About Residential Furniture
Furniture refers to movable objects intended to support various human activities such as seating (e.g., chairs, stools, and sofas), eating (tables), and sleeping (e.g., beds). These furniture’s are categorized based on applications i.e. Residential and Commercial. Residential furniture includes chair, sofas, dining table, stools, etc. Further, expanding demand for products including smart, eco-friendly, and garden furniture is positively influencing the market expansion.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
CAGR | 5.0% |
The market is fragmented with numerous players. With the growing trend of customization, these players are manufacturing tailored furniture to increase their customer base. They are using customer interactive platforms to get customers feedback on a regular basis. Analyst at AMA Research estimates that United States Vendors will contribute the maximum growth to Global Residential 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.
Bernhardt Furniture Company (United States), Dyrlund-Smith A/S (United States), Leggett & Platt, Inc. (United States), Baxter (United States), CAP DESIGN S.p.A (Italy), Inter IKEA Systems B.V. (Netherlands), Flexsteel Industries, Inc. (United States), Tropitone Furniture Company, Inc (United States), Butler Woodcrafters, Inc. (United States), Skram Furniture (United States), Knoll (United States), MisuraEmme (Italy) and NATUZZI Group (Italy) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Bestar Home and Office furniture (United States), Herman Miller, Inc. (United States), Driade SpA (Italy) and Fontana Arte (Italy).
Segmentation Overview
AMA Research has segmented the market of Global Residential Furniture market by Type (Desks and Chairs, Wardrobe, Cabinets, Nightstand, Sofas, Beds and Other), Application (Kitchen and Dining, Living Room and Bedroom, Outdoor and Others) and Region.
On the basis of geography, the market of Residential 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. Online Sale will boost the Residential Furniture market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Rising Real Estate Prices, Campaigns and Exhibition by Companies to Promote their Brands and Products, through Television Commercials and Social Media Platform and The Trend of Fully-Furnished Apartments
Market Growth Drivers:
Increasing Urbanisation and Demand for RTA (Ready to Assemble) Furniture, Rapid Popularity in Home Decorating Products and Shift in Consumer Lifestyle and Per-capita Income
Challenges:
Complexity in Supply Chain & Logistics is Posing a Challenge for the Market
Restraints:
Easy Availability of Counterfeit Products May Hamper the Growth of the Market
Opportunities:
Rapid Expansion in E-commerce Retail Stores and Rising Demand in Office Space and Expanding Hospitality Sector
Market Leaders and their expansionary development strategies
In November 2023, Luxury design and furniture company Vesta has acquired e-commerce furniture rental companies Fernish and Feather, making a play toward the mass market while the sector remains in a slump. Together, the companies has operated under the newly formed umbrella company Showroom, led by Vesta co-founder and CEO Julian Buckner. Terms of the deal are private; Showroom anticipates hitting a nine-figure revenue within its first fiscal year.
In March 2021, New Delhi-based lifestyle furniture designer, Living Spaces, announced the launch of their “Online furniture collection catalog for 2021”. The new range of products consists of lounge chairs, sofa sets, dining chairs, bedside tables and living room furniture. They have further bifurcated their furniture into Mid-Century, Urbane and Retro furniture themes.
Key Target Audience
Residential Furniture Manufacturers, Potential Investors, Industry Associations, Marketing Firms, Furniture Manufacturers and Distributors/Sellers/Traders
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.