Furniture Market - Rising Trends, Recent Development and Regional Analysis to 2026
Category: #reports  By Rahul Varpe  Date: 2020-04-28
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Furniture Market - Rising Trends, Recent Development and Regional Analysis to 2026

A recent instance of growing purchasing capacity and demand for furniture can be cited through the massive sales figure recorded by Ikea in its first day in India. On the much-anticipated opening day of the first Indian Ikea store in Hyderabad, nearly 40,000 people flocked to the store which resulted in the Swedish furniture retailer recording a revenue of $350,000 even before lunch time of its first day. Ikea has been able to attract such a huge number of customers not only because of its international fame and low process but also because of the evolving taste in furniture that has made the neat, space saving design of Swedish furniture desirable in India. Also, rapid urbanization in countries like India and China has given rise to a vast development of residential real estate sector, propelling the Asia Pacific furniture industry that is expected to amass a revenue of $400 billion by 2024.

The Furniture Market is projected to expand from its present industry value of over USD 576.31 billion to more than USD 886.83 billion over the analysis timeframe.

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Market Growth Drivers –

  1. Change in consumer buying behavior due to transformation in living styles across the globe
  2. Rising replacement of aging infrastructure
  3. Technological advancements in the furniture industry fueling market growth

Commercial growth in the Asia Pacific region has also been responsible for the growth of the furniture market in the continent. For instance, Thailand, along with Singapore and China are some of the most attractive tourism destinations for international tourist, which has led to a substantial demand for commercial and outdoor furniture as an immense number of hotels and resorts have come to be developed in these nations. In fact, outdoor furniture market is expected to record a commendable CAGR in Asia-Pacific over 2018-2024 and with international tourism frequency rising rapidly, it is anticipated that demand in the commercial furniture market will register steady growth.

Providing evidence to the anticipation are statistics that suggest international tourist arrival increased from 528 million in 2005 to nearly 1.19 billion a decade later, figures that are expected to reach 1.8 billion by 2030. While Europe attracts the most tourists, visitor spending destination has been led by Dubai where tourists spent $31.1 billion in 2016. Such robust figures inevitably indicate the need of increase for tourist accommodation which in turn will benefit the furniture market on a global scale.

The report is inclusive of thorough inference regarding the production, price, revenue generated, segmental market share, and growth rate attained by each segment.

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The regional segmentation covers

  1. North America
  2. Europe
  3. Asia Pacific
  4. Latin America (LATAM)
  5. Middle East

Top Companies: -

Ashley Furniture Industries, Steelcase, Okamura Corporation, Inter IKEA Group, Kohler CO., La-Z-Boy, Inc., Global Furniture Group, Heritage Home, Furniture Concepts, Haworth, Inc., Godrej & Boyce Manufacturing Co., Ltd., Herman Miller, Inc., HNI Corporation, Renaissance Furniture, Urban Office Interiors, Humanscale Corporation, McCarthy Group Ltd., Furniture Services, Inc., The Home Depot, Inc.

What is the gist of this report?

  1. A comprehensive pricing analysis has been carried out with regards to product spectrum, application scope, and regional landscape
  2. An in-depth documentation of the key market players and major companies to understand the competitive spectrum of the global market
  3. Extensive details about the regulatory framework impacting the industry, in tandem with rising investments by the major stakeholder of the global market
  4. All-detailed estimation of the numerous factors aiding the overall industry expansion, along with their influence on the market dynamics and projection of the global market
  5. An exhaustive abstract containing details about the various growth opportunities prevailing in the global market and recognition of important drivers
  6. A detailed analysis of the varied trends that exist in the global market that would enable identification of the several developments

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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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