Global Furniture Market Anticipate to Augment Owing to Growth in Disposable Incomes and Growth of Real Estate: Ken Research

 Furniture denotes to the movable objects which is effectively used in the laboratories, offices, homes and several other residential as well as commercial places. Furniture is intended to assist the several human activities such as eating, seating, sleeping and several others. It is also utilized to hold the objects at the convenient height.

The effective growth in expenditure on furniture goods amongst the millennials, coupled with the significant growth brand consciousness amongst them is assisting the market to record increasing revenues throughout the review duration. The proficient growth in the number of e-commerce podiums that suggest several designs and models of furniture products in increasing the growth of market in the underdeveloped nations.

In addition, the increasing development of new residential projects around the world is probable to propel the industry growth. The ongoing smart city improvements along with the growth of the construction industry is projected to generate the substantial requirement for the furniture solutions. Proliferating marketing campaigns with the ready to use furniture for the residential and commercial building accommodation will fascinate more customers and better deals, influencing the market enlargement. The furniture producers are projected to obtain an advantage by entering into the partnerships with the construction organizations.

Not only has this, the infrastructure enlargement is the foremost aspect encouraging of advanced and underdeveloped regions. A region’s growth affects its financial factors, thus assisting proficiency and booming up the construction improvement. The economic improvement amongst the worldwide populace is a vital factors for infrastructure growth followed by the growing requirement for residential & commercial place equipped with the harm-resistant advantages.

The augment in number of small-size houses has motivated the multi-functional furniture, which has amenities for extra storage. It was witnessed that there is growing utilization of extra home spaces for an office which has led to a requirement for office furniture. The furniture market is extremely fragmented owing to several vendors in both international and regional players. Boosting up the real estate industry in the current scenario is propelling the global furniture market. In addition, augment in disposable income has propelled the individual to spend more on comfortable lifestyle, this in turn is projected to deliver the growth opportunities for the global furniture market. Low-cost furniture manufactures such as China and Vietnam are also projected to propel the growth of the furniture market. However, shortage of skilled labor, better transportation facilities, and infrastructure amenities may act as a hindrance for the worldwide furniture market.

The market is propelled by several factors such as increment in disposable incomes, growth of real estate and hospitality industries, and requirement for luxury and premium furniture from certain customer sections. In addition, developing new species of wood tree for furniture manufacturing and marketing through internet are some of the aspects that are projected to underwrite to the growth of the market across the world. Therefore, in the near years, it is predicted that the market of furniture will increase around the globe more effectively over the forthcoming years.

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Growth of Real Estate and Hospitality Industries Expected to Drive Furniture Market: Ken Research

 Furniture is usually an object that can be moved or fixed that supports various human activities such as sitting, eating, sleeping, and mainly working on desktops, laptops, etc. They are generally used to hold items at the correct height for work or storage. The Furniture market is expected to witness the high demand owing to the need of comfort, ease, aesthetics and functionality of living spaces globally. The furniture market comprises of the sale of furniture by many entities that manufacture the furniture for instance desks, fainting-couch, Hoosier cabin, accent chairs, and various cabinets that are usually used in the restaurants, residential-purpose, laboratories, library, outdoor, stores and various other places to support the human activities. Various types of materials including wood, metal, plastic, silver and others are used in the manufacture of furniture. Wood furniture is usually preferred for both exportation and manufacturing.

The competitive rivalry in the market is high due to the presence of large global players. The leading players are generating noteworthy revenue through online platforms. In addition, the growing trend of online shopping is pushing manufacturers to introduce and sell their Furniture online. Moreover, increase in awareness and importance of environmental protection measures among consumers is encouraging numerous companies to introduce inexpensive environment-friendly products, reducing or possibly avoiding the use of hazardous chemicals in the manufacturing or design process.

The rapid development of the real estate industry in the current situation contributes to the growth of the Furniture market. Moreover, growth of housing & commercial construction, increase in disposable income, change in lifestyle of people and adapting comfortable lifestyle along with rapidly growing online shopping is predicted to support the furniture market. Apart from this, lack of skilled labor and poor transportation facilities are likely to restrain the furniture market growth. Furthermore, some of the notable trends in the furniture industry include omni channel sales, rising online demand, customizable products, smart furniture, environment consciousness, rise in need for remote office furniture, personalized experiences, cash & carry option, impeccable logistics & supply chain and policy support for manufacturing etc.

The Asia-Pacific region holds major share in global furniture market as a result of growth in demand for online stores where manufacturers sell their furniture. In addition, rapidly growing real estate construction projects initiated by the government, especially in metropolitan areas, are driving the furniture market in this region. Additionally, the North-America future market is poised to grow with the higher CAGR caused by rise in spending of customers for renovation, construction and interior designs for homes & offices over the forecast period.

The Furniture market size in world has increased a lot. In addition, the demand for furniture in the commercial sector is increasing. In addition, this growing number of small and medium-sized businesses continues to drive demand for low-cost plastic furniture products. It is projected that global Furniture market will be reached at quick pace because of rise in demand for durable & hybrid seating furniture, growth of real estate sector and rise in trend for modular & state of the art furniture among the population during the forecast period.

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Rapid Change in Production Technology Driving Furniture Market Reports Globally: Ken Research

 Furniture is majorly refers to movable objects intended to support various human activities such as seating (for instance: chairs, stools, and sofas), eating (tables), and sleeping beds and many more.  Moreover, in recent scenario it has been witnessed that the furniture is also used in camping, bedroom, laboratories, school, preschool, spa luxury furniture, office, cleanroom, luxury furniture, restaurants, outdoor, library, folding furniture, parks, stores and many more places.

Ken Research provides a strong and detailed coverage on the research report over the furniture segment. Some of the various key insights which have been covered in few of our reports include home improvement furniture and office furniture categories account for a majority of the share in the global furniture market. In addition to this, majority of the furniture is being manufactured from the wood, glass, steel, and plastic. Also, the furniture are considered to be a movable item such as chairs, beds, cupboards, tables, shelves, or in form of decorative art used at various places.

Moreover, the report also covers some of the latest trends and developments which are impacting the overall market demand of the research reports on the furniture market globally. As per our company’s report analysis, it has been witnessed that the increase in number of small-size houses has encouraged for multi-functional furniture, which has facilities for extra storage. It was observed that there is a rising utilization of extra home spaces for an office which has led to a demand for home-office furniture.

Furthermore, furniture market is considered to be highly fragmented due to multiple vendors in both international and regional players. Ken Research reports on Furniture sector helps the key decision makers including retailers, wholesalers, Manufacturers, Suppliers, Traders to understand business opportunities in different geographies which help in strategy building and assessing future growth of the company.

Ken Research has completed several research reports on furniture market. However, one of our recent studies on the Bamboo Flooring states that the majority of today's bamboo flooring products originates in China and other portions of Asia. Globally, the Bamboo Flooring industry market is not concentrated as the manufacturing technology of Bamboo Flooring is relatively matures than some high-tech equipment, and some enterprises, such as Yoyu, Dasso, Jiangxi Feiyu, and many more are well-known for the wonderful performance of their Bamboo Flooring and related services.

The furniture market reports will cover the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin & Sales with a thorough analysis of the market's competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors. Moreover, the report will also include Global & Regional market status and outlook. In addition to this, the report will provide a break down details about each region & countries covered in the report.

To sum up, the prime objective of furniture reports prepared by our company is to offer detailed insights on the post COVID-19 impact which will help market players in this field evaluate their business approaches. Also, this report covers market segmentation by major market vendors, types, applications/end users and geography (North America, East Asia, Europe, South Asia, Southeast Asia, Middle East, Africa, Oceania, South America, and many more).

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Dynamic Landscape of Augmented Reality (AR) Technology in the Furniture Market Outlook: Ken Research

Increase in the disposable income and urbanization, the market of furniture is growing significantly with the more development in the specifications of furniture and adaptation of new technologies has also lead to the market growth. Moreover, retailing of furniture is doing well in the online market and the players are projecteing more projects related to the furniture industry. Technology such as virtual reality, augmented reality, IoT (Internet of Things) and others are playing significant role in the market of furniture and make it more fruitful for the both the buyer and the seller. According to the report analysis, ‘Furniture Research Industry and Market Report’ suggests that the augmented reality technology is growing rapidly in the furniture industry which make effective purchase by the consumers as with the online buying of the consumer will not able to get the exact fitted size furniture for their home. But the introduction of augmented reality solves this problem of online buying and increases the sales of the furniture.

In the recent trend, it is observed that with the more development in the technology so many of the biggest players in home furniture introducing Augmented Reality applications. Moreover, this technology helps in increasing consumer confidence when purchasing big-ticket item and AR (Augmented Reality) can also decrease return rates by helping consumers. Additionally, with the recent market trend Apple ARKit and Google ARCore, 2018 is dignified to witness a mainstream tipping for augmented reality technology. As mainstream awareness of AR starts to explode in 2018, expect to see plethora of new mobile AR apps for ARKit and ARCore. With this technology users can simply hold up a mobile and scan the encompasses room, the Ikea Place app then enables the users to fix 3D furniture objects around the room in a systematic relevant manner. Not only has this, the consumer or user of this technology can rearrange furniture, change its color whereas the application offering the opportunity to add items to the basket and purchase online. Therefore, the applications of AR will continue to transform all aspects of the commercial landscape of furniture industry. According to the report analysis, ‘Market Research Reports for Furniture’ suggests that more innovations in the Augment Reality market of furniture will result in the significant growth and make the market more attractive and further increase the sales of furniture with the increase in the disposable income of the people and rise in urban population.

Europe is doing effective management in this industry and makes the market more gainful for all the key players whereas, the North America is dominating the huge market share in AR in the furniture industry. Not only has this, Asia Pacific Region also started projects and programs related to this and expected to gain handsome amount of share in this industry. This industry is very much prominent in both developed and developing countries.

DAQRI, Imaginate Technologies, Kudan, ViewAR, Ikea, Google, Apple, Total Immersion, Holition, Sephora, Microsoft, Zugara, Marxent Labs, Amazon and others are the major players of the Augmented Reality in the furniture industry. Whereas, Ikea, Apple,  ARKit are dominating the major portion of this market with the more innovations in the applications of existing AR technology and with rise in the introduction of new apps for the better consumer experience and expanding the business profile. Therefore, it is expected that in the coming years the AR technology in furniture market will lead to a positive role and results the more growth over the decades with the further development in the economic system.

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Emerging Virtual Reality & Furniture Industry Market Outlook: Ken Research

Overview: Over the past decade, world furniture trade in 70 major countries, home to roughly three fourth of the world’s population has grown hand in hand with the furniture manufacturing business. Furniture trade and manufacturing occupies a significant position in the global trade and manufacturing market. However, Furniture Industry Analysis suggests that it has witnessed a downturn in its increasing trend in the last 2 years. This could be attributed to various factors such as Brexit, change in international trade policy of the new US administration or even stagnancy in furniture industry developments. Furniture Market Research Reports highlight that the major countries importing furniture are United States, Germany, the United Kingdom, France and Canada. Export on the other hand saw a major change with Vietnam surpassing USA in the list of major exporters.

Market Trend: There is no doubt that furniture is not a dynamic industry and does involve some level of stagnancy in its products. That said some companies like Haworth are actually trying to incorporate technological advancements in their furniture manufacturing business in order to tackle the dynamic environment. In order to overcome this paradigm shift Haworth has come up with a new product ‘Bluescape’ which offers virtual work spaces and eliminates the need to purchase costly boards, projectors etc. and allows dispersed teams to organize, design, decide, share and deliver on team or collaborative projects. In USA and countries of Europe, another similar kind of technology that has surfaced into the furniture industry is Virtual Reality. In order to improve consumer engagement furniture manufacturers and dealers are in demand of more and more VR content. By doing it allows the manufacturers to digitize their products and create digital assets to improve their efficiency. VR technologies tend to use digital assets (3D models) in order to create interactive virtual work spaces. This technology allows companies to show their customers entire set of production collections without maintaining huge inventories. Such 3D models also enable them to highlight product features and display product concepts. Dealers create entire virtual showrooms and virtual tours that consist of real life like environments designed to connect with customers. This also benefits the consumers as they can now access the virtual environment 24/7 with the simple use of a desktop or a virtual reality headset.

Competition: Furniture dealers and manufacturers have been keeping an eye for the best partner in order to ensure their consumers the best augmented/virtual reality experience. Ashley Furniture Industries, North America’s largest furniture retailer is closely working with Merxent, a leader in augmented and virtual reality for products and spaces. IKEA has partnered with Apple to take advantage of apple’s augmented reality services in USA and countries of Europe. SERVEX US and sayduck are some other AR/VR companies working on similar concept of redefining furniture industry.

Conclusion: Over the years we are seeing a shift away from cubicles to open desks and café tables or other flexible yet multiuse work spaces. With concepts such as activity based planning, instead of a single space that fits the needs of many worker, Augmented and Virtual Industry enable workers to decide their working space on their own that would allow them to work at their best.

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