A few days ago, Research and Markets, the world's leading market analysis and reporting service provider, released the report "Growth, Trends, and Forecasts of the Global Residential Furniture Market 2019-2024." The agency predicts that the global home furniture market will grow at a CAGR of approximately 5.2% over the next five years.
Main highlights of the development of the global home furniture market
1. The growing demand for moving-in and buying houses has led to a surge in demand for home furniture in the global market.
2. The increase in demand for smart furniture is expected to make an important contribution to the expansion of the global residential furniture market.
3. The deteriorating quality of furniture in local countries has led to more and more customers choosing to purchase household furniture on a global scale,especially from China.At the same time, emerging economies, with their lower borrowing rates and increasingly popular online stores, may accelerate their share of the global market.
4. Due to the changing trends in the global furniture market, the competition of new entrants is becoming increasingly fierce, and the global residential furniture market is also becoming more and more self-adaptive.
5. The number of single apartments and two-person family residences has been increasing, leading to an increase in demand for small furniture and portable furniture. In addition, consumers are always looking for multifunctional, foldable, technology-driven home furniture, especially for use in small residential spaces.
Market trends of home furniture in various spaces
The increase in demand for multi-functional home furniture is expected to drive the development of bedroom furniture. With the increase in the global population, real estate prices have risen sharply in most parts of the world, especially in the city center, resulting in a significant reduction in the size of houses that people can live in.
As houses become smaller and smaller, in order to make more efficient use of existing space, there is an increasing demand for compact and easily movable home furniture. To this end, home furniture manufacturers have launched a variety of modern multi-functional furniture, such as tables, beds, etc. will have additional storage space.
This segment includes home furniture used in living rooms, lounges, halls, and dining rooms, such as sofas, chairs, coffee tables, dining tables, shelves, and storage cabinets.
The global home furniture market will be dominated by wooden furniture used in living rooms and dining rooms, including bar counters, coffee tables, spare side tables, buffet tables, TV cabinets, bookshelves, and storage cabinets and so on.
The development trend of the global household market competition landscape
According to the report, as far as market share is concerned, there are currently no large multinational furniture companies globally that can dominate the residential furniture market. However, with technological progress and product innovation, small and medium-sized home furniture suppliers have the opportunity to expand their market share by acquiring new orders and opening up new markets. Competitors in furniture stores include department stores, large retailers, home decoration stores, and online stores. Offline furniture stores are facing a severe blow to e-commerce business. As consumers switch to buying furniture and household items via the Internet, only online retailers are expanding their market share.
In terms of business strategy, manufacturers in the home furniture industry mainly adopt mergers, acquisitions and cooperation to expand market share; in addition, they will increase business revenue by developing new products and expanding distribution networks.
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