LONDON--(BUSINESS WIRE)--The global online furniture market is expected to grow by USD 84.26 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The changing trends in the home and living concepts are transforming the buying patterns of customers. As a result, many individuals are making investments in the remodeling of their bedrooms. Their preferences are influenced by the increasing access to blogs, and homestyle, lifestyle, and fashion magazines. For instance, a real-time engagement program, IKEA’s Home Tour Squad, provides solutions and home makeover tips to their customers. This is leading to an increase in the purchase of customized furniture of different size, materials, and colors to add value to the ambiance of a place and provide comfort. For instance, Fursys offers customized office furniture that comes with additional lumbar support. Thus, the evolving home and living concept will boost the growth of the online furniture market during the forecast period.
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As per Technavio, the mobile commerce and network marketing will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Online Furniture Market: Mobile Commerce and Network Marketing
The emergence of new opportunities for customers to shop through network marketing and increasing purchase volume of new mobile devices has increased the significance of mobile commerce. Flipkart, Snapdeal, Alibaba, and Amazon are some of the major retailers that maintain their own mobile applications. These factors are boosting the online purchase of various commodities including furniture such as chairs, workstations, storage files, tables and desks. The trend for online shopping of furniture will continue to evolve due to the availability of 24/7 customer support, online shipment tracking, cheaper costs, and a wide range of merchandise. Thus, with the growing trend for mobile commerce and network marketing, the market for online furniture is expected to showcase a positive outlook during the forecast period.
“The growth in global real estate industry and establishment of digital marketing and social media campaigns for consumer engagement are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Online Furniture Market: Segmentation Analysis
This market research report segments the online furniture market by application (online residential furniture and online commercial furniture) and geographic segmentation (North America, APAC, Europe, South America, and MEA).
The APAC region led the online furniture market in 2019, followed by North America, Europe, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the increasing demand for furniture supplies and growth in purchasing power.
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Some of the key topics covered in the report include:
- Online residential furniture
- Online commercial furniture
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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