Furniture Market Research Reports Concludes With Market Projection for Future and Analyst Recommendations: Ken Research

Furniture is utilized in laboratories, spas, offices, clean rooms, restaurants, camping, bedroom, outdoor, library, parks, and stores. Most furniture is produced using a variety of materials and is accessible in different designs. Furniture are movable items such as chairs, beds, cupboards, tables, shelves, or in form of decorative art utilized at several places. Furniture offers dissimilar solutions such as sleeping, dining, seating, and storage function. In commercial spaces, furniture plays an imperative role in seating arrangements and document storage. Contingent on end use, furniture designs can be modified through machine-based procedures and handcrafting.

The positive growth in number of small-size houses has motivated the multi-functional furniture, which has facilitated for extra stowage. It was witnessed that there is augmenting the utilization of extra home spaces for an office which has led to a requirement for office furniture. The office furniture market is highly fragmented, due to multiple vendors in both international and regional players. Booming real estate industry in the present scenario propels the global home furniture market. In addition, the speedy increment in disposable income has propelled individuals to spend more on comfortable lifestyle, which, in turn, is estimated to provide growth opportunities for the global home furniture market. Low-cost furniture producers such as China and Vietnam are also projected to drive growth of the Hospital furniture market. However, scarcity of skilled labor, better transportation facilities, and infrastructure facilities functions as a hindrance for the global furniture market.

Based on the furniture market research reports, Asia Pacific furniture market size generated USD xx billion during the recent past years impelled by the expansion of the hospitality and real estate sectors coupled with growing disposable incomes, specifically in urban locations. However, the abundance of low cost & skilled workforce allows Asian countries to retail their products in the international market at very competitive costs. Population growth, environmental impressions, and urbanization have surged the requirement for smart & sustainable infrastructure solutions. The effective growth in building & construction spending owing to the growing per-capita disposable income along with improved infrastructure in APAC will augment the product requirement.

The market is driven by several factors such as growth in disposable incomes, growth of real estate and hospitality industries, and requirement for luxury and premium furniture from certain consumer sections. In addition, Furniture Market Research Reports Consulting estimate that the emerging new species of wood tree for furniture manufacturing and marketing through internet are some of the aspects that are expected to underwrite toward growth of the market around the globe. In addition, growth in government investments in infrastructural development booms up the furniture market requirement in the residential and commercial sector in the future. Integration of internet of things into furniture products is anticipated to further intensify the market growth.

Development in the manufacturing technology has substantially decreased the cost of furniture, which propels the use of furniture products. Augment in the global economy has augmented the spending capacity of the customers, which, in turn, has impelled the sale of branded furniture items in the market. Not only has this, the development of automated manufacturing system is projected to have a significant impression on the furniture industry during the forecast period.

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Furniture Market Research Reports | Furniture Market Research Reports Consulting | Wooden Furniture Market: Ken Research

 Furniture is a prerequisite for all residential and commercial spaces. It fills office and living spaces and is responsible for comfort and productivity. Therefore, the demand for this market increases enormously over time. Furniture comes in a variety of seating options such as accent chairs, living room sofas to add elegance, sleeping, dining, working, storage and others. The rapid growth of the real-estate industry in the current situation is driving the growth of market. In addition, rise in disposable income and rapidly increasing online shopping are expected to help the furniture market. Some driven factors, which are responsible for growth of the furniture market include growth in organized retail, change in customer preferences in developing economies, and growth in residential & commercial development.

There are various types of Furniture the people use on daily bases for instance tables, beds, desks, chairs, dressers and cupboards. Based on material used to manufacture the furniture, the global furniture market is categorized into plastic, metal and wood. Wood segment is expected to witness higher growth rate due to growth in real-estate sector, rapid urbanization and change in lifestyle pattern of millennial during the forecast period. The main application includes hotels, motels, hospitals and other similar institutions for residential and commercial buildings.

