Furniture Market for residential sector is expected to grow at a CAGR of 5% by 2024
Date: 2019-06-20   Author: Rahul Varpe  Category: #news

Furniture Market for residential sector is expected to grow at a CAGR of 5% by 2024

Global Market Insights has launched a report on Furniture Market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Furniture market in Asia Pacific is the fastest growing region in construction owing to reduced interest rates and growing FDI inflows. The growing tourism supported by expanding hospitality industry, particularly in Thailand, Indonesia, and Malaysia, is fueling demand in the commercial sector. For instance, as per the India Ministry of Tourism, the number of tourists in the country has grown from 5.78 million in 2010 to 8.03 million in 2015.

Request for a sample copy of this report @
https://www.gminsights.com/request-sample/detail/3024           

The U.S., China, Japan, India, and Brazil are among the potential countries for furniture market growth. As per Furniture Today report published in 2017, the U.S. is the largest furniture importer globally, registered over USD 24.5 billion imports. Residential construction is the fastest growing segment in the North American construction market. Substantially lower lending rates coupled with higher consumer spending are among the major factors which makes the region most lucrative for furniture manufacturers.

European furniture industry includes over 130,000 companies generating an annual turnover of around USD 110 Billion. EU production satisfies the majority of the in-home demand. The region consumes around 85% of its total production in 2017. Growing demand for imported furniture is limiting the local manufacturing market share.

Furniture Market in Europe is projected to exceed USD 200 billion revenue by 2024. The industry growth is attributed to the fact that the production of regional players originating from plants outside the region (e.g., China) has been growing over the last decade. A quarter of the world's market is accounted from Europe. Germany, Italy, Poland, and France rank among the top 10 global manufacturers and cumulatively account for a 13% share of global production.

Rising investments in residential buildings supported by material & technological advancements, offering durability and innovative storage solutions are propelling the furniture market growth. Rapid urbanization coupled with increasing disposable incomes, particularly in emerging economies, is positively influencing the residential market expansion.

Make an Inquiry for Purchasing this Report @
https://www.gminsights.com/inquiry-before-buying/3024             

The global industry share is highly fragmented due to a large presence of industry players in regional and global levels. Key participants in furniture market are:

  • Ashley Industries
  • Inter IKEA Group
  • Steelcase
  • Okamura Corporation
  • Herman Miller
  • Inc.
  • The Home Depot
  • Inc
  • La-Z-Boy
  • Inc.
  • Godrej & Boyce Manufacturing Co.
  • Ltd.
  • HNI Corporation

Product design, configuration, and after-sale service is the key concerning areas for industry players.

Commercial furniture market generated over USD 150 million in 2017. Rapid commercialization across developing economies along with the subsequent mandate for operational spaces fueling industry growth. Thus, the thrust on real estate construction is expected to sustain over the forecast timeline, thereby ensuring a sustainable growth for the industry participants.

The residential sector is expected to witness over 5% CAGR up to 2024. Increasing necessity to accommodate rising population is anticipated to drive the residential market over the forecast timeframe. Socioeconomic development along with housing subsidies by governments will positively impact the industry expansion. Household renovations have observed a strong demand in the past and are anticipated to witness significant gains over the forecast timespan.

Browse Report Summery @
https://www.gminsights.com/industry-analysis/furniture-market   

 

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:

Arun Hegde

Corporate Sales, USA

Global Market Insights, Inc.

Phone:1-302-846-7766

Toll Free: 1-888-689-0688

Email: [email protected]     

Web: https://www.gminsights.com/



About Author


Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for AlgosOnline. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. ...

Read More

More from Rahul


Post Recommendents

Person-to-person Payment Market | Global Industry Analysis, Segments, Top Key Players, Drivers and Trends to 2024
Author: Partha Ray

Market Study Report, LLC, adds a comprehensive research of the ' Person-to-person Payment market' that mentions valuable insights pertaining to market share, profitability graph, market size, SWOT analysis, and regional proliferation of th...


Personal Finance Management Software Market Demand & Future Scope Including Top Players
Author: Partha Ray

The ' Personal Finance Management Software market' report, recently added by Market Study Report, LLC, examines the industry in terms of the global expanse, highlighting the present & future growth potential of each region as well as c...


Satellite Communication Service and Equipment Market Share, Growth, Statistics, by Application, Production, Revenue & Forecast to 2024
Author: Partha Ray

The ' Satellite Communication Service and Equipment market' research report now available at MarketStudyReport.com delivers a thorough analysis of the industry trends influencing the global business scenario. In addition, the report offers...