Global Furniture Market Trends And Strategies Of Major Players In The Furniture Market 2021-2030
18 Jun, 2021
The furniture market consists of sales of furniture by entities (organizations, sole traders and partnerships) that produce furniture including tables, chairs, desks, cabinets or fixtures that are used in a room or building to support various human activities.
Global Furniture Market Size And Drivers:
The global furniture market is expected to grow from $564.7 billion in 2020 to $671.7 billion in 2021 at a compound annual growth rate (CAGR) of 18.%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $850.8 billion in 2025 at a CAGR of 6%. Increasing demand for online shopping is expected to help the furniture manufacturing market grow.
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Trends In The Global Furniture Market
Furniture manufacturers are investing in augmented reality technologies to help sales representatives present their products and customers in decision making. Augmented reality mobile applications allow customers to place a virtual 3D model of furniture in a real room in real time. This also helps customers view the furniture in all angles and positions. For instance, IKEA’s augmented reality application Place allows customers to preview over 2,000 pieces of furniture at home before purchasing them.
Global Furniture Market Segments:
The global furniture market is further segmented based on type, type of material, distribution channel and geography.
By Type: Institutional And Office Furniture, Household Furniture And Kitchen Cabinet, Mattresses, Blinds And Shades
By Type of Material: Metal, Wood, Others
By Distribution Channel: Exclusive Showrooms, Online, Hypermarkets, Others
Sub segments Covered: Institutional Furniture, Office Furniture, Household Furniture, Kitchen Cabinet, Mattresses, Blind And Shade
By Geography: The global furniture market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global furniture market, accounting for 45% of the market in 2020.
Read More On The Report For The Global Furniture Market At:https://www.thebusinessresearchcompany.com/report/furniture-global-market-report-2020-30-covid-19-impact-and-recovery
Furniture Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides furniture market overviews, analyzes and forecasts market size and growth for the global furniture market, furniture market share, furniture market players, furniture market segments and geographies, furniture market’s leading competitors’ revenues, profiles and market shares. The furniture market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.