Furniture Market to Hit $720.2 Billion by 2028 | The Furniture Industry will generate a CAGR of 5.5% during (2021-2028)

The companies covered in the furniture market are Harman Miller Inc. (Michigan, USA), Steelcase Inc. (Michigan, USA), HNI Corporation (Lowa, USA), Ashley Furniture Industries Inc. (Wisconsin, USA), Duff & Phelps, LLC. (New York, USA), Global Furniture USA (New Jersey, USA), ZouYou (Shenzhen, China), P & C ArteMobili SA (Nova Prata, Brazil), Saudi Modern Factory Co. (Riyadh, Saudi Arabia ), DEDON GmbH (Lüneburg, Germany), Dare Studio (Worthing, England) and other player profiles.

Pune, India, Nov. 09, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global furniture market size was $475.4 billion in 2020. The market is expected to grow from $493.6 billion in 2021 for $720.2 billion by 2028 at a CAGR of 5.5% over the period 2021-2028. This information is provided by Fortune Business Insight™in its report, entitled, “Furniture Market, 2021-2028.”

According to our analysts, growing home decorating and home improvement trends among the global population are mainly driving the demand for these products.

Impact of COVID-19

Furniture Stores Shutting Down Due to COVID-19 Lockdown Constraints to Limit Market Growth

The indefinite existence of COVID-19 lockdown limitations is causing upholstery stores to close around the world. Saddlery shops are therefore seeing a deterioration in sales due to such a limitation. Moreover, to avoid coronavirus infection, ordinary people have restricted themselves to buying furniture from these stores. Such influences present difficulties for the comprehensive growth of the market during the pandemic period.

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furniture market Report Scope and Segmentation:

Fortune Business Insights™ lists all companies in the furniture market currently working to reduce the impact of the Covid-19 pandemic on the market:

• Harman Miller Inc. (Michigan, USA)

• Steelcase Inc. (Michigan, USA)

• HNI Corporation (Lower, USA)

• Ashley Furniture Industries Inc. (Wisconsin, USA)

• Duff & Phelps, LLC. (New York, USA)

• Global Furniture USA (New Jersey, USA)

• ZouYou (Shenzhen, China)

• P&C ArteMobili SA (Nova Prata, Brazil)

• Saudi Modern Factory Co. (Riyadh, Saudi Arabia)

• DEDON GmbH (Lüneburg, Germany)

• Dare Studio (Worthing, England)

The story continues

Report cover

The report offers valuable insights obtained by an in-depth study carried out by our researchers. Extensive research has been conducted to provide the estimated size of the Virtual Reality market. The data used to project the shares of several segments at the national, regional and global levels is obtained from in-depth interviews with numerous stakeholders. In addition, we have had access to several global and regional paid databases to provide you with accurate information to facilitate your business investment decisions.

Determining factors

Regular launch of revolutionary and sumptuous furniture to stimulate growth

The intermittent presentation of elite corporate hospitality facilities should entice people to buy them, thus fueling the demand for these products. For example, in February 2020, BAXTER, which is an Italian home improvement products company, along with Sources Unlimited, its Indian supplier, unveiled radical, lavish and highly elaborate lighting items in India. This is expected to drive the growth of the furniture market.

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Segmentation

By Material, the global market is split into:

By category, the market is split into:

By end-user, the market is categorized into:

• Residential

• Desk

• Hotel

• Others

By region, the global market is branched into:

• North America

• Europe

• Asia Pacific

• South America

• Middle East and Africa

Regional outlook

Asia-Pacific will maintain a dominant position in the market until 2028

The Asia-Pacific market was worth $223.9 billion in 2020. The largest furniture market share in the Asia-Pacific region is attributed to several wooden furniture producers in countries like China and the India.

North America holds a substantial share of the market owing to the high usage of these products by the US and Canadian population, which leads to an increase in the revenue of the products from this region.

The significant growth of the European region is attributed to the increasing use of wood-based furnishings among the population of countries such as the UK and Germany.

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Detailed Table of Contents:

• Introduction

• Summary

• Market dynamics

  • Market factors

  • Market constraints

  • Market opportunities

• key ideas

  • Overview of parent/related markets

  • Industry SWOT Analysis

  • Supply chain and regulatory analysis

  • Recent Industry Developments – Policies, Partnerships, New Product Launches and Mergers & Acquisitions

  • Qualitative analysis (in relation to COVID-19)

• Global Furniture Market Analysis, Outlook and Forecast, 2017-2028

TOC Continued…!

Competitive landscape

Collaborations between companies to protect their brand values ​​in the global market

Fundamental market players continually choose operational tactics to endorse their products and secure their market positions. One such tactic is to unveil new products by partnering with other companies to extend their reach to end users.

industry development

• May 2020: Theodore Alexander USA, Inc., which is a producer of console tables and chairs, has partnered with Ralph Lauren Corporation, an American vital fashion goods company, to expand its business through the partner’s US-based retail fashion stores. United States.

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Frequently Asked Questions (FAQ):

1. Is the furniture industry growing?

Answer: According to Fortune Business Insights, the global market size was USD 475.4 billion in 2020 and is expected to reach USD 720.2 billion by 2028.

2. Who are the main players in the furniture market?

Answer: Herman Millar Inc., Steelcase Inc. and Ashley Furniture Industries Inc. are global market players.

3. What are the key factors increasing the market?

Answer: The regular introduction of luxurious and innovative items by the associated companies is crucial for the growth of the market.

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Furniture Market to Reach USD 14.01 Billion by 2029 | The industry will generate a CAGR of 4.76%

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