A research study added into a vast database of 360 Industry Monitor which titled “Furniture Market Study 2019“, reports provide detailed analysis of the market growth factor, barriers, future trends, key developments and more market analysis of historical and forecast insights in the furniture industry. This study aims to provide a detailed analysis of the global Furniture Market along with qualitative trends for the year 2019. Further, the report also offers future trends and market forecast up to 2024.
Mixed-Use Development Driving Demand for Furniture Market
The blend of horizontal or vertical mix construction which comprises residential, commercial, institutional, industrial, and cultural units respectively is defined as the mixed-use development. The concept was first adopted by the Canadian government in 1986 which allowed residential and commercial units together. Since the development consists of all the functional business units and residential units; it attracts more population, thereby, boosting the local demand for basic furnishing necessities such as home furniture, commercial furniture, and many more.
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Product Type Outlook
On the basis of product type, the market is bifurcated into chairs, tables, racks, others. Among the aforementioned product mix, the racks segment is likely to observe steady growth over the coming years. In emerging countries such as India, Sri Lanka, and others are likely to grow in a number of marriages. New marriages lead to the requirement of furniture especially for the purpose of storage. Thereby, driving the demand for rack product segment over the coming years. Similarly, demand for modular tables and chairs are also expected to observe significant growth owing to rising demand for innovative office furniture solution. The rising price of office units and office renal space is pushing greater adoption of modular solutions enabling efficient use of office space. Therefore, new trends such as mentioned above are likely to drive the demand for modular tables and chairs solution.
Material Type Outlook
On the basis of material type, the market is segmented into wood, glass, metal, plastic, and others. Wood furniture is likely to continue its dominance over its counterparts owing to its aesthetically pleasing appearance and long-lasting life. Wood furniture offers greater strength and durability coupled with an enhanced aesthetic appearance which is resulting in its dominance in the material type segment.
Another key segment that is likely to observe prominent growth is plastic furniture. Plastic furniture is low cost, lightweight, and easy to maintain which is resulting in its penetration in educational units. The educational units are increasing tremendously around the world. Thereby, driving the demand for plastic furniture segment.
Distribution Channel Outlook
On the basis of the distribution channels, the market is segmented into retail stores, direct to consumer, e-commerce stores, manufacturer stores, rental stores, discount stores, and others. An E-commerce distribution channel is likely to observe astonishing growth over the forecasted period. The heightened adoption of smartphones around the globe flourished the demand for furniture from e-commerce distribution channels over the last few years. For instance, smartphone users in India are likely to increase by 80% over the next five years, thereby, creating a huge opportunity for the e-commerce sales channel.
Furniture Market Segmentation
By Product Type:
– Storage Unit
By Distribution Channel:
– Supermarkets & Hypermarkets
– Specialty Stores
– North America (U.S. & Canada)
– Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
– Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
– Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
– Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
The report profiles various major market players such as
• Ashley Furniture Industries
• Flexsteel Industries Inc.
• HNI Corporation
• Okamura Corp.
• Itoki Corp.
• Nitori Co Ltd
• Inter Ikea Systems B.V.
• Herman Miller Inc.
• Kimball International Inc.
• Fursys Inc
• Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development and other market activities).
The study also provides a company’s positioning and market share in the furniture market.