Mexico Home Furniture Market Size Global Industry Overview B...| MENAFN.COM

Monday, 05 December 2022 08:56 GMT

Mexico Home Furniture Market Size Global Industry Overview By Size, Trends & Growth Forecast 2022-2031


(MENAFN- America News Hour)

Furniture manufacturing has been a major industry in Mexico for decades and only continues to strengthen as the global demand for household increases. Although furniture manufacturing has long been a part of Mexico's manufacturing history, the industry has recently grown at a rapid pace. The advent of this can be seen in 2014, as wages in both the US and China began to outpace wages in Mexico.
Furniture manufacturing in Mexico has always played a role in Mexico's diverse manufacturing industry; however, there was a significant exodus during the turn of the century to China and other low-cost Asian countries. By 2010, Mexico had lost approximately 65% of its furniture industry manufacturing base to other countries.
With more than 131 million inhabitants, Mexico is a very attractive destination for Spanish furniture manufacturers. Its strategic geographical situation between the United States and the rest of Latin American countries, as well as its important real estate and tourism development, place Mexico in the spotlight of investors and exporters from all over the world. The Mexican market offers many untapped economic opportunities for North Carolina's furniture manufacturers

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Manufacturing wood furniture in Mexico typically requires a lot of industrial space, which is contributing to the industrial real estate boom throughout the country. The impact, however, is far greater along the major border cities, where even places like Juarez, Mexico are experiencing a significant resurgence.
More recently, nearshoring has become an increasingly critical strategy for companies seeking to lower their shipping costs or leverage trade agreement benefits that exist between companies near their target sales region. For example, to meet the USMCA rule of origin requirements that require portions of miscellaneous furniture products to be manufactured in one of the signatory countries, many companies are moving such manufacturing into Mexico.
The local manufacturing environment has responded by better leveraging the stable manufacturing clusters and networks already established by automotive, aerospace, and electronics manufacturing companies. In 2019, Mexico shipped USD 1.2 billion in furniture products to the United States, a 5% increase from 2018 exports of USD 1.1 billion. That places Mexico as the fourth largest such exporter behind China, Vietnam and Canada. The furniture manufacturing industry in Mexico is comprised of 675 companies and more than a 52,000 strong workforce. Companies vary from international brands like La-Z-Boy to companies like Quetzal that focus on the domestic market.
Key Market Trends
Smart Furniture is Driving the Home Furniture Market

Integrating home furniture with technology can be a potential driving proposition for manufacturers to meet the demand for smart furniture among residential and hospitability customers. The remote-controlled home furniture is a growing trend. There is a growing demand for home furniture integrated with user-friendly electronic technologies that enhance the level of comfort for end-users. In addition to this, there is a profuse demand for multi-purpose home furniture, especially among residential customers. Pieces of multi-purpose furniture such as sofa cum beds, hydraulic beds, foldable tables, and bed with storage are gaining momentum among home customers who want to make optimal use of living spaces. This is a crucial trend among urban customers, which is expected to fuel the expansion of the home expansion market.

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E-Commerce is the Fast-Growing Segment
Online shopping for furniture and home accessories has now become a trend. The furniture market is growing, and consumers are buying furnishings more frequently in eCommerce which is expected to continue in the future. Larger items of furniture, such as beds or sofas, are bought from stationary retail. However, customers show increased interest to purchase such items online to avoid the hassle. Stationary shopping is currently more popular for smaller items of furniture, like chests of drawers or side tables. To make the customer's choice of furniture easier, some suppliers are already relying on virtual or augmented reality. Technologies like virtual and augmented reality are becoming increasingly more attractive. By offering virtual applications, consumers can design their own living space in no time at all. Online retailers are using this trend to secure their success in eCommerce by using new and innovative marketing opportunities.
Competitive Landscape
The report covers major international players operating in the Mexico home furniture market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porter's Five Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Trends Influencing the Mexico Home Furniture Market
4.7 Millennials and the Housing Market
4.8 Insights on technological innovations in the market
4.9 Insights on impact of COVID-19 on the market
5 MARKET SEGMENTATION

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The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count ( SDKI ) provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.

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