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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The Impact of IKEA on Emerging Markets: Ken Research

Introduction: On March 12 2018, IKEA appointed Peter Betzel as the new CEO for IKEA India. This change simply signifies the growing commitment by IKEA towards the Indian Furniture Market.  Before India, Betzel was managing IKEA’s largest market- Germany. The Swedish retailer has bet big on India with a plan to open 25 stores across India by 2020 with each store having an investment of approximately USD 80-110 Million being made for each store. The company plans to have stores in almost all of India’s tier one cities with plans for Bangalore, Mumbai and the National Capital Region. The company, as of 2016 had already invested over USD 350 Million and was one of the first companies to gain approval for 100% FDI. The market for Indian furniture is estimated to be worth USD 20 Billion as of 2018 with online furniture sales contributing only USD 250 Million. The majority of furniture sales happening in India are brick and mortal outlet sales.  Although IKEA is marking their entry into India with their Hyderabad store set to open in 2018, there is an emerging market they have managed to gain a solid foothold on, China. IKEA China is seeing strong growth with the company managing revenue of USD 2 Billion for the year 2017 alone. Customers visiting the retail stores increased by 11% to 90 Million while the visits to websites increased by 24% to 75 Million. This growth has shown potential for IKEA in China which has led to their decision of opening 3 new stores by the end of 2019.

Impact:  The entry of a company such as IKEA is a major improvement into the market for furniture in emerging economies such as India and China. India and China are rapidly developing nations with an increasing number of people entering the middle and upper middle classes owing to better employment and developing pay structures that are satisfactory to employees. The increasing pay leading to a growth in disposable income allows for consumption into a sector like furniture where products are highly differentiated and are usually used medium to long term based on the quality of the furniture. The entry of a company such as IKEA that sells economical furniture and simultaneously implements a DIY model of consumption not only allows access to quality furniture to a larger number of income groups, but also allows furniture which is based