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.
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.
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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.
Influence of the Household Furniture market report:
-Comprehensive assessment of all opportunities and risk in the Household Furniture market.
-Household Furniture market recent innovations and major events.
-Detailed study of business strategies for growth of the Household Furniture market-leading players.
-Conclusive study about the growth plot of Household Furniture market for forthcoming years.
-In-depth understanding of Household Furniture market-particular drivers, constraints and major micro markets.
-Favourable impression inside vital technological and market latest trends striking the Household Furniture market.
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-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
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-Analytical Tools: The Global Household Furniture Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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