(MENAFN- IMARC Group)
IMARC Group, a leading market research company, has recently releases report titled “Furniture Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032” The global furniture market size reached US$ 660.5 Billion in 2023 . Looking forward, IMARC Group expects the market to reach US$ 701.7 Billion by 2032.
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Factors Affecting the Growth of the Furniture Industry:
Technological Advancements and Customization:
The increasing fusion of technology into furniture design, exemplified by the emergence of smart furniture equipped with Internet of Things (IoT) capabilities, is fostering a promising market outlook. This encompasses innovations such as beds integrated with sleep-tracking systems, sofas featuring built-in wireless charging pads, and tables boasting touchscreen surfaces. Moreover, advancements in manufacturing technology are facilitating more streamlined production processes, resulting in cost reductions and heightened potential for customization. Consumers now have the opportunity to personalize furniture to their precise specifications, encompassing considerations such as size, color, material, and functionality. This convergence of technology and customization is not only enriching the user experience but also enabling manufacturers to distinguish their offerings within the market landscape.
E-Commerce and Online Retail Channels:
The increasing prevalence of e-commerce and online retail platforms is driving market growth. The convenience of online shopping, coupled with the ability to compare a wide array of products and prices, is attracting more buyers. Online platforms typically offer a larger selection of furniture at competitive prices compared to traditional physical stores. The use of enhanced digital experiences, such as virtual reality (VR) and augmented reality (AR), enables buyers to visualize furniture in their own spaces prior to purchasing, thereby reducing the uncertainty associated with online shopping. Furthermore, the growing utilization of social media marketing and influencer endorsements is contributing to the surge in online furniture sales.
Demographic Shifts and Household Dynamics:
The rising change in demographic profiles and household dynamics are bolstering the market growth. The increasing number of single-person households and changing family structures are catalyzing the demand for diverse furniture types, sizes, and functionalities. Furthermore, single-person households require compact and multi-functional furniture, while families with children are looking for durable and safe furniture options. The aging population requires furniture that is ergonomic and supports mobility. Additionally, the younger population, who prioritize design, affordability, and flexibility, is encouraging manufacturers to improve their product offerings.
Top Companies Operating in Global Furniture Industry:
Durham Furniture Inc. Haworth Inc. (Haworth International Ltd.) HNI Corporation Inter IKEA Systems B.V. (Interogo Foundation) Kimball International Inc. Kohler Co. Masco Corporation Okamura Corporation Steelcase Inc. Stickley Furniture Inc.
Furniture Market Report Segmentation:
By Material:
Metal Wood Plastic Glass Others
Based on the material, the market has been segregated into metal, wood, plastic, glass, and others.
By Distribution Channel:
Supermarkets and Hypermarkets Specialty Stores Online Stores Others
Specialty stores exhibit a clear dominance as they offer a wide range of furniture options and personalized customer service, making them an appropriate choice for many buyers.
By End User:
Residential represents the largest segment due to the increasing demand for home furnishings.
Regional Insights:
North America (United States, Canada) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa
North America dominance in the market, owing to substantial investment in research operations, leading to advanced technological developments in this field.
Global Furniture Market Trends:
The rising popularity of traditional designs that embody local artistry, materials, and cultural heritage is contributing to the market growth in the country. Individuals, especially those interested in creating a distinct and authentic living space, are drawn to furniture that showcases traditional woodworking, lacquer art, and indigenous materials. This preference not only supports local artisans and preserves cultural heritage but also appeals to international markets looking for unique and handcrafted furniture pieces.
Besides this, the growing preference for multifunctional and space-saving furniture, such as sofa beds, extendable tables, and modular storage units, is offering a favorable market outlook. This trend is driven by the need to maximize limited space in urban apartments and houses, reflecting a practical approach to modern living.
Other Key Points Covered in the Report:
COVID-19 Impact Porters Five Forces Analysis Value Chain Analysis Strategic Recommendations
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 Group'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.
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