Furniture Market Outlook
The global furniture market is estimated to be valued at USD 654.60 billion by 2025 and expected to grow at a CAGR of 2.64% during the forecast period. The wood segment of the furniture accounted for the largest market share in the material type segment. However, melamine segment has been projected to grow at the highest CAGR on account of increasing demand in Asia-Pacific and its low cost.
Among the furniture type, sofas accounted for the largest market share of 23.3% in 2018, closely followed by beds in the second place. However, the cabinets segment is expected to grow with the highest growth rate of 3.00% during the forecast period.
However, the only bottleneck in a growth trajectory of the global furniture market is the high prevalence of the unorganized sector in the furniture industry.
Key Players
Steinhoff International (South Africa), Giovanni Visentin S.R.L. (Italy), Scavolini S.p.a. (Italy), Duresta Upholstery Ltd (UK), Valderamobili (S.R.L.) (Italy), Iola Furniture Limited (UK), Herman Miller, Inc. (US), Turri SRL (Italy), Nella Vetrina (Italy), Heritage Home Group (US), Muebles Picó (Spain), are the active players in the furniture industry.
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Segmental Overview
furniture industry has been segregated in terms of product type, material type, furniture type, and end-use.
The products types are RTA Furniture as well as Non-RTA Furniture.
Key material types considered in the MRFR market study are melamine, wood, steel, glass, finished foils, wrapped panels, lacquered panels as well as laminates.
The primary furniture types discussed in the report include cabinets, sofas, chairs, beds, tables, and others.
Top end users are household and commercial.
Regional Analysis
Geographically, the global furniture market is segmented into Asia-Pacific, Europe, North America, and Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounted for the largest share of the market in 2018, and expected to grow with the highest CAGR of 2.78%. The furniture market in North America is expected to have the second position after Asia-Pacific in terms of market share which was 31.38% in 2018. Europe is estimated to reach USD 158.3 billion by the end of 2025. Asia-Pacific is expected to reach USD 223.22 billion by 2025.
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