Executive Summary
This report analyses and evaluates the global household furniture market, which consists of sales of household furniture such as dining tables, sofas, beds, chairs, bassinets, bookcases, TV stands, juvenile furniture and other household furniture products. Household furniture is made from materials including wood, metal, plastics, reed, rattan, wicker and fiberglass. The report covers two periods – 2014 to 2018, the historic period and 2018 to 2023, the forecast period.
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.
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.
Household Furniture Global Market Opportunities And Strategies To 2023 report from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global household furniture market.
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Description:
Where is the largest and fastest growing market for the household furniture market? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The household furniture market opportunities and strategies to 2023 report from the Business Research Company answers all these questions and many more.
The report covers the following chapters
• Executive Summary – The executive summary section of the report gives brief overview and summary of the report.
• Report Structure – This section gives the structure of the report and the information covered in various sections.
• Market Characteristics – The market characteristics section of the report defines and explains the household furniture market. This chapter includes different goods and services covered in the report and defines the segmentations.
• Product Development Process And Distribution Channels – This section of the report defines and explains the product design and development process and the key players of the household furniture industry distribution channels.
• Customer Information – This chapters covers recent customer and service providers’ trends/preferences in the global household furniture market.
• Trends And Strategies – This chapter describes major trends shaping the global household furniture market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
• Global Market Size And Growth – This section contains the global historic (2014-2018) and forecast (2018-2023) market value, and drivers and restraints that support and control the growth of the market in the historic and forecast period.
• Regional Analysis – This section contains the historic (2014-2018), forecast (2018-2023) market value and growth and market share comparison by region.
• Segmentation– This section contains the market value (2014-2023) and analysis for different segments.
• Global Macro Comparison – The global Household Furniture market comparison with macro-economic factors gives the Household Furniture market size, percentage of GDP, and average household furniture market expenditure.
• Regional Market Size and Growth – This section contains the region’s market size (2018), historic (2014-2018) and forecast (2018-2022) market value, and growth and market share comparison of major countries within the region. This report includes information on all the regions (Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa) and major countries within each region.
• Competitive Landscape – This section covers details on the competitive landscape of the global household furniture market, estimated market shares and company profiles for the leading players.
• Key Mergers And Acquisitions – This chapter gives the information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
Scope
Markets Covered: Wood Furniture, Metal Furniture and Plastic Furniture
Companies Mentioned: Inter Ikea Holding B.V., Ashley Furniture Industries Inc., La-Z-Boy Incorporated, Man Wah Holdings Limited and Steelcase Inc.
Countries: China, Japan, India, Australia, USA, Brazil, UK, Germany, France, Spain, Italy, Russia
Regions: Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa
Time series: Five years historic and forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Continuous…
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