About Modular Furniture
Modular furniture is used in home and commercial purposes. Corporates and large enterprises and are investing heavily in furnishing and interiors of office spaces to provide the employee with comfortable and productive environments. Thus, vendors are designing office furniture that offers better comfort and minimizes stress. Moreover, Modular furniture is also gaining popularity in the developing economies has projected the growth of the market over the forecast period.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.95% |
Market players are focusing on providing Cast Resin Current Transformers with higher quality along with complying all regulatory standards to fascinate more end users. They are also focusing on the introduction of numerous advanced & attractive features to further offer qualified Cast Resin Current Transformers. The market is fragmented owing to the presence of several international and local providers. The high focus on the offering cost effective product offerings. Besides, the numerous industry profitability has led the entry of new players, in turn, increasing the level of rivalry in the already competitive market.The Vendors having a strong hold in the market are USM Modular Furniture, IKEA, Steelcase, and West Elm. Analyst at AMA Research estimates that Global Vendors will contribute the maximum growth to Global Modular Furniture market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
USM Modular Furniture (Switzerland), IKEA (Netherlands), Steelcase (United States), West Elm (United States), Williams Sonoma (United States), Herman Miller, Inc. (United States), HNI Corporation (United States), Okamura (Japan), Martela (Finland) and Kimball International (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are KI (United States), BYWAYINDIA (India), Krishna Office Furniture Systems (India), DM Modular (India) and AFC SYSTEMS (India).
Segmentation Overview
AMA Research has segmented the market of Global Modular Furniture market by Type (Tables, Sofas, Cabinets, Beds, Chairs and Others), Application (Household, Office Application and Other) and Region.
On the basis of geography, the market of Modular Furniture has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Distribution Channel, the sub-segment i.e. Offline Store will boost the Modular Furniture market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Material, the sub-segment i.e. Metal will boost the Modular Furniture market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Demand for Premium and Luxury Furniture in Developed Countries and Increasing Application of Hardwood in Furniture
Market Growth Drivers:
The growing demand for multi-functional furniture. In emerging economies like India majority of Indian middle-class populations are living in small flats and homes, But in the present scenario, furniture occupies a majority of the space in the home. Space-saving furniture or multi-functional furniture is one of the options to solve these problems.
Challenges:
Presence of Local Furniture Manufacturers
Restraints:
Fluctuating Raw Material Prices
Opportunities:
Increasing Demand for Green Furniture and Rising Online Retail and Developing Real Estate Industry
Market Leaders and their expansionary development strategies
In April 2023, the transformer sofa 2.0 is the latest amazing modular design from the popular furniture brand “Transformer Table.” Leaders in the modular furniture market, Transformer Table, have announced the release of their brand-new Transformers Couch collection, which will be available as of the fourth of April Anybody who has been following the emerging brand will not be surprised by this; just a year ago, Transformer Table was the talk of the world, from celebrities to influencers to countless families everywhere.
In March 2023, Aertsen Debuts New Manufacturing Facility for Modular Furniture. The modular manufacturing company of Aertsen was founded on similar principles. The standard of the items keeps declining as society gradually shifts to a profit-making mindset and neglects the requirements of the customers. The same is true for furniture; there aren’t a lot of companies remaining that prioritise serving the requirements of their clients.
Key Target Audience
Modular Furniture Manufacturers, Potential Technology Investors, Regulatory & Government Bodies, Downstream Vendors and Other
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.