Furniture is gaining importance with growing significance of home and office de´cor. Generally, furniture includes movable objects like tables, chairs, beds, desks, dressers and cupboards supporting various activities like seating, sleeping, fencing and protection. Furniture is made up of materials like wood, metal and plastic.
Broadly, by product types, global furniture market can be segmented into home furniture and office furniture. Of these, office furniture segment holds the largest market share and is expected to retain it in the near future too, owing to rising utilization of extra spaces for an office. In addition, furniture is also used across hotels, motels, hospitals and other facilities.
Home furniture market is expected to grow owing to rising trend for home improvement. In addition, the home furniture market is witnessing increase in demand for furniture with extra storage capacity because of growing number of small-size houses across the globe. Consequently, demand for multi-functional furniture is also expected to increase.
Medical furniture market is also an integral part of global furniture market. It is expected to witness growth owing to increase in medical infrastructure, especially in developing countries, and growing technological innovations in hospital furniture.
Geographically, North America is the largest furniture market followed by Europe and Asia Pacific. However, in near term, Asia Pacific furniture market is expected to catch up with North America owing to growth in emerging markets like India and China.
Global furniture market is highly fragmented with presence of various international and regional players. Major international furniture companies include IKEA International Group, Sears Holdings Corp., Masco Corp., Kimball International, KOKUYO Furniture, HNI Corp., Herman Miller Inc., Ashley Furniture Industries, among others. In addition, growing real estate industry, increasing urban population in developing countries and increasing disposable income are some of the factors expected drive global furniture market. However, lack of skilled labour and increasing cost of raw materials may deter growth of global furniture market.
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