LONDON--(BUSINESS WIRE)--The global furniture market is expected to post a CAGR of almost 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The increase in residential and commercial construction will boost the demand for furniture in the forthcoming years. Significant investments for infrastructural development in developed economies are expected to increase the demand for furniture across the world. The number of renovation and modification projects are increasing in countries such as the US, China, and India. Moreover, favorable trade relations between countries and government policies such as FDI relaxation have led to an increase in the number of multinational and global companies and technology and business parks. This increasing construction of residences, offices, and commercial complexes will be one of the significant factors influencing the growth of the furniture market size over the next five years.
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As per Technavio, the increasing 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 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
Several vendors in the global furniture market are entering into strategic alliances and partnerships to enhance their operational efficiency. Such strategic alliances and acquisitions will also allow vendors to offer end-to-end furniture solutions, expand their range of services, and transform themselves into global lifestyle brands. Thus, the increasing number of strategic alliances and partnerships will fuel market growth over the forecast period.
“There is an increasing trend of vendors in the furniture market focusing on strategic acquisitions across different verticals to augment growth. For instance, IKEA acquired 49% stake in Traemand Group, a kitchen installation partner in the US and Kimball International Inc., acquired David Edward, a family-owned manufacturer of upholstery and furniture. Such developments are expected to further stimulate growth over the forecast period,” says a senior analyst at Technavio.
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Global Furniture Market: Segmentation Analysis
This market research report segments the global furniture market by product(home furniture, office furniture, and other commercial furniture) and geographical regions (North America, Europe, APAC, South America, and MEA).
APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC region is expected to maintain its dominance over the global market and register the highest incremental growth. This is due to the growing population and urbanization, and the increasing number of office spaces in emerging economies.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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