The global furniture market is expected to witness substantial growth in coming years due to rapid infrastructure development. Growth of real estate and hospitality sector, and rising demand for luxury and premium furniture are also likely to drive the market in the years to come. Changing lifestyles due to urbanization and increasing disposable income are boosting the demand for luxury products. In addition, government efforts to provide housing and increasing renovation activities of homes are anticipated to increase the product demand in future. Growing trend of theme-based home décor has resulted in an increase in preference for products with style and comfort along with basic functionality. Development of multi-functional products and increasing online retailing due to high penetration of smartphones are also expected to support market growth.
Growing trend of smart furnishing is anticipated to present several opportunities for the market. Rising spending on home automation solutions is anticipated to increase the demand for these products in coming years. Smart furnishing offer various benefits, such as internet browsing and calling, listening to radio, wireless charging for smart devices, and control cooling and heating systems. This may, in turn boost demand for smart furnishing than traditional furniture. Incorporation of various features, such as wireless smartphone charging, Bluetooth Speakers, and induction beverage warmer, into a single furniture can bode well for the market. Corporate offices are increasingly adopting smart tables and chairs to improve employee productivity as it enables monitoring of activities, such as sitting time throughout working hours. In addition, it sends an alert if person has been sitting for long. For instance, Carlo RattiAssociati launched an innovative sofa built with IoT. It can be adjusted into different configurations with the help of an app or hand gestures. The sofa is developed in partnership with Vitra, a Swiss-based furniture company.
Similarly, Magniflex launched Magni SmarTech Smartbed and Integrated Sleep System in India. The Magni SmarTech features chromo therapy, zero gravity, anti-snoring, monitoring body vitals, and adjustable base. The product contains sensors that detect total sleeping time, wake-up times, heartbeat rate, average respiratory frequency, and body movements.
However, increasing prices of raw material and use of low quality or fake luxury furniture material can hinder market growth.
Different types of materials used in the making of furniture include wood, metal, glass, plastic, leather, and rubber. Use of wood is comparatively high than other materials as it is available naturally. Wooden furniture is mainly produced by processing raw timber. The three main categories of wooden panels include plywood, particleboard, and fiberboard. Glass is expected to emerge highly lucrative in the coming years owing to its increasing adoption in luxury furniture as it adds grace to the decor. Innovative developments in other materials, such as stone and marble, used for designing luxury furniture are also expected to augment market expansion. These materials are likely to witness high demand in the coming years owing to their durability, easy maintenance, and long-lasting beauty and style.
Europe is considered to be one of the leading exporters of furnishing products. Demand for luxurious products is high in this region due to growing hospitality sector. Presence of large number of players in countries, such as France, Germany, and Italy, is anticipated to boost regional market growth.
North America is likely to witness robust growth in the years to come owing to increasing demand for furnishing products in residential sectors and presence of key players. High adoption of modern furniture and rising penetration of online retailing are likely to fuel regional growth. Additionally, increasing demand for multifunctional and smart products can have a positive impact on market growth. Demand for eco-friendly products is expected to increase in the U.S. due to growing environmental concerns.
Asia Pacific is expected to emerge as one of the promising regions in the market due to rising disposable income of the upper and middle-class population. Increasing demand for kitchen and dining, bedroom, and living furniture is expected to boost regional market growth. This could be attributed to robust growth of the real estate industry and housing projects initiated by the government.
Some of the leading vendors operating in the furniture market are Ashley Furniture Industries, Inc.; OKAMURA CORPORATION; Godrej & Boyce Manufacturing Company Limited; Herman Miller, Inc.; and Inter IKEA Systems B.V.
Research Support Specialist, USA