Furniture Market Report 2020 By Regional Statistics & Outlook to 2026
Category: #world  By Rahul Varpe  Date: 2020-04-28
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Furniture Market Report 2020 By Regional Statistics & Outlook to 2026

Furniture Market share was valued at USD 576.31 billion in the year 2018 and is projected to surpass a revenue of USD 886.83 billion by the year 2026. Constant investments in the residential sector along with escalating technological advancements would drive furniture market outlook. Currently, the market is seeing a steady inflow of investments due to increasing urbanization. Small residential spaces, especially across emerging economies, are demanding for innovative storage solutions that offer superior durability. Besides, a rise in disposable income in developing countries is helping strengthen the growth trajectory of residential furniture market. 

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Countries like China, the U.S., India, Brazil and Japan are some of the most promising markets for the furniture industry. According to a report published by Furniture Today, in 2017, the U.S. was said to be the largest importer of furniture across the globe, with imports going over USD 24.5 billion.

In fact, the construction sector of North America is mainly constituted of residential projects and is deemed as one of the fastest scaling avenues for the furniture market. Consequently, higher consumer spending along with lower lending rates could make North America an ideal business spot for furniture manufacturers.

Apart from North America, Asia Pacific is also one of fastest-growing regions in terms of construction, given to growing FDI inflows and lower interest rates. Increasing trends in tourism sector, which is backed by progressing hospitality industry of Indonesia, Malaysia, and Thailand, could foster the commercial furniture market of APAC. Citing an instance, Indian tourism ministry reveals that the number of tourists in the nation had gone up to 8.03 million in 2015 from 5.78 million in 2010.

In APAC, China furniture market is anticipated to show steady growth owing to improving standard of living, expanding purchasing power, and willingness towards living a better lifestyle. The region is currently witnessing a strong inclination towards home decoration. Moreover, lower product costs fueled by the competitive nature of the regional furniture market could facilitate new growth opportunities for businesses.

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As per estimates, Europe furniture market could cross USD 200 billion by 2024. Increasing outsourced production from regional players could shape the regional market dynamics. Reportedly, the furniture industry of Europe comprises of over 130,000 firms making a yearly turnover of nearly USD 110 Billion. Over the years, furniture manufactured in the European Union have fulfilled a majority of the region’s in-home demands. However, escalating demand for imported furniture could act as a challenge for regional market players.

Europe also accounts for a quarter of the world's furniture market, with countries like Italy, Germany, France, and Poland being among the top 10 global manufacturers. According to a cumulative total, these countries hold roughly 13% of the global production share.

Notably, wood-based furniture are among high demand worldwide. The segment is said to have accounted for over 60% of the demand and is expected to maintain its dominance in the furniture industry in the years to come. The market mostly comprises of woods like Mahogany, Redwood, Teak, Fir, Cedar, Birch, etc., which are used for making softwood and hardwood furniture.

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About Author

Rahul Varpe

Email: [email protected]   

Rahul Varpe

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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