Wooden furniture dominates the global furniture market with over 60% share in 2017 and is expected to continue to dominate. The size of the global furniture market is expected to exceed $ 750 billion by 2024; according to a new research report from Global Market Insights, Inc.
Superior product finishes along with the availability of numerous wood options including mahogany, teak, redwood, fir, cedar, and others are among the key factors in the growth of the wood furniture market. . The preference for green buildings will positively influence product sales.
Rapid urbanization supported by high private and government spending in residential construction to accommodate the growing population will increase the global furniture market share. The growing demand for remodeling services in the developed economies of Europe and North America will boost the development of the industry.
The trend towards outdoor living and dining in the garden, supported by the increase in social gatherings, is increasing the demand of the outdoor furniture market. The increased demand for outdoor restaurants will strongly support business development globally. The increase in green and smart furniture product launches will create new growth opportunities during the forecast period.
Commercial application is expected to be the fastest growing segment in the global furniture market. The commercial application mainly includes offices, educational establishments, hospitality and the healthcare sector. Hospitality and educational establishments are among the main contributors to the growth of the commercial furniture segment. The growing number of tourists to the Middle East and Asia-Pacific, supported by a growing number of luxury hotels, is driving business expansion.
Rapid commercialization and increasing household spending are boosting demand from furniture companies in emerging economies. The increase in the service sector in developing countries is stimulating the demand for office furniture. The geographic expansion of multinational enterprises as well as the growth of the retail network will increase the share of the industry.
Asia-Pacific is expected to dominate the global furniture market, accounting for more than $ 400 billion by 2024. China, India, Japan and South Korea are the main furniture markets in the region. The easy availability of raw materials and the economic workforce supported by the booming real estate industry fuel the company’s income.