Furniture Market should reach US$ 720.2 billion by 2028 |

Pune, India, Nov 09, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global furniture market size was $475.4 billion in 2020. The market is projected to grow from $493.6 billion in 2021 for $720.2 billion through 2028 at a CAGR of 5.5% in the period 2021-2028. This information is provided by Fortune Business Insights™in its report entitled, “Furniture Market, 2021-2028.”

According to our analysts, the growing home decor and renovation trends among the global population are mainly driving the demand for these products.

Impact of COVID-19

Furniture store closures amid COVID-19 lockdown restrictions to curb market growth

The undetermined existence of the COVID-19 lockdown limitations is leading to the closure of upholstery stores across the world. Therefore, upholstery stores are seeing a deterioration in sales due to this limitation. In addition, to avoid the spread of the coronavirus, ordinary citizens have restricted themselves to buying furniture from these stores. Such influences are presenting difficulties for full market growth during the pandemic period.

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furniture market Report scope and segmentation:

report coverage Details
forecast period 2021-2028
CAGR Forecast 5.5%
Value Projection 2028 $720.2 billion
base year 2020
Furniture market size in 2020 $475.4 billion
Historical date 2017-2019
Number of pages 160
Covered Segments By material, by category, by end user, by region
Furniture market growth drivers Regular introduction of innovative and luxurious furniture items to drive market growth
Recent introduction of marketing campaigns by industry retailers to trigger market growth

Fortune Business Insights™ lists all the companies in the furniture market that are currently striving to reduce the impact of the Covid-19 pandemic on the market:

  • Harman Miller Inc. (Michigan, USA)
  • Steelcase Inc. (Michigan, USA)
  • HNI Corporation (Lower, USA)
  • Ashley Furniture Industries Inc. (Wisconsin, USA)
  • Duff & Phelps, LLC. (New York, USA)
  • Global Furniture USA (New Jersey, USA)
  • ZouYou (Shenzhen, China)
  • P&C ArteMobili SA (Nova Prata, Brazil)
  • Saudi Modern Factory Co. (Riyadh, Saudi Arabia)
  • DEDON GmbH (Lüneburg, Germany)
  • Dare Studio (Worthing, England)

report coverage

The report offers valuable information gained from a thorough study by our researchers. Extensive research was carried out to provide the estimated size of the virtual reality market. The data used to design the actions for various segments at the national, regional and global levels is obtained from in-depth interviews with various stakeholders. In addition, we have gained access to multiple global and regional paid databases to provide accurate information to facilitate business investment decisions for you.

Determinant factors

Constant launch of innovative and luxurious furniture to stimulate growth

The intermittent presentation of the companies’ elite home facilities is expected to entice people to buy them, consequently fueling the demand for these products. For example, in February 2020, BAXTER, an Italian home products company, together with Sources Unlimited, its Indian supplier, introduced radical, luxurious and very elaborate fixing items in India. This is expected to spur growth in the furniture market.

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Segmentation

By Material, the global market is divided into:

By category, the market is segregated into:

By end user, the market is categorized into:

  • residential
  • Office
  • Hotel
  • Others

By region, the global market is divided into:

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Regional Insights

Asia-Pacific will maintain market dominance through 2028

The Asia-Pacific market was worth US$223.9 billion in 2020. The largest share in the Asia-Pacific region furniture market is accredited to various wooden furniture producers in countries such as China and India.

North America holds substantial market share due to the high usage of these products among the US and Canadian population, leading to higher product revenues from that region.

The significant growth of the European region is attributed to the increasing use of wood-based furniture among the population in countries such as the United Kingdom and Germany.

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Detailed index:

  • Introduction
    • Research Scope
    • Market segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • market dynamics
    • market drivers
    • market restrictions
    • market opportunities
  • Main perceptions
    • Overview of parent/related markets
    • Industry SWOT Analysis
    • Supply Chain and Regulatory Analysis
    • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions
    • Qualitative Analysis (in relation to COVID-19)
      • Impact of COVID-19
      • Supply Chain Challenges
      • Potential opportunities due to COVID-19
  • Analysis, insights and forecast of the global furniture market, 2017-2028
    • Main Findings / Summary
    • Market size estimates and forecasts
      • By Material (Value)
      • By category (value)
      • Per end user (value)
        • residential
        • Office
        • Hotel
        • Others
      • By region (value)
        • North America
        • Europe
        • Asia Pacific
        • South America
        • Middle East and Africa

OCD Continued…!

competitive scenario

Collaborations between companies to protect their brand values ​​in the global market

Key market players are constantly choosing operational tactics to endorse their products and establish their market positions. One such tactic is unveiling new products in partnership with other companies to expand their reach to end users.

Industry Development

  • May 2020: Theodore Alexander USA, Inc., which is a producer of console and chair products, has teamed up with Ralph Lauren Corporation, a vital US-based fashion products company, to grow its business through fashion retail stores. US-based partner

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Frequently Asked Questions (FAQ):

1. Is the furniture industry growing?

Reply: Fortune Business Insights says the global market size was $475.4 billion in 2020 and is projected to reach $720.2 billion by 2028.

2. Who are the major key players in the Furniture market?

Reply: Herman Millar Inc., Steelcase Inc. and Ashley Furniture Industries Inc. are global market participants.

3. What are the main factors driving the market?

Reply: The regular introduction of luxury and innovative items by member companies is key to market growth.

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