The global furniture market is estimated to be valued at USD 654.60 billion by 2025 and expected to grow at a CAGR of 2.64% during the forecast period. The wood segment of the furniture accounted for the largest market share in the material type segment. However, melamine segment has been projected to grow at the highest CAGR on account of increasing demand in Asia-Pacific and its low cost.
Among the furniture type, sofas accounted for the largest Furniture Market share of 23.3% in 2018, closely followed by beds in the 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 a growth trajectory of the global furniture market is the high prevalence of the unorganized sector in the furniture industry.
Global furniture market has been segmented based on type, material type, furniture type, end-use, and region. Based on type, the market has been divided into RTA and non-RTA.
Based on material type, the global furniture market is segmented into wood, melamine, glass, steel, wrapped panels, finished foils, laminates, and lacquered panels.
Based on furniture type, the global furniture market is segmented into chairs, sofas, tables, beds, cabinets, and others.
By end-use, the global furniture market has been segmented into commercial and household segments.
Geographically, the global furniture market is segmented into Asia-Pacific, Europe, North America, and Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounted for the largest share of the market in 2018, and expected to grow with the highest CAGR of 2.78%. The furniture market in North America is expected to have the second position after Asia-Pacific in terms of market share which was 31.38% in 2018. Europe is estimated to reach USD 158.3 billion by the end of 2025. Asia-Pacific is expected to reach USD 223.22 billion by 2025.
- Global Luxury Furniture Market (https://www.marketresearchfuture.com/reports/luxury-furniture-market-1305)
- Global RTA Furniture Market (https://www.marketresearchfuture.com/reports/rta-furniture-market-7758)
Key Findings of the Study:
- The global furniture market is expected to reach USD 654.60 billion by 2025 from USD 532.88 billion in 2017 and is expected to register a CAGR of 2.64% during the forecast period from 2018 to 2025.
- In 2017, the market was led by the Asia-Pacific with a 33.74% share, followed by North America and Europe.
- Based on type, the RTA segment accounted for the largest market share and was valued USD 423.64 billion in 2017.
- Based on end-use, the household segment was the largest having a value of USD 408.23 billion in 2017.
This research report provides the insights, on various levels of analyses such as industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Global Furniture Market, including the high-growth regions and their political, economic and technological environments. Furthermore, the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.