Growth in real estate business, followed by rapid urbanization has considerably bolstered the growth of Furniture market. This market has expanded to the production of home-interiors & furnishing that demonstrate high-class & high-quality. Surge in demand for the online-shopping is projected to support the furniture manufacturing market grow. Key manufacturers can sell their products on a wider platform than before, which will augment their customer base geographically leading to the growth of the furniture manufacturing market.

Furniture market is extremely fragmented because of large presence of industry players at regional & global level. A number of companies are involved in the partnerships & collaborations to support their industry footprint. In order to capture more of the industry, companies are expected to develop their supply chain network to be customer friendly. New market entrants will steadily increase in the expected period due to high profit margins. Mergers & acquisitions will be a key strategy for industry players to increase their market share.

Increased marketing campaigns for apartments in residential and commercial buildings with ready-made furniture will attract new buyers, better offers and drive market development. In addition, rising spending on the luxury lifestyles, repairs & renovations and use of innovative furniture designs are expected to fuel the growth of the industry. In addition, an increase in the income of the middle class is another important factor that will increase the demand for products. In addition, the demand for wooden furniture in Europe is increasing due to the growing demand for ethnic design furniture for living rooms and bedrooms, small decorative items and various ready-to-assemble products, among others. Additionally, the high demand for space-saving multifunctional furniture is also contributing to the growth of the wooden furniture market in Europe. Furthermore, the demand for plastic furniture is also growing rapidly due to its low cost, and it is particularly well known in the Asia-Pacific countries.

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Growth in Real Estate Industry Expected to Drive Global Furniture Market: Ken Research

 Furniture is a movable/mutable object intended to support a variety of human activity including seating, sleeping, fencing and protection. It is also used to hold the object at the proper height for working. It can also be designed & used as a decorative object. Furniture has become a vital part of human life since non-nomadic culture. It is kept in home or other commercial buildings to make the living & working environment comfortable. There are various types of furniture the people use on daily bases for instance tables, desks, chairs, beds, dressers and cupboards. On the basis of the material used to manufacture furniture, the global Furniture Industry can be segregated into metal, plastic and wood. Major application includes residential & commercial building hotels, hospitals, motels, and other similar institution.

Owing to considerable demand from the younger generation, leading players have come up with many offers on their products. Growth in residential & commercial construction across the world coupled with surge in number of the strategic alliances & partnerships are projected to drive the growth of Furniture Market.           

By type, Furniture Market can be divided as residential, commercial and RTA. Residential segment holds major share in global market owing to growth in global economy that has increased the spending capacity of customers. Additionally, growth in commercial infrastructure & real estate sector has fueled the demand for the residential furniture items across the world. In addition, by distribution channel type, market can be divided as supermarkets & hypermarkets, e-commerce, specialty stores, and others. The specialty store segment is expected to witness higher growth rate caused by wide range of furniture category that is provided by specialty store. Furthermore, increase in disposable income levels and changes in lifestyle of consumers are projected to further drive the market growth.

Growth in infrastructure investment in residential & commercial sector, followed by rise in disposable income, increase in inclination of customers toward modular furniture, rise in demand for do-it-yourself (DIY) furniture products and ready-to-assemble (RTA), growth in real estate industry, increase in expenditure on furniture goods among millennial, rise in demand for luxury & premium furniture from certain consumer sections, growth in brand consciousness among people and change in consumer buying behavior owing to transformation in the living styles are some major factors, which are responsible for growth of Furniture market. However, environmental restriction associated with deforestation and rise in raw material price may impact the market. Moreover, growth in e-commerce, development of eco-friendly raw materials and increase in public spending are leading opportunities for global market.

Based on geography, the North-America region dominates the Global Furniture Market owing to development of automated manufacturing system, rise in disposable income coupled with change in lifestyle of consumer across the region. The Asia-Pacific and Europe regions are estimated to exhibit considerable growth rate due to expansion of the hospitality and real estate sectors over the forecast period. It is anticipate that global Furniture market will be bright because of growth in development of new residential projects during the forecast period.

