Global Furniture (Home and Office) Market to Grow at a CAGR 4% 2016 to 2020

WiseGuyReports.com adds “Global Furniture Market 2016-2020” new report to its research database. The report spread across 67 pages with table and figures.

This industry research report presents a detailed segmentation of the global furniture market by product type (home furniture and office furniture) and by geography (Americas, APAC, Europe, and MEA). The leading vendors analyzed in this market research are Ashley, IKEA, and Steelcase.

Outlook of the global furniture market 

Technavio’s market research analyst anticipates the global furniture market to grow moderately at a CAGR of around 4% until the end of 2020. The growing global trend of home improvement will impel the prospects for growth in this market. Furthermore, as a result of the growing number of small-size houses across the globe, the populace’s demand for furniture, which have facilities for extra storage, will also increase. This increase in the demand for furniture with additional storage facilities will foster the demand for multi-functional furniture during the forecast period.

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Segmentation by product type and analysis of the furniture market 
- Home furniture
- Office furniture 

In this market study, analysts have estimated the office furniture segment to be the largest market segment during the forecast period. This segment currently dominates the global furniture market and is envisaged to retain its hold over the market until the end of 2020 owing to factors like the rising utilization of extra home spaces for an office. This growing utilization of extra home spaces will, in turn, augment the demand for home-office furniture during the forecast period.

Geographical segmentation of the furniture market
- Americas
- APAC
- Europe
- MEA 

Geographically, the APAC region is anticipated to lead the global furniture market and will account for more than one-third of the total market share by the end of 2015. Growth in the residential furniture segment, which is due to the rising demand from key countries such as India and China, will impel the prospects for market growth by the end of 2020.

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Competitive landscape and key vendors
The global furniture market is fragmented due to the presence of multiple vendors, which includes both international and regional players. These vendors compete on the basis of product portfolio and pricing to gain maximum market traction during the forecast period. The high level of vendor competition in this market will result in an increased number of mergers and acquisitions, wherein smaller entities will be acquired by, or merged with, larger players.

Leading vendors in the market are -

Ashley
IKEA
Steelcase
Other prominent vendors in the market include 9to5 Seating, AFC Systems, Berco Furniture Solution, Clarin, Creative Wood, HNI, Herman Miller, Global Upholstery, Godrej & Boyce, KI, Kimball International, Kinnarps, Knoll, Kokuyo, and Okamura.

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