Household Furniture Market Characteristics
The household furniture market consists of sales of household furniture products by entities (organizations, sole traders and partnerships) that manufacture household furniture such as dining tables, sofas, beds, chairs, bassinets, bookcases, chairs, TV stands, juvenile furniture and other household furniture products made from materials including wood, metal, plastics, reed, rattan, wicker and fiberglass. Household furniture products are movable things such as tables, chairs and sofas that are used for providing comfort and utility in residential units. The sales of furniture products made for institutions such as libraries, schools, offices, theaters and hospitals are not included in this market.
Competitive Landscape of the Household Furniture Market
Major players in the global household furniture market include Inter IKEA Holding B.V, Ashley Furniture Industries, La-Z-Boy Incorporated and Man Wah Holdings Limited.
Household Furniture Market Size
The household furniture market size is expected to reach $350 billion by 2023, growing at a CAGR of around 8% . The growth in the household furniture market market can be attributed to continued demand for furniture from emerging markets, rising disposable income and stable economic growth in developing countries.
However, the market for household furniture is expected to face certain restraints from several factors such as shortage of skilled workers and strigent government regulations.
Household Furniture Market Segmentation
The global household furniture market is further segmented based on type of material, area of use and geography.
By Type Of Material- The household furniture market is segmented into wood furniture, metal furniture, plastic furniture and other hosehold furniture market. Among these segments, the wood furniture market accounts for the largest segment in the household furniture industry.
By Area Of Use- The household furniture market is segmented into bedroom furniture, living room furniture, dining room furniture and other household furniture market. Among these segments bedroom furniture accounts for the largest share in the household furniture industry.
By Geography - The household furniture market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific household furniture market accounts for the largest share in the household manufacturing industry.
Trends In The Household Furniture Market
Shifting focus to ready-to-assemble furniture manufacturing and adoption of advanced technologies in the furniture manufacturing are the major trends witnessed in the household furniture market.
Potential Opportunities In The Household Furniture Market
With growing popularity of eco friendly furniture and chaninging lifestyles, the scope and potential of the global household furniture market is expected to increase in the forecast period.