Household Furniture Market Is Ready To Set Outstanding Growth In 2020
Global Household Furniture Market – By Segment (Wood Furniture, Metal Furniture, Plastic Furniture), By Company (Ikea Holding B.V, Ashley Furniture Industries, La-Z-Boy Incorporated Country), And By Region, Opportunities And Strategies – Global Forecast To 2023 By The Business Research Company
The global household furniture market reached a value of nearly $235 billion in 2018, having grown at a compound annual growth rate of more than 6% since 2014. Growth in the household furniture market in the historic period resulted from the growth in emerging markets, rise in internet penetration, and growth in residential construction. Factor that negatively affected growth in the historic period was lumber supply crisis.
The Key drivers of the household furniture market include:-
Growing Popularity of Eco-Friendly Furniture: The household furniture market is expected to benefit from the growing popularity of products made from sustainable raw materials such as rattan. Consumers are showing a preference for furniture with raw materials procured from sustainable sources. Household furniture products made from rattan, which grows faster than wood, are durable and more resistant to wear and tear. This has increased its use in household furniture manufacturing.
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Household Furniture Market Segmentation:-
1. Wood Furniture
2. Metal Furniture
3. Plastic Furniture
Wood Furniture had the highest growth rate of nearly 6.5% during the historic period. This growth is mainly due to the fact that customers are preferring wooden furniture products over other kinds because of aesthetic reasons and because they are more resistant to wear and tear and not prone to rust like metal furniture.
By Area Of Use
1. Bedroom Furniture
2. Living Room Furniture
3. Dining Room Furniture
4. Household Furniture
Bedroom Furniture was the largest segment in the global household furniture market with 53.3% of the market.
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By Geography – The household furniture market is segmented into
Some of the major key players involved in the household furniture market are
1. Inter IKEA Holding B.V.
2. Ashley Furniture Industries, Inc.
3. La-Z-Boy Incorporated
4. Steelcase Inc.
5. Man Wah Holdings Limited
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This release was published on openPR.
Originally Published on : https://www.openpr.com/news/2127788/household-furniture-market-is-ready-to-set-outstanding-growth
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