A lead analyst at AMR has highlighted that the furniture market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the furniture market. The findings of the report state that the global market for furniture generated $556.36 billion in 2020, and is projected to reach $877.43 billion by 2031, witnessing a CAGR of 3.8% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides insights on drivers, restraints, and opportunities to help the market players in devising growth strategies and capitalizing on opportunities. Rise in infrastructure investment in both residential and commercial sectors, surge in disposable income, and growing inclination of customers toward modular furniture drives the growth of the global furniture market. On the other hand, the rise in raw material prices and environmental restrictions associated with deforestation impedes the growth to some extent. However, development of eco-friendly raw materials, development in the E-commerce industry, and surge in disposable income of individuals have paved the way for lucrative opportunities in the industry.
“Global demand for furniture is expected to increase, owing to rapid urbanization and high purchasing power of millennial generation. The residential segment dominates the market, owing to the growing phase of infrastructure and the real estate market. Moreover, advanced technology of manufacturing has lowered the cost and time for manufacturing. However, manufacturers believe that rise in raw material prices would have a long-term impact on the market and hamper growth of market during the forecast period.” said Shankar Bhandalkar, Senior Research Analyst, Consumer Goods at Allied Market Research.
The report also offers detailed scenarios of the impact of the COVID-19 pandemic on the furniture market globally. It is helpful for the market players, new entrants, and investors to determine strategies as per the current scenario and improvise the business model for the next few years. The outbreak of the pandemic had a negative impact on the growth of the global furniture market, owing to the huge disruptions in the supply chain. In the initial period, most manufacturing units came to temporary closure to comply with the concurrent rules & regulations. However, the demand has now been restored post-pandemic and the market has now got back on track.
The report provides detailed segmentation of the global furniture market based on type, distribution channel, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest-growing and largest revenue-generating segments to accomplish growth in the future.
By type, the residential segment accounted for the highest share in 2020, holding more than two-fifths of the global market revenue, and is expected to retain its dominance by 2031. On the other hand, the commercial segment is expected to cite the fastest CAGR of 4.1% during the forecast period.
Based on distribution channel, the specialty stores segment contributed to the major share in 2020, holding nearly half of the global furniture market revenue, and is projected to maintain its lead position during the forecast period. On the other hand, the e-commerce segment would portray the fastest CAGR of 4.4% from 2022 to 2031.
Based on region, North America held the major share in terms of revenue in 2020, contributing to nearly two-fifths of the global furniture market. Simultaneously, the Asia-Pacific region is projected to showcase the fastest CAGR of 4.6% during the forecast period.
Leading players of the market analyzed in the report include Masco Corporation, Steelcase Inc., Haworth, Inc., Kimball International, Inc., L. & J.G. STICKLEY, INC., Heritage Home Group LLC, Durham Furniture Inc., Inter IKEA Systems BV, Okamura Corporation, and HNI Corporation.
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