Selbyville, Delaware, United States, November 9 2020 (Wiredrelease) Global Market Insights, Inc :The furniture market is likely to witness a period of flourishing growth in the forthcoming timeframe due rapid globalization and urbanization across the world. The several ongoing smart city initiatives and new hospitality industry projects are further expected to create new opportunities for the furniture market.
As per a Global Market Insights, Inc., the research report, the furniture market is slated to surpass a $750 billion valuation by 2026.
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With the rapid urbanization and advent of numerous surging residential commercial projects, prominent market players are continuously introducing novel solutions to strengthen their position in the industry scape. Citing an instance, in November 2020, Ideal Standard, a renowned leading manufacturer of bathroom and washroom solutions, reportedly announced the launch of a novel range of Adapto Furniture into the market.
The new range of Adapto furniture offers an entire modular furniture system specifically designed for luxury hotel projects, and residential building bathrooms. The novel collection comprises of worktops, additional modules, basin structures, and other accessories.
In terms of application, the commercial application segment is likely to grow at a CAGR of more than 5.8% over the forthcoming time period. The anticipated growth is ascribed to the rising demand for furniture, particularly from offices. Furniture used for office applications such as individual workstation, meetings, lounges, and cafeterias is usually different from the kind used in residential establishments. Additionally, the quantitative demand for commercial furniture is also higher than residential furniture given the purpose they address. Rapid globalization urbanization across the globe owing to the establishment of new offices, increasing education, and steady employment rate will further augment the scope of growth for the market.
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On the geographical front, Middle East Africa furniture market is likely to witness robust growth over the coming years as the region houses a well-established construction sector. In terms of revenue, the MEA region is slated to hold a substantial share of nearly 5% over the forecast time period. Countries such as South Africa, the UAE, and Saudi Arabia are some of the key contributors to regional furniture market development. Favorable initiatives by regional governments to increase the FDI inflow in construction is anticipated to aid in market revenue generation. In addition, new hospitality industry projects across the region are also likely to augment the tourism sector, thereby boosting the regional market demand.
Meanwhile, in 2019, Asia-Pacific furniture market held a predominant market share and is further anticipated to grow at a substantial CAGR of more than 5.2% over the forecast time period. The growth can be accredited to the presence of a well-established construction sector nad the subsequently growing demand for furniture in the region.
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In recent years, key market players have been increasingly focusing on adopting various strategic measures to boost revenues and strengthen their presence in the industry landscape. Citing an instance, in October 2020, Ison Furniture Manufacturing, a leading furniture manufacturer, reportedly announced that it has invested approximately $3.5 million to purchase and renovate a newly closed facility in Pittsylvania County, namely A.C. Furniture Co. The company would also purchase new equipment for the assembly and production of its upholstered furniture products.
The firms supplier, Dogwood Global LLC, would further invest approximately $500,000 in novel equipment and provide nearly 45 new job opportunities manufacturing custom furniture frames and high-end wood tables that would be upholstered by Ison Furniture. In face of the ongoing COVID-19 pandemic, this project would bring a much needed respite to the region through the investment and new job opportunities.
Ashley Furniture Industries, Inc., Furniture Services, Inc., Haworth, Inc., Urban Office Interiors, Global Furniture Group, La-Z-Boy, Humanscale Corporation, Herman Miller, Inc., Renaissance Furniture, HNI Corporation Godrej Boyce Manufacturing Co., McCarthy Group, IKEA Group, The Home Depot, Inc., Inter Kohler CO, Urban Office Interiors, Okamura Corporation, Furniture Concepts, and Heritage Home among many others are some of the key players operating in the furniture market.
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