According to a new market report published by Credence Research “Furniture Market – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023,” the furniture market has been estimated to be valued at US$ 137.5 Bn by the end of 2016, and is expected to reach US$ 186.5 Mn by 2023, expanding at a CAGR of 4.5% from 2016 to 2023.
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The furniture is generally a mutable object which helps in maintaining various activities such as seating, sleeping, dining, fencing and others. The furniture can be designed and utilized as a decorative object. It is usually made up of various available materials which include wood, metal and plastics. Over the past few years, furniture has become an integral part of human life.
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The demand for various types of furniture has showcased tremendous growth in the past 5-6 years due to rising growth of real estate all across the world. In terms of wood furniture, different varieties of woods are utilized to manufacture different sets of furniture including softwoods and hardwoods. Furniture is highly utilized in both commercial and for residential purposes out of which later captures the major chunk in the turnover of the market. There are wide variety of furniture utilized on a daily basis which includes tables, beds, chairs, cupboards, desks, and others.
Expansion in the real estate has been one of the biggest contributors towards the growth of furniture across the globe. Urbanization and changing lifestyle along with increasing population and affordability due to intensifying personal disposable income especially in Asian countries such as China and India, deeper inclination towards smartphones is projected to bolster the growth of global furniture business between 2016 and 2023. Apart from this, rising wide variety of designed tables, chairs, sofas, and other stylish furniture will propel the demand for furniture across the globe in the next few years.
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Furniture market is segmented on the basis of application such as residential and commercial. Amongst this, residential segment grabbed the highest market share in the total revenue of global furniture market in 2015. The segment is anticipated to dominate during the period 2016-2023. Rising internet penetration all over the world is expected to boost the growth of online furniture sales over the forecast period.
The global furniture market is also segmented on the basis of material type which includes wood, plastics and metal segment. Wood segment captured the highest share in the total global furniture market. The plastics segment is expected to observe robust growth during the forecast period.
- Emerging urban middle class
- Rising trendy and stylish furniture
- Online shopping
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