LONDON--(BUSINESS WIRE)--The furniture market is expected to grow by USD 113.61 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The growth of the global real estate industry has increased the number of residential and commercial construction projects across the world. Many developed and developing countries are making significant investments in infrastructural development. For instance, in the US 2020 budget, the President has proposed a plan to invest USD 200 billion in infrastructural development. Similarly, in India, various government initiatives such as the Smart Cities Mission, Pradhan Mantri Awas Yojana (PMAY), and the Sardar Patel National Housing Mission are working on a number of construction projects across the country. Many such factors are expected to influence the growth of the global furniture market during the forecast period.
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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 significant trends and market drivers that will influence market growth over 2020-2024.
Furniture Market: Increasing Number of Strategic Alliances and Partnerships
Over the years, the market has witnessed an increase in the number of strategic alliances and partnerships among vendors. Vendors are adopting this strategy to improve operational efficiency and offer a wide range of services such as home delivery, end-to-end furniture solutions, and emerge as global brands. For instance, in September 2018, Steelcase acquired Orangebox Group Limited, a UK-based manufacturer that offers furniture for workplaces. Similarly, in October 2019, Herman Miller acquired the remaining shares of the contemporary British furniture designer, naughtone. The acquisition helped the company expand its product design and development capabilities. Many such M&A activities are expected to positively influence the growth of the global furniture market during the forecast period.
“Evolving consumer demographics in emerging economies and the growth of organized retail in the region will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Furniture Market: Segmentation Analysis
This market research report segments the furniture market by Product (Home, Office, and Others) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the furniture market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as rapid urbanization and increasing disposable incomes in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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