Rise in disposable income, increase in infrastructure investment in residential and commercial sector, and surge in inclination of customers toward modular furniture drive the global furniture market
PORTLAND, Ore, Sept. 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Furniture Market by Type (RTA, Residential, and Commercial), Distribution Channel (Supermarkets & Hypermarkets, Specialty Stores, E-Commerce, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2018 – 2025." According to the report, the global furniture industry was estimated at $583.15 billion in 2017, and is anticipated to hit $800.59 billion by 2025, registering a CAGR of 3.5% from 2018 to 2025.
Drivers, restraints, and opportunities-
Rise in disposable income, increase in infrastructure investment in residential and commercial sector, and surge in inclination of customers toward modular furniture drive the global furniture market. On the other hand, rise in raw material price and environmental restrictions associated with deforestation impede the growth to some extent. However, development of eco-friendly raw materials, growing E-commerce, and upsurge in public expenditure are expected to create lucrative opportunities in the industry.
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The residential segment to retain its dominance by 2025-
Based on type, the residential segment accounted for more than two-fifths of the global furniture market revenue in 2017 and is expected to lead the trail by the end of 2025. Rise in global economy has increased the expenditure capability of the consumers which, in turn, has prompted the sale of furniture items in the market. The commercial segment, on the other hand, would manifest the fastest CAGR of 4.5% throughout the forecast period. Increased government spending on public facility such as hospitals fuels the segment growth.
The specialty stores segment to rule the roost-
Based on distribution channel, the specialty stores segment contributed to nearly half of the global furniture market share in 2017 and is projected to dominate till 2025. This is because the specialty stores offer wide range of interior solutions to both the residential and commercial sectors. Simultaneously, the e-commerce segment would portray the fastest CAGR of 5.2% during the study period, due to the benefits offered such as competitive pricing, payment security, payback offers, and others.
North America held the major share in 2017-
Based on geography, North America held the highest share in 2017, generating nearly two-fifths of the global furniture market. Rise in disposable income of people and growth of the real estate and hospitality industries propel the market in the region. At the same time, Asia-Pacific would register the fastest CAGR of 5.7% from 2018 to 2025. Rapid growth of the commercial and hospitality sector in the region contributes to the growth of the market.
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