LeapZipBlog: Jason Lee's blog: Furniture Market Competitive Strategies and Forecasts to 2025

Furniture Market Competitive Strategies and Forecasts to 2025

November 7, 2019 by Jason Lee  

Furniture offers different solutions such as sleeping, dining, seating, and storage function. Furniture products are important parts of office and home layout. In commercial spaces, furniture plays an important role in seating arrangements and document storage. Furniture products are manufactured using a variety of material and are available in different designs. Depending on end use, furniture designs can be modified through machine-based processes and handcrafting. Furniture manufacturing involves highly skilled and creative professionals. The office furniture segment caters to the commercial and office space. This segment has witnessed rapid growth in recent years, in line with the growth in the global economy and subsequent demand for office space. The thrust on real estate and office construction is expected to sustain in the near future, indicating continued growth for the furniture industry. Demand for versatile and multi-functional products that offers portability and can easily be accommodated in small spaces is also driving the market. Rise in number of nuclear families is increasing the demand for portable and space-saving products. This factor is anticipated to drive the demand for the market growth in the forthcoming years.

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The market is driven by various factors such as rise in disposable incomes, growth of real estate and hospitality industries, and demand for luxury and premium furniture from certain consumer sections. Additionally, increase in government investments in infrastructural development is contributing toward increase in demand for residential and commercial sector and can propel product demand in near future. For instance, governments in the Middle East, especially, Saudi Arabia’s government focus on development of real estate through various residential and commercial projects that will ultimately help to foster their economy. Furthermore, high investment in tourism, healthcare, and education sectors has spurred proliferation of the construction industry in Saudi Arabia, which is subsequently expected to drive product demand from the country. The key players in the market are providing various products according to the preference and taste of the consumers, which is likely to influence the sales of domestic and office furniture during the forecast period. Moreover, increase in expenditure on domestic furniture products has influenced the demand for furniture products, which is in turn expected to provide lucrative opportunities for the growth of the global furniture market during the forecast period.

In Asia-Pacific, many key players in furniture market are launching their own online platform and are entering into partnerships with the e-commerce retail stores to strengthen their distribution network, which is anticipated to drive the growth of the Asia-Pacific furniture market. In North America, leading furniture brands are focusing on personalization in product offering, which is gaining popularity among the various consumer groups.

The global furniture market is segmented based on type, distribution channel, and region. Based on type, it is classified into RTA, residential, and commercial. The distribution channel comprises supermarkets & hypermarkets, specialty stores, e-commerce, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The major players analyzed in this report include Haworth, Inc., Inter IKEA Systems BV, Steelcase Inc., Masco Corporation, HNI Corporation, L. & J.G. STICKLEY, INC., Kimball International, Inc., Okamura Corporation, Heritage Home Group LLC, and Durham Furniture Inc.

Key Benefits for Furniture Market:

    This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global furniture market from 2018 to 2025 to identify the prevailing market opportunities.

    The key countries in all the major regions are mapped based on their market share.

    Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier‐buyer network.

    In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.

    Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of market players.

    The report includes the analysis of the regional as well as global market, key players, market segments, application areas, and growth strategies.

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Furniture Key Market Segments:

By Type

    RTA
    Residential  
    Commercial

By Distribution Channel

    Supermarkets & Hypermarkets
    Specialty Stores
    E-Commerce
    Others

By Region

    North America
        U.S.
        Canada
        Mexico
    Europe
        Germany
        Spain
        UK
        Italy
        France
        Rest of Europe
    Asia-Pacific
        China
        India
        Japan
        Australia
        South Korea
        Rest of Asia-Pacific
    LAMEA
        Brazil
        South Africa
        Saudi Arabia
        UAE
        Rest of LAMEA

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