LONDON--(BUSINESS WIRE)--The global furniture market is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing residential and commercial construction. The rising focus on infrastructural and real estate development as well as the construction of new residences and offices are expected to increase the sales of new furniture and furnishings. In addition to new construction, the rising demand for furniture is also complemented by the increase in a number of renovation and modification projects across key countries such as the US, China, and India. The rise in a number of multinational and global companies as well as technology and business parks, due to favorable trade relations between countries and government policies, is estimated to increase the demand for office and commercial furniture during the forecast period. Such factors are estimated to drive the growth of regional as well as the global furniture market during the forecast period.
As per Technavio, the increase in the number of strategic alliances and partnerships will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global furniture market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global furniture market: Increasing number of strategic alliances and partnerships
One of the key trends in the global furniture market is the increasing number of strategic alliances and partnerships between vendors across the world. For instance, key vendors such as Herman Miller had actively engaged in M&A in the last decade. One of its key acquisitions was of Design Within Reach. Currently, several vendors are focusing on improving operational efficiency to provide an extensive range of services such as home delivery, along with the offering of end-to-end furniture solutions, to become global lifestyle brands. The global furniture market is expected to witness more strategic alliances in 2019 and during the forecast period.
“Apart from the increasing number of strategic alliances and partnerships, the evolving consumer demographics in emerging economies and the growth in organized retail are some of the other major factors that are expected to boost market growth during the next few years,” says a senior analyst at Technavio.
Global furniture market: Segmentation analysis
This market research report segments the global furniture market by product (home furniture, office furniture, other commercial furniture) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the onset of urbanization and increasing disposable income in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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