DUBLIN--(BUSINESS WIRE)--The "Household Furniture Global Market Opportunities And Strategies To 2023" report has been added to ResearchAndMarkets.com's offering.
The global household furniture market reached a value of nearly $235.3 billion in 2018 and is expected to grow at a compound annual growth rate (CAGR) of 8.1% to nearly $347.6 billion by 2023.
Factors such as growth in the residential construction market, rising internet penetration, the rising popularity of eco-friendly products and lifestyle changes are contributing to the growth of the market. The household furniture market is challenged by restraints such as a skilled workers shortage, government regulations and trade protectionism.
Where is the largest and fastest growing market for the household furniture market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The household furniture market opportunities and strategies to 2023 report from the author answers all these questions and many more.
This report analyses and evaluates the global household furniture market, which consists of sales of household furniture such as dining tables, sofas, beds, chairs, bassinets, bookcases, TV stands, juvenile furniture and other household furniture products. Household furniture is made from materials including wood, metal, plastics, reed, rattan, wicker and fiberglass. The report covers two periods - 2014 to 2018, the historic period and 2018 to 2023, the forecast period.
The wood furniture segment accounted for the largest share of the household furniture market in 2018 at $161.3 billion. The highest growth is also projected to come from the wood furniture segment, which is forecast to grow at a CAGR of 8.4% to 2023. This growth is mainly due customer preference for wooden furniture products over those made from other materials for aesthetic reasons and because they are more resistant to wear and tear and not prone to rust like metal furniture. Bedroom furniture was the largest segment by area of use in the global household furniture market in 2018, with 53.3% of the market, worth $125.5 billion in 2018.
Asia Pacific was the largest region in the household furniture market in 2018, accounting for 42.0% of the global market. It was followed by Western Europe and North America. Going forward, the fastest growth in the household furniture market will take place in Asia Pacific where it is forecast to grow at a CAGR of 9.6%, followed by Western Europe, where growth at a CAGR of 8.1% is expected. China is the largest country in terms of value in the household furniture market. China and Italy are forecast to have the fastest growth, rising at a CAGR of 11.1% and 10.0% respectively.
The market for household furniture is fragmented. Major players in the market include Inter IKEA Holding B.V., Ashley Furniture Industries, Inc., La-Z-Boy Incorporated, Steelcase Inc., Man Wah Holdings Limited.
Major opportunities in the household furniture market will arise in China, where the market will gain $40.6 billion of annual sales between 2018 and 2023, the USA, where $18.4 billion will be added to the market, and the global wood furniture segment, which will put on $13.5 billion of extra sales in that period.
To take advantage of these opportunities, household furniture manufacturers should consider strategies such as a focus on ready-to-assemble furniture manufacturing, using virtual prototyping tools to accelerate the design process and launching eco-friendly furniture to cater to the rising demand for furniture products produced from sustainable environmentally-friendly practices to cater to the rising demand for furniture products produced from sustainable environmentally-friendly practices.
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6.1.1.Segmentation By Geography
6.1.2.Segmentation By Type-Of-Material
6.1.3.Segmentation By Area Of Use
7. Household Furniture Market Characteristics
7.1. Market Definition
8. Household Furniture Market Development Process And Distribution Channels
8.1. Distribution Channels
9. Household Furniture Market Customer Information
9.1. Millennials Spend More on Furniture and Bedding Market
9.2. Preference for Eco-friendly Furniture Products
9.3. Furniture Buying Patterns for Millennials
9.4. Preference for Physical Retail Stores
10. Household Furniture Market Trends and Strategies
10.1. Rising Demand for Ready-to-Assemble (RTA) Furniture Products
10.2. Virtual Prototyping
10.3. Growing Demand for Lightweight and Portable Furniture
10.4. Furniture Manufacturers Adopting Sustainable Approach for Production
10.5. Online Stores Selling Furniture
11. Household Furniture Market Size And Growth
11.1. Market Size
11.2. Historic Market Growth, Value ($ Billion)
11.3. Drivers Of The Market 2014 - 18
11.3.1. Growth in Emerging Markets
11.3.2. Growth in Residential Construction
11.3.3. Rise in Internet Penetration
11.4. Restraints On The Market 2014 - 2018
11.4.1. Lumber Supply Crisis
11.5. Forecast Market Growth, Value ($ Billion)
11.6. Drivers Of The Market 2018 - 23
11.6.1. Economic Growth
11.6.2. Growing Popularity of Eco-Friendly Furniture
11.6.3. Lifestyle Changes
11.7. Restraints on the Market 2018 - 23
11.7.1. Skilled Worker Shortage
11.7.2. Trade Protectionism
11.7.3. Stringent Regulations
12. Household Furniture Market Regional And Country Analysis
12.1. Global Household Furniture Market, 2018, By Region, Value ($ Billion)
12.2. Global Household Furniture Market, 2014 - 2023, Historic And Forecast, By Region
12.3. Global Household Furniture Market, 2018, By Country, Value ($ Billion)
12.4. Global Household Furniture Market, 2014 - 2023, Historic And Forecast, By Country
13. Household Furniture Market Segmentation
13.1. Global Household Furniture Market, Segmentation By Type-Of-Material, 2018, Value ($ Billion)
13.2. Global Household Furniture Market, 2014 - 2023, Historic and Forecast, Segmentation By Type-of-Material
13.3. Global Household Furniture Market, Segmentation By Area of Use
14. Household Furniture Market Metrics
14.1. Household Furniture Market Size, Percentage Of GDP, Global
14.2. Per Capita Average Household Furniture Market Expenditure, Global
- Inter Ikea Holding B.V.
- Ashley Furniture Industries, INC
- La-Z-Boy Incorporated
- Man Wah Holdings Limited
- Steelcase INC.
Key Mergers And Acquisitions In The Household Furniture Market
- Inter Ikea Holding Acquired Part of Ikea Group Business
- Knoll Acquired Muuto
- Herman Miller Acquired Stake in Naughtone Holdings
- Palliser Furniture Acquired Casana Furniture Company
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