, storage, upholstered and non-upholstered furniture are experiencing promising demand among consumers.
The purchasing power of customers has increased by many folds over the past few years, leading to rise in the purchases of new houses. Buying a new house means increase in the sale of new furniture, resulting in a robust development of the market.
Metal furniture to find increased demand in Europe:
Europe furniture market valuation will go past a whopping $200 billion by 2026, according to market experts. Among the various raw materials used to manufacture furniture, metal-based ones will gain the most traction among consumers in Europe. One of the major reasons for this is the growing demand from the commercial clients of the region. Furniture made from metal has a better aesthetic appeal as compared to its alternatives. On the other hand, it has a longer shelf life and can be useful in any environment, further driving the regional industry trends.
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Demand for educational furniture will increase in Europe:
Europe has some of the best educational infrastructure in the world. Students from different countries are coming every year to this region to study in its highly ranked colleges and universities. This high influx of students will give rise to the need for educational furniture in Europe. Ergonomically designed furniture is the top priority of these universities as students require comfortable seats as much as an interactive learning culture.
Also, increasing number of people are buying this furniture for studying at home during the COVID-19 pandemic. Such products reduce the risk of various physical ailments among students that come with bad seating designs.
Offline sale of furniture will gain momentum in Asia Pacific:
Furniture market size in Asia Pacific is predicted to go past $400 billion by 2027. Online and offline distribution channels are used to buy and sell furniture. Among these, the online distribution channel will witness increase in demand among consumers in the market. The e-commerce platforms have taken the region by storm, thanks to their many benefits for both commercial and general customers.
There are many furniture companies that have switched to online mediums to sell their products. Some of the benefits of going virtual for manufacturers is that they can cut down on several heavy costs like cost of renting a retail space and help them get genuine feedback from their patrons as well. The customers benefit from online platforms with the help of heavy discounts and wide range of products to choose from. These will majorly profit the market in APAC region.
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Rise in per-capita income to fuel APAC furniture market:
The per-capita income of the population in Asia Pacific has seen a rapid increase in the past few years. They are willing to spend more money on luxury furniture to create a better lifestyle for themselves. Heavy investments are being made in various renovation and home improvement projects, which will ultimately lead to the increase in demand for high-quality furniture in the region. Urbanization and rapid increase in population are some of the key features that will foster the need for furniture as more and more people will be moving to cities and will want to buy homes as well.
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