Industry Background:
Modern furniture is also specified as a specific style and type of furniture that is influenced by modernism. This furniture reflects the integrity of modernization as per consumer preferences. Modern furniture is designed for the revolution against the luxuriant designs that preceded them. It offers various solutions such as dining, sleeping, seating, and storage functions. These play an important role in the home and office layout and design. With the advent need of making spaces turned into a particular home, office, schools and any more needs this furniture. Thus increasing the need for this market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Huppe (Germany), Flexform (Italy), B&B Italia (Italy), Modloft (United States), Natuzzi (Italy), Gruppo Molteni (Italy), Poltrona Frau (Italy), Poltronesofa (Italy), Scavolini (Italy), Veneta Cucine (Italy), Poliform (United States), Giessegi (Italy) and Snaidero (Italy) |
According to AMA, the market for Modern Furniture is expected to register a CAGR of 5.36% during the forecast period to 2030. This growth is primarily driven by An increase in consumer spending on home improvement and renovations are driving the market. It is seen that the consumers are spending rapidly on improving the interiors of their spaces with modern touches, in order to raise their lifestyle standards. For example, The National Association of Realtors forecasts existing-home sales growth of 4% for the residential property market in 2018, which in turn helps in the growth of this market..
Globally, a noticeable market trend is evident Acceptance of Smart Furniture in Modern Furniture
Major Vendors, such as Huppe (Germany), Flexform (Italy), B&B Italia (Italy), Modloft (United States), Natuzzi (Italy), Gruppo Molteni (Italy), Poltrona Frau (Italy), Poltronesofa (Italy), Scavolini (Italy), Veneta Cucine (Italy), Poliform (United States), Giessegi (Italy) and Snaidero (Italy), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to avail of a competitive advantage through combined collaborations.
Key Developments in the Market:
In March 2024, Teknion has a history of carefully building strategic partnerships that diversify its product offerings and draw on the unique strengths of its partners. Through a powerful sustainability narrative, Modus has earned an industry-leading reputation within the UK. It is the first British manufacturer to become a Teknion alliance partner and its manufacturing facility in Somerset further enhances Teknion’s global supply chain capabilities.
In May 2023, Salone del Mobile 2023, Italian furniture brand Pedrali has released several products in collaboration with Italian and international designers for both residential and contract environments. The new products include seating and tables that are suitable for either indoors or outdoors and are made from a range of materials, including ash, teak and aluminum.
Regulatory Insights:
According to Government of United Kingdom, “The Furniture and Furnishings (Fire Safety) Regulations 1988 (amended 1989, 1993 and 2010) are UK law and are designed to ensure that upholstery components and composites used for furniture supplied in the UK meet specified ignition resistance levels and are suitable labelled”.
Influencing Trend:
Acceptance of Smart Furniture in Modern Furniture and Penetration of Online Stores in Emerging Economies is also Making its Trend across Globe
Market Growth Drivers:
An increase in consumer spending on home improvement and renovations are driving the market. It is seen that the consumers are spending rapidly on improving the interiors of their spaces with modern touches, in order to raise their lifestyle standards. For example, The National Association of Realtors forecasts existing-home sales growth of 4% for the residential property market in 2018, which in turn helps in the growth of this market.
Challenges:
Increasing Competition from New Entrants in this Market and Limited Availability of Skilled Labor to Meet Fluctuating Consumer Demand
Restraints:
High Cost Associated with this Furnitures and Fluctuating Raw Material Cost Coupled with Necessity to Enhance Supply Chain Visibility and Efficiency
Opportunities:
Growth in disposable income of the people and recovery of the residential housing sector and The growing need for shifting and settling down has upsurge the demand for home furniture
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Modern Furniture Market
- Analysis about New Entrants in Modern Furniture Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Modern Furniture Study Sheds Light on
The Modern Furniture Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Modern Furniture industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Modern Furniture industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.