The global Furniture Market Value is estimated to be valued at USD 654.60 billion by 2027 and expected to grow at a CAGR of 2.64% during the forecast period. The wood segment of the furniture accounted for the largest market share in the material type segment. However, melamine segment has been projected to grow at the highest CAGR on account of increasing demand in Asia-Pacific and its low cost.
Among the furniture type, sofas accounted for the largest market share of 23.3% in 2018, closely followed by beds in the second place. However, the cabinets segment is expected to grow with the highest growth rate of 3.00% during the forecast period.
However, the only bottleneck in a growth trajectory of the global Furniture Market Value is the high prevalence of the unorganized sector in the furniture industry.
Global Furniture Market Value has been segmented on the basis of type, material type, furniture type, end-use, and region. On the basis of type, the market has been divided into RTA and non-RTA. Ready-to-assemble furniture (RTA), also referred to as knock-down furniture (KD), flat pack furniture, or kit furniture, is a form of furniture that requires customer assembly. The popularity of RTA furniture is rising since it has become consumer-friendly owing to improved materials, hardware, and design innovation. Non-RTA furniture is fully assembled furniture that does not require the need for assembling and are sold by suppliers after completing the required fitting and assembling. The non-RTA furniture is finished with the highest quality and high appeal since it comes assembled from the supplier. The non-RTA accounts for a higher market share compared to the RTA furniture type. However, non-RTA is expected to propel with the highest growth rate of 3.83% during the forecast period.
Some of the key players in the global market are Sigma-Aldrich, Inc. (US), Ernesto Ventos SA (Spain), Alteya Organics, LLC (US), Givaudan SA (Switzerland), Firmenich International SA (Switzerland), Symrise AG (Germany), V. MANE FILS SA (France), Robertet SA (France), International Flavors & Fragrances Inc. (US), and BERJÉ INC. (Switzerland).
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Based on material type, the global Furniture Market Value is segmented into wood, melamine, glass, steel, wrapped panels, finished foils, laminates, and lacquered panels. Wood is one of the most popular and demanded materials for furniture across the globe, owing to its long lifespan. Wood is expected to account for the largest market share of 27.5%, in 2018, among all other material types. Furniture made with melamine have properties such as smooth surface, uniform structure, durable, resistant towards wear and tear, and corrosion resistant caused by general acid, alkali, grease, and alcohol. Melamine furniture also possesses a decorative function since the surface of melamine has a layer of melamine paper, which is artificially controlled by furniture manufactures. Melamine segment is expected to grow with the highest CAGR of 3.10% over the forecast period.
On the basis of furniture type, the global Furniture Market Value is segmented into chairs, sofas, tables, beds, cabinets, and others. Sofas are covered with a wide choice of synthetic, natural, or blended fabric. The design, comfort, and elegance of sofas are the critical factors affecting the buying decision of consumers, across the globe. Sofas segment are expected to account for the highest market share of 27.3%, in 2018, followed by beds. However, the cabinets are expected to have the highest growth rate of 3.00%, during the forecast period.
By end-use, the global Furniture Market Value has been segmented into commercial and household segments. The household segment accounted for the larger market share of 76.4% in 2018 in comparison to commercial segment. The household segment has been further segmented into kitchen, bedroom, living room, storage, home office, and others. However, the commercial segment is projected to exhibit a higher CAGR of 3.56% during the forecast period.
Geographically, the global Furniture Market Value is segmented into Asia-Pacific, Europe, North America, and Rest of the World. As per MRFR analysis, Asia-Pacific dominated the market, accounted for the largest share of the market in 2018, and expected to grow with the highest CAGR of 2.78%. The Furniture Market Value in North America is expected to have the second position after Asia-Pacific in terms of market share which was 31.38% in 2018. Europe is estimated to reach USD 158.3 billion by the end of 2027. Asia-Pacific is expected to reach USD 223.22 billion by 2027.
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