Hi, what are you looking for?
By
Published
IMARC Group has recently released a new research study titled “Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Furniture industry?
The global furniture market reached a value of US$ 651 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 676 Billion by 2027, exhibiting a CAGR of 3.4% during 2022-2027.
What is a Furniture?
Furniture is a movable and ergonomic object, comprising chairs, tables, cupboards, desks, sofas, beds, and cabinets, which is utilized for seating arrangements, storage purposes, and enhancing the aesthetic value of space. It is manufactured using different materials like wood, plastics, glass, iron, and marble and designed with skilled craftsmanship. It is durable, requires little maintenance, and offers elegance, attraction, and sophistication to any room. It also provides a long shelf life and can be easily cleaned by wiping the surface.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Request for a free sample copy of this report: https://www.imarcgroup.com/furniture-market/requestsample
What are the major market drivers in the Furniture Market?
The increasing requirement for premium-quality and aesthetically appealing furniture in residential and commercial complexes represents one of the major factors strengthening the growth of the market around the world. Rapid urbanization and the rising purchasing power of consumers are also favoring the growth of the market. Moreover, the growing number of nuclear families is driving the sales of foldable and compact furniture that can be readily arranged in smaller spaces. In addition, due to the increasing adoption of work-from-home (WFH) models in various industry verticals, there is a rise in demand for furniture as it helps create a safe and productive environment to work in, while maintaining business continuity. Consequently, key players are launching ultra-modern designs that relieve the strain and fatigue of users while being seated for long hours. They are also introducing a smart desk that is equipped with sensors and can record space utilization data and help correct the seating posture of individuals. This, in turn, is contributing to the growth of the market.
Apart from this, the expanding number of shopping malls, restaurants, cafes, theaters, stores, airports, offices, and hotels, is providing a thrust to the growth of the market. Furthermore, product manufacturers are introducing multi-purpose furniture with improved aesthetics, functionality, comfort, and storage capacities. They are also offering customization solutions to tailor the requirements of the consumer. In line with this, due to the growing influence of social media platforms on the purchasing decision of consumers, leading manufacturers are extensively financing digital marketing campaigns and celebrity endorsements to expand their consumer base. This, in turn, is creating a positive outlook for the market. Besides this, there is a rise in consumer preferences towards replacing aging furniture with in-trend and cost-effective furniture, which is providing lucrative growth opportunities to market players operating in the industry. Additionally, the emerging trend of shifting to multiple locations for different purposes is increasing the adoption of easy-to-move furniture. This is anticipated to provide a favorable market outlook.
Inquire before buying: https://www.imarcgroup.com/request?type=report&id=3936&flag=F
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Material:
Breakup by Distribution Channel:
Breakup by End Use:
By Geography:
List of Major Key Players:
The competitive landscape of the market has also been analyzed, with some of the top furniture manufacturers.
Ask An Analyst: https://www.imarcgroup.com/request?type=report&id=3936&flag=C
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Services Private Limited
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Email: [email protected]
Tel No:(D) +91 120 433 0800
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Asian markets rose, but traders flitted between hopes for a halt in sharp US interest rate hikes and concern about the surge in China’s…
Polarize, dumb down, and call it news. That’s not good enough anymore. Facts, please.
Sandra White normally has turkey for Thanksgiving dinner. But on Thursday, due to soaring inflation, she’s going to have fried chicken instead.
For days, doctors, scientists and public health experts have been telling their Twitter followers where to find them if Twitter tanks.
COPYRIGHT © 1998 – 2022 DIGITAL JOURNAL INC. Sitemaps: XML / News . Digital Journal is not responsible for the content of external sites. Read more about our external linking.