Global Home Furniture Market, By Product (living room and dining room furniture, bedroom furniture, kitchen furniture, lamps and lighting furniture, and plastic and other furniture), By Distribution Channels (Supermarkets and hypermarkets, Specialty stores, Online, and Other distribution channels), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global home furniture market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
Home furniture forms a crucial part of the entire home furnishings and decor across the world as it creates the physical ambience of the house. The home furniture market consists of sales of home furniture products including chairs, beds, sofas, dining tables, bookshelves, and other furniture products.
The massive growth in the construction sector, owing to the growing population, worldwide, along with the rising investments of government regarding infrastructural development is majorly boosting the growth of the global home furniture market.
With the same token, the upgraded lifestyle of population in the present times and associated obsession to beautify their home with great and uniquely designed furniture together with the increased disposable income are other major factors that is accelerating the demand of home furniture products in the global markets, which in turn is projected to propel the home furniture industry growth in the forthcoming future.
Also, people, in current times, are highly adaptive to the fresh trends which further stimulates the demand of innovative and unique home furniture, thereby positively fueling the growth of the global home furniture market.
In addition to that, the elevating urbanization in the present-day world is further resulting in the increasing take-up of smart furniture, which is further estimated to escalate the growth of the global home furniture market in the years to come.
Moreover, the key manufacturers of the market are also focused on integrating the advanced technologies with home furniture products to make it more functional and comfortable in order to meet the demand of smart furniture of the population across the world. Attributing to which, the global home furniture market is anticipated to grow substantially over the upcoming years.
In addition, the demand of multi-functional furniture products such as sofa cum bed is also escalating among the population which is further expected to shoot up the growth in the demand of home furniture in the near future. Owing to which, the global home furniture market is expected to witness significant growth over the coming years.
MMC Study identifies some of the key participating players in the home furniture market globally are IKEA, Ashley Furniture Industries, Inc., La-Z-Boy, Godrej Interio, Flexsteel, among others.
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