Knowledge Sourcing Intelligence offers an exclusive report on The Furniture Market with expert views and forecast on the market growth from 2019 to 2026.
The key factors contributing to the growth of the market are the growing real estate and construction industry. The rising population and need for residential accommodation will also boost the growth in the market.
As per the report, the market about Furniture Market is expected to grow at a steady pace.
The furniture market is anticipated to grow at exponential growth in the forecasted period. Rapid urbanization and increased standard of living are the prime reason surging the size of the market. further, the rising travel and tourism industry, along with the growing Hotel, restaurants, and Cafeteria’s (HoReCa) industry is boosting the market. Moreover, the booming construction and real estate industry brings huge potential for the market.
By Type, the residential furniture market is expected to dominate the industry. The prime reason behind this surge is the growing population and need for residential accommodation. government as well as undertaking projects to increase residential accommodation. commercial furniture market is predicted to hold a significant share with the rise in HoReCa industry and construction of airports for infrastructure development.
Based on Channels, the offline mode of sales has a greater market share. Consumers, in general, prefer to have a personal touch towards durable goods, increasing offline sales. Further, with the development of industry-specific websites and applications, the online channel is booming.
By geography, the Asia Pacific region dominates the market and is forecasted to maintain a considerable share of the market in the predicted period. Rising population and rapid urbanization are the prime reason contributing to the growth of the market, especially in countries like India and China.
The coronavirus pandemic has a severe impact on the furniture market. Nationwide lockdown led to a halt in the construction industry, resulting in a halt in demand for furniture. Further, distributed supply chain impacted production, hence reducing the size of the market.
As a part of the report, the major players operating in the furniture market, that have been covered are Kokuyo Co. Ltd., Ashley Homes Stores Ltd., Haworth Inc., Okamura Corporations, Inter Ikea Systems B.V., HNI Corporations, Kimball International Inc., Herman Miller Inc., Godrej and Boyce Mfg. Co. Ltd., and Steelcase Inc.
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This analytics report segments the furniture market on the following basis