Furniture are transportable items such as chairs, beds, cupboards, tables, shelves, or in variety of decorative art utilized at several places. Furniture offer dissimilar solutions such as sleeping, dining, seating, and storage function. In the commercial spaces, furniture plays an imperative role in seating engagements and document storage. Depending on end usage, the furniture designs can be improved through the machine-based progressions and handcrafting. The growth in number of small-size houses has invigorated multi-functional furniture, which has conveniences for extra storage. It was witnessed that there is growing utilization of extra home spaces for an office which has led to a requirement for the office furniture. The Furniture Market is exceedingly fragmented owing to several vendors in both international and regional players.
In addition, the booming real estate industry during the current scenario is propelling the worldwide furniture market. In addition, growth in disposable income has propelled the individual to spend more on relaxed lifestyle, this in turn is projected to provide growth opportunities for the worldwide furniture market. Low-cost furniture manufactures such as China and Vietnam are also predicted to influence the growth of the furniture market. However, the shortage of skilled labor, better transportation amenities, and infrastructure facilities may act as a restriction for the worldwide furniture market.
The market is propelled by several aspects such as augment in disposable incomes, growth of real estate and hospitality industries, and requirement for luxury and premium furniture from certain customer sections. Not only has this, developing new species of wood tree for furniture producing and marketing through the internet are some of the aspects that are projected to underwrite to the growth of the market around the globe. In addition, augment in the government investments in infrastructural advancement boosts the furniture market requirement in the residential and commercial segment during near future. The integration of internet of things into furniture products is predicted to further propel the market growth. The advancement in manufacturing technology has substantially decreased the cost of furniture, which propelled the usage of furniture products. The significant increment in the worldwide economy has augmented the spending capacity of the consumers, which in turn has propelled the sale of branded furniture items in the market. Moreover, the advancement of automated manufacturing system is projected to have a significant impact on the furniture industry throughout the forecast period.
Increasing brand consciousness and growing the expenditure on furniture goods amongst millennials are assisting the market growth from the last few years. Additionally, the convenient availability of furniture in several regions through the online platform is propelling the sales of domestic furniture products from the last few years. Owing to significant requirement from the younger generation, key players have now come up with several offers on their products along with DIY furniture products. This strategy makes the products fairly affordable and assisting market growth. The growing trend among customers to purchase furniture products for home decor is further propelling the sales of furniture markets across the globe. The increase in residential and commercial construction and the growing number of strategic alliances and partnerships are some of the aspects that are projected to propel the market’s growth.
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Ankur Gupta, Head Marketing & Communications