The global furniture market size is projected to account for USD 718.3 billion by 2025, as per a new report by Million Insights. It is projected that the market would register over 5% CAGR from 2018 to 2025. With increasing consumer spending, the demand for branded furniture has increased over the past few years. In addition, emerging countries are witnessing significant growth in the commercial and residential construction, which in turn, offer lucrative growth opportunity.
In 2017, the commercial division accounted for over 30% share in the market. Hotels, public buildings and offices together contribute to the growth of the commercial sector. With the growing infrastructural development, the commercial segment is projected to witness lucrative demand over the next few years. Especially, countries such as China and India are going through the industrial revolution.
Growing urbanization and population worldwide is fostering the demand for furniture. With the increasing urbanization, there has been significant growth in the construction of restaurants, hotels, residential and commercial building. Furniture not only assists with day to day functions such as eating, resting and sleeping, but it has become an essential part for home décor as well.
Key players operating in the furniture market are HNI Corporation, Herman Miller, Inc., AFC SYSTEMS, BERCO DESIGNS, OKAMURA CORPORATION and Ashley Furniture Industries, Inc. among others. These players are increasingly focusing on the development of cost-effective sports furniture owing to the increasing demand from consumers.
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Further key findings from the report suggest:
• Based on the material, the wood segment accounted for over 30% share in the market in 2017.
• MEA region is projected to register significant growth owing to rising tourism industry coupled with increasing construction of residential and commercial buildings.
• Asia Pacific held more than 40.0% share in the global market in 2017, owing to a rise in demand from China and India.
• Residential category held the highest share in the market in 2017 as increasing urbanization has led to the rise in the residential construction.
Million Insights segmented the global furniture market based on material, end use and region:
Furniture Material Outlook (Revenue, USD Billion, 2014 - 2025)
Furniture End-Use Outlook (Revenue, USD Billion, 2014 - 2025)
• Kitchen & Dining
• Living Room
Furniture Regional Outlook (Revenue, USD Billion, 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa