Furniture Market
Furniture Market Value exceeded USD 545.78 billion in 2020 and is estimated to exhibit 5.4% CAGR from 2021 to 2027. The industry is forecast to cross 62,496.5 Kilo Tons volume by 2027, growing at around a 4.8% growth rate. The wood segment of the furniture accounted for the largest market share in the material type segment
Among the furniture type, sofas accounted for the largest market share of 23.3% in 2018, closely followed by beds in second place. However, the cabinets segment is expected to grow with the highest growth rate of 3.00% during the forecast period. However, the only bottleneck in the growth trajectory of the global Furniture Market is the high prevalence of the unorganized sector in the Furniture Market.
Renowned Firms
Steinhoff International (South Africa), Giovanni Visentin S.R.L. (Italy), Scavolini S.p.a. (Italy), Duresta Upholstery Ltd (UK), Valderamobili (S.R.L.) (Italy), Iola Furniture Limited (UK), Herman Miller, Inc. (US), Turri SRL (Italy), Nella Vetrina (Italy), Heritage Home Group (US), Muebles Picó (Spain), are the active players in the Furniture Market.
Segmental Overview
The furniture market has been segregated in terms of product type, material type, furniture type, and end-use.
The products types are RTA Furniture as well as Non-RTA Furniture.
Key material types considered in the MRFR market study are melamine, wood, steel, glass, finished foils, wrapped panels, lacquered panels as well as laminates.
The primary plastic furniture types discussed in the report include cabinets, sofas, chairs, beds, tables, and others.
Top-end users are household and commercial.
Regional Analysis
Geographically, the global Furniture Industry is segmented into Asia-Pacific, Europe, North America, and the Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounted for the largest share of the market in 2018, and is expected to grow with the highest CAGR of 2.78%. The furniture Market size exceeded USD 545.78 billion in 2020 and is estimated to exhibit 5.4% CAGR from 2021 to 2027. The industry is forecast to cross 62,496.5 Kilo Tons volume by 2027, growing at around a 4.8% growth rate.
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