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Integration of Augmented Reality (AR) and Virtual Reality (VR) in the Global Furniture Market Outlook: Ken Research

In the recent trend, the furniture industry is growing rapidly and occupies a significant position in the global manufacturing market. Whereas, with the growing disposable income and urbanization the trade of furniture has grown and acquire an effective stage in the global trade. The development in the technology of furniture is also signify the effective strength of the market and adaptation of new technologies has also lead to the market growth more positively. According to the report analysis, ‘Market Research Reports for Furniture’ states that the technologies such as virtual reality and augmented reality are playing significant role in the trade of furniture across the globe. Additionally, the trading of furniture is doing in a significant manner on the e-commerce platform leading the market growth meanwhile, the leading players are also their efforts by introducing more projects related to this industry for enhancing the mobility of the market.

The technology of augmented reality and virtual reality is both dominating the market of furniture most prominently whereas, the AR is rising rapidly in global furniture market which make significant purchase by the customers as with the e-commerce platform the consumers will not be able get the proper fitted furniture. But the established of this technology in this sector offers solutions of this problem and increase the trade of the furniture. Not only this, the consumer can re-manage the place of the furniture, change it color moreover, this technology enables so many opportunities of adding items to the cart and buy online. Hence, the numerous applications of the technology will pursue to turn up all the sectors of commercial area of the furniture market more significantly. Additionally, in USA and several nations of Europe, another same type of technology that has surfaced into this industry is virtual reality. This technology is tend to use digital assets or 3D models in order to produce interactive virtual work spaces. Such 3D models provide them to signify the product specification and display product nature. Moreover, with this technology the traders can show the entire set of production collections without maintaining huge stock in the warehouses. Moreover, the more upgradation and development in the technology with the effective innovations in the new and existing technology make the market more attractive and effective and will further lead to significant growth around the world.

In Europe and USA, the Apple take advantage of apple’s augmented reality services. Moreover, SERVEX US and sayduck are some other VR/AR leading players working on similar concept of refiguring the furniture industry whereas, the North America is accounted the highest market share in the AR furniture industry and doing significant improvement in the VR technology for acquiring effective market share in VR furniture industry. Not only has this, the Asia Pacific region is showing effective efforts in manufacturing the furniture with the applications of both the technology and expected to gain a huge amount of share in global furniture market. Furthermore, many of the key players are functioning more effectively for making the market more competitive which includes Kudan, Imaginate Technologies, Marxent Labs, Google, Apple and several others. Therefore, in the coming year it is expected that the furniture industry will grow more significantly across the globe with the more development in the AR/VR technology over the decades.

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Growing Landscape of Smart Furniture Market: Ken Research

Market of furniture is growing rapidly with the increase in the urban population and more development in the technology of internet. Moreover, the e-retailers in India is growing and playing a significant role and making the market more innovative. In the recent trend, it is expected that the Indian online retail market is condemned to gross around USD 15 billion. Whereas, furniture as an online commodity has a certain specific set of problems such as problem of warehousing of pre-made furniture products and others. On the other hand, manufactures can expand their geographical presence with the help of online retailing, and the consumers can make better purchase decision by referring to the reviews online. Online retailers have helped the customers, vendors and other players of this market to indulge in the trade with the much convenient and easier way. Therefore, the major portion of this market is enjoyed by online furniture retailers. According to the report analysis, ‘Furniture Market Research Reports’ suggests that changing lifestyle is one of the more prevailing factor which the lead the growth to this market.

Major portion of the population is becoming more technology orientated and the furniture industry is being shaped by new technology for comfort and ease of use. E-commerce furniture industries leading the significant growth to this market and now furniture makers are not just bearing how comfortable a chair is but how easy it is to use technology while sitting on that chair. With the wide usage of power of virtual reality the number of store are trying out this internet technology and shopping for furniture is becoming even easier as time moves on. According to the report analysis, ‘Market Research Report for Furniture’ suggests that the internet technology is changing the industry of furniture across the globe and unsurprisingly it is going meet the needs of the modern population. In the developed countries the internet technology is prominent across the population and make the furniture industry more profitable as the buyer can buy any type of verified and secured furniture online at a reasonable cost rather than the offline market with the warranty of the product and other facilities such as free delivery and others.

