The global furniture market is projected to grow at the rate of 5.2% during the forecast period 2018 to 2023, according to the analysis supported by top companies in global furniture market like Ashley Furniture Industries, Inc., Century Furniture LLC, Durham Furniture Inc., Heritage Home Group LLC, Herman Miller, Inc., Inter IKEA Group, L. & J. G. Sti.
Growing brand consciousness and increasing expenditure for furniture goods among millennial is supporting the market growth from last few years. Additionally, easy availability of furniture in various regions through the online platform is influencing the sales of domestic furniture products from last few years.
Due to significant demand from the younger generation, key players have now come up with various offers on their products along with DIY furniture products. This strategy makes the products quite affordable and supporting the market growth. Rising trend among consumers to buy furniture products for home décor is further influencing the sales of furniture market across the globe.
Growing Demand for Domestic Furniture to Drive Furniture Market Growth
The growing demand for multi-functional furniture with various features such as the maximum storage facility, stylish design, and innovative space saving designs are driving the furniture market growth from last few years.
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. Increasing real estate industry and rising urban population in the developing economies is supporting the global furniture market growth.
Moreover, increasing expenditure on domestic furniture products has influenced the demand of luxury furniture products, this is likely to provide opportunity for the growth of global furniture market during the forecast period.
Wood Furniture to Witness Significant Growth Rate during the Forecast Period
Furniture made from wood holds significant market share in furniture market across the globe. Growing popularity of indoor furniture made by hardwood, Pine, Oak etc. is further supporting the market growth of furniture market. Increasing application of hardwood for the manufacturing of high-quality luxury furniture products expected to drive demand of wood furniture in upcoming years.
Key manufacturers are focusing on development of wood furniture as they are more popular due their natural look, durability, easy-to-use, resilience, and maintain features. Combination of glass and wood furniture is also experiencing huge demand for office furniture whereas, introduction of powder coated, chromed, and anodized furniture is expected play important role in the furniture market growth during the forecast period.
The international trade of furniture
The rise of bulk of international trade of furniture in China, Germany, Italy, Poland and Vietnam with the Unites States, Germany, the United Kingdom, France, and Canada, is expected to play major role during the forecast period.
Global Furniture Market Report
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