Furniture market share by applications and regions for 2018- 2024

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Furniture market trends research and projections
for 2018- 2024
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• Global Market Scenario of Construction Industry

• Wood furniture dominates the global furniture
  market with 60 share in 2017 and is expected to
  continue its dominance during the forecast
  timeframe.
• Superior product finishes along with availability
  of extensive wood options including mahogany,
  Teak, Redwood, Fir, Cedar, and others are among
  the key factors driving the wooden furniture
  market growth.
• High durability and strength along with
  availability in lower price variants and
  higher-end segment will proliferate the wood
  material demand over the next few years.
  Preference in green buildings will positively
  influence the product sales.
• Global Furniture Market size is estimated to
  surpass USD 750 billion by 2024 according to a
  new research report by Global Market Insights,
  Inc.

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• Rapid urbanization supported by high private and
  government spending on residential construction
  to accommodate the increasing population will
  boost the global furniture market share.
  Increasing remodeling service demand in the
  developed economies of Europe and North America
  will stimulate the industry development.
  Expanding tourism sector particularly in Asia
  Pacific, Europe, and MEA will propel the business
  demand.
• Trend towards outdoor living and garden dining
  supported by rise in social gatherings are
  augmenting the outdoor furniture market demand.
  Escalating outdoor restaurants demand will
  strongly support the business development
  globally.
• Increasing eco-friendly and smart furniture
  product launches will create new growth
  opportunities over the forecast timeframe.
  Reduction in size of new residential construction
  has paved the way for multipurpose and easily
  movable furniture.

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• Regional Analysis

• Asia Pacific is expected to dominate the global
  furniture market, accounting at over USD 400
  billion by 2024. China, India, Japan, and South
  Korea are the leading furniture markets in the
  region. Easy availability of raw material and
  economical labor supported by booming real estate
  sector are fueling the business revenues.
  Developing hospitality industry in Malaysia,
  Indonesia, India, and China will boost the
  industry growth. Growing balcony and outdoor
  furniture demand along with government spending
  on public infrastructure will enhance the
  business landscape over the next few years.

• Competitive Analysis

• Global furniture market share is highly
  competitive with presence of large number of
  domestic and global players. The key industry
  players include Ashley Furniture Industries,
  Okamura Corporation, La-Z-Boy Inc., Haworth Inc.
  Steelcase, Inter IKEA Group, Kohler Co., and
  Global Furniture Group. Other prominent players
  include the Home Depot Inc., McCarthy Group Ltd,
  Heritage Home, Herman Miller, and Humanscale
  Corporation. The key strategies observed among
  the industry participants include MA,
  distribution channel, and design innovations. For
  instance, in June 2018, Herman Miller acquired a
  stake in Nine United Denmark A/S to expand its
  product portfolio.

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