In the North America it is expected that the industry of furniture is becoming more innovative and lead to significant growth with the expansion of business online whereas, Europe is dominating the huge market share in the furniture industry and plays a significant role in the smart furniture market. Not only has this, Asia Pacific region is also playing significant role followed by rest of the world in this industry. Moreover, both developed and developing countries are doing efficient innovations in the internet which make the site of online retailers more attractive and helpful in increasing their sells.

Carlo Ratti, Tabula Sense, Kamarq Holdng, Ori Systems, Ikea Group, Fonesalesman, Herman Miller, Inc, Milano Smart Living and others are major players of this industry whereas, Seebo Interactive Ltd., Ori systems are the major leading players in this market who are dominating the huge share in this market followed by Herman Miller, Inc. Moreover, many of the companies are collaborating with the Flipkart and Amazon for selling their furniture products online which make the online market of furniture more competitive as the existence of numerous online players. Therefore, it is expected that the furniture industry will grow significantly in the coming years over the decades with more innovations in the applications of online apps and sites.

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Growing Landscape of Smart Furniture Market Outlook: Ken Research

The industry of furniture is growing rapidly with the development in the technology and the technology of internet of things (IoT) transform this industry in a dynamic manner. Moreover, the e-commerce companies in this industry playing a significant role and making investments in the new projects related to the more innovations in this market. In research it is observed that in the coming years the technology has brought smart phones, watches and even smart refrigerators to the market, but the newest innovation in the Internet of Things may be smart furniture.  The first furniture Internet of Things exhibition in China and resulted in blending together leading international internet of things technologies. According to the report analysis, ‘Furniture Market Research Report’ the internet of things can be widely applied in the traceability, marketing, sales and promotion of furniture.

The industry of furniture is going to introduce new innovations and with the internet of things technology are far from developed, they are beginning to enter the furniture sector, chairs, desk and even kitchen surfaces to ever growing internet of things. Moreover, applications of Internet of Things in the furniture sector include bedding. The market of furniture industry is extensively benefitted with the internet of things technology as this technology allows customers to control them remotely. Moreover, the internet of things is the idea that technology in homes can be connected to one network. Beacons are the broad category of the internet of things sensors with many useful application. With the help of Beacons the retailers can track customers with smartphones are in a specific physical context, provide discounts and sharing information directly to their smartphones. Therefore, smart use of beacons can target customers and encourage them to spend more on the furniture. According to the report analysis, ‘Market Research Reports for Report’ the market of furniture is expected to grow in the coming years with the more innovations in the technology. Most of the innovative furniture is being developed and outsourced by e-commerce giants like Amazon. In the developed countries the internet of things technology is prevailing significantly and companies offer numerous types of furniture with the help of this technology. Additionally, with the applications of internet of things the market is growing significantly with the synchronization of online.

With the extensive usage of online technology and due to effectiveness in the applications of internet of things in the market of furniture make the sector more profitable and money making whereas more adoption of advanced IoT technologies including the Cloud City platform and the Z-code technology is a good news for the companies outside Asia pacific region which majorly help British companies who wants to come in this market for acquiring huge market share. Moreover, in the coming years it is expected that the region of Europe and Asia will be the two main leading players with the attractive innovations in the furniture.

Advanced micro devices (AMD) Inc., Fujitsu Ltd., General Electric (GE), Juniper Netwoks, Inc., Micron Technology Inc., Microsoft corporation, Nokia Corporation, Oracle Corporation, Kaspersky Lab are the some major key players which are currently functioning in this market in an efficient manner where as Microsoft Corporation is dominate a huge market share globally followed by Fujitsu Ltd and Nokia Corporation. IBM Corporation and Intel Corporation is also expected to acquire handsome amount of share in the market in the coming years with the more innovation the technology and make the furniture more attractive and efficient.

With the more innovations and application of an existing technology the market of furniture of Southeast China has become more competitive in the recent trend and welcomes the new entrants. In addition, the new entrants are support to the market financially which result attractive opportunities for both the companies and consumers. Therefore, it is expected that in the coming years the market of furniture is going to grow rapidly over the decades with the improvement in the technology and applications of internet of things.

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Decorating Apps: Bridging Vision to Visual Market Outlook: Ken Research

These days’ trend forecasters base their prediction and speculation on the basis of information available to them via visual, image driven websites such as houzz, heavenly and many more that directly determine customer preference by recording their every click. Moreover wave of decorating apps have big share in making consumer ingenious and their inclination towards avant-garde furniture. The trends mainly focus on the shift in consumer’s buying preferences due to change in lifestyle.

Market Research Reports for Furniture states that furniture decorating apps give a brief insight to consumer on how a piece of furniture would look in a particular spot in their houses. From digital mood boarding to virtual consultation, these interior designs aspire, color swatch and walk users through home renovation and allow them to preview object in 3D augmented reality. There is an app for nearly all the steps to design process.

Prevailing Situation

Market leaders such as,

v  Houzz has come up with new version of “view in my room 3-D”. It helps user access to play around with different colors and to discover design ideas, select according to their preferences and then could connect to any professional to make the same. It even allows users to purchase goods from their curated collection.

v  Homepolish connects users to designers who are actually freelance contractor.

v  Hutch allows users to take the photo of a space and try different products and styles in order to see it virtually decorated.

Designing furniture according to house space has historically been costly due to its inconsistency and unassured nature. Decorating apps have successfully collaborated with designers to envision, plan and create a space that is both aesthetic and functional.

Furniture decorating apps give a common platform to the entire sector be it commercial, residential or even industrial to choose the suitable furniture to accomplish their requirements of working and leisure space. Changes in taste and preferences have led to decline in business of traditional designers who operated successfully in the beginning now users are more inclined towards cost effective, fast and efficient digital transformation. They seem to have promising future because it is expected to come up with 3D printing, both augmented (AR), virtual reality (VR) and smart homes. Now users would be able to visualize their vision on their phones, desktops and tabs.

Furniture Industry Research Report states that decorating app industry is growing at great pace where all furniture retailers look forward to owning their own app featuring 3D mode and virtual reality or collaborating with big platforms to increase their sales. For instance there are  few acquisitions that are expected in 3 to 4 years down the line that is Hutch would partner with Nordstrom, Target, Urban Outfitters and other major retailers and lifestyle stores to showcase and sell their furniture, giving them access to a new sales channel and is quite expected that Amazon would buy Hutch. Addiction and belief on virtual world has built strong foundation for decorating apps who are building towers of success on that.

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Innovative Furniture Design Market Outlook: Ken Research

The furniture industry is innovating rapidly in order to keep up to consumers’ expectations. From updating designs to building and experimenting with new materials, this industry is rapidly undergoing change starting from its smallest element, coffee tables. Market Research Reports for Furniture indicate that there is a rising demand for innovative furniture and many e-commerce companies that have invested in such projects are reaping benefits.

Coffee tables have been built using metal, wood and some other materials but now they are being modified in various ways. There are now designs available that suit the consumers’ personal style from modern – stylish designs to intricate stone work, all are aimed at attracting more customers. Developments are also changing the materials used in the setting up of these items as more than one material is being used for the purpose.

•                    These days oak is in popular use and has been combined with metal to form the round cage design which is extremely popular among customers.

•                    Colours have become very prominent in furniture innovation evident by Furniture Industry Research Reports which reveal developments like ombre glass elliptical coffee tables. This incorporates the use of coloured glass.

•                    Overlapping coffee tables are a hot trend these days and are developing constantly as they not only look stylish together but each unit can be used independently thereby increasing functionality. For instance-

1.                  Rock Coffee tables developed by Rafa Garcia are among such popular tables that interact perfectly with each other to create a contemporary set up.

2.                  Oslo Nesting End Tables are the perfect edition to any room needing to conserve space. These are 2 small tables that have a combined size smaller than an average coffee table. These can be separated when needed and then nested together afterwards.

3.                  Levels are coffee tables that have a serene design by being built from oak. Each table surface is topped by glass giving a classy finish to the product. One set usually constitutes 3 tables that can slide apart whenever needed.

4.                  The Syro tables give the impression that an ancient sliced fossil has been converted into the perfect coffee table. Unique shades and layouts grace the surface of different variants creating dynamic visuals.

Most of the innovative furniture is being developed and outsourced by e-commerce giants like Amazon. Such companies are developing their operations to incorporate design innovation in their products. Debenhams is a British multinational retailer that is reputed for having innovative designs in coffee tables. The Sofa and Chair Company is among UK’s leading luxury furniture designers. De Castelli is another reputed company that is known for harboring innovative furniture designs.

Carrying out an analysis of the range of products that these companies offer and taking into account the recent trends we can safely assume that coffee tables are at the forefront of innovative furniture design. This can be attributed to two factors; the first is the simple structure of the item which makes it easy to experiment on having no complex use. Secondly, coffee tables are widely used by people hence, they are an excellent way to attract public attention and expand business. Innovative designs appear to be building on the concept of style in simplicity and increasing functionality.

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Ready to Assemble Furniture Market Outlook: Ken Research

Introduction: Ready to assemble (RTA)furniture is a concept introduced roughly around the 1850’s which allowed for two primary benefits- the reduced cost of labor as assembly was expected to be done by the customer, and a reduction in the requirement for space as the furniture was shipped as parts and not as the finished product. This reduction in labor and space became a favorable trend for manufacturers which was expected to be continued in simplistic component based furniture. Another major benefit in using ready to assemble furniture was that there was a shortage in manufacturing time as well. The reduction in time requirement and the cost saving from reduced requirement for space and labor led to manufacturers attempting to maximize the sale of ready to assemble furniture, primarily for low margin products which would boost profitability. High value furniture which earned a premium for manufacturers would not usually be ready to assemble as the price of the furniture was quite high and did not justify the need for reduction in cost of delivering and manufacturing. Although the RTA concept did not work with premium customers, the reduced cost of furniture due to the need for customer assembly was highly accepted by low and middle income customers who could now manage to afford better quality of furniture just by assembling it themselves. This began the trend of assembling furniture for cost savings for consumers and manufacturers.

Market Overview: The ready to assemble furniture market is growing steadily. The market, which was valued at over USD 10.5 Billion in 2014, has grown to USD 11.8 Billion in 2017 and is forecasted to grow to over USD 16 Billion by the year 2025 as per the most recent Furniture Market Research Reports.  The growth of ready to assemble furniture is primarily attributed to the growing needs for functional and effective furniture at a lower price for low and middle income households. Another key driver is the increasing trend of Do It Yourself market participants towards assembling their own furniture. Given the growing need for functional and economic furniture which can be fit into smaller households and still is a low cost for consumers, there is a major need for furniture that is sturdier and is capable of usage for longer periods of time. Ready to assemble furniture is primarily purchased on the basis of utility. The sales channels usually is through direct manufacturer sales as a majority of categories of RTA furniture are sold directly. RTA furniture covers almost all sub categories of furniture ranging from tables and chairs to more sophisticated furniture like book shelves, work desks and sofas. The increasing popularity from the industrial side is owing to the level of cost savings that is availed by major manufacturers on manufacturing and transportation. This is vitally important for furniture which is sold to low and middle income households where the profit margin for the furniture is considerably low. 

Opportunity: There is growing need for viable providers of ready to assemble furniture which is at lower cost. The market is currently dominated by players like Sauder Woodworking, Dorel Industries, Bush Industries, Inter, IKEA Systems, Tvilum, South Shore, Whalen Furniture and  Homestar. The major player being IKEA leading through its reputation for consistently lowering furniture costs year on year. There is an opportunity for furniture providers capable of delivering superior design and better functionality at a competitive price. Considering the major value offering is functionality and cost, there is not significant differentiation in the RTA market, providing an opportunity for new manufacturers with innovative and cost effective designs for ready to assemble furniture to benefit from

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