Furniture Market - Essential Part of Modern Lifestyle worth US$ 1017.5 Billion 2029 with a CAGR of 5.3%

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Published Date: March 2024

The report "Furniture Market, By Material (Wood, Plastic, Metal, and Others (Leather and Glass), By Application (Residential, Kitchen & Dining, Bedroom, Living Room, Outdoor, Commercial, Hotels, Offices, Educational institutes, and Hospitality), By Sales Channel (Online and Offline), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029”.

Key Highlights:

In 2018, La-Z-Boy Incorporated declared the acquisition of the Arizona La-ZBoy Furniture Galleries stores, which compose the largest-volume licensee operator within the 350-store network, from EBCO, Inc., owned by Edward O. Breunig, III, and an independent dealer.
In 2018, WILLIAMS-SONOMA INC. expanded its online reach to its consumers by expanding augmented reality features, introducing buy online/pickup in-store programs to more stores, and ramping up digital advertising.

Analyst View:

Market Growth Drivers

Rising demand for domestic furniture
Advancements in terms of technology and design

Opportunities and Trends

Online shopping and availability of furniture at a competitive price and hassle-free shopping experience
Increasing expenditure on domestic furniture product

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Furniture Market,” By Material (Wood, Plastic, Metal, and Others (Leather and Glass), By Application (Residential, Kitchen & Dining, Bedroom, Living Room, Outdoor, Commercial, Hotels, Offices, Educational institutes, and Hospitality), By Sales Channel (Online and Offline), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis, and Forecast till 2030”.

Key Market Insights from the report:

The market report has been segmented based on material, application, sales channel, and region.

By material, wood holds a significant market share in the global furniture market. The increasing popularity of indoor furniture made of Pine, Oak, hardwood, etc., is driving the global market growth.
By application, residential furniture dominates consumer demand trends. The preference towards smaller homes and apartments due to growing land prices & rents will boost growth.
By sales channel, the global market is segmented into online and offline
By region, the Asia Pacific furniture market is expected to account for extensive revenue shares in target market. Additionally, inclination towards modern lifestyle and rapid urbanization are some of the significant factors projected to drive revenue growth of the global market in this region. Further, the availability of raw materials and labor required for the production of various kind of furniture at lower cost and solid manufacturing base are creating opportunities for manufacturers to expansion of the business

Competitive Landscape:

The prominent player operating in the global furniture market includes Century Furniture LLC, Ashley Furniture Industries Inc., Raymours Furniture Company Inc., Herman Miller Inc., Masco Corporation, Okamura Corporation, & J. G. Stickley, Inc., Steelcase Inc., Williams-Sonoma Inc., and Godrej & Boyce Manufacturing Company Ltd.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends, which will help companies enlarge their businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant vital players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships, along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period.

Key Topics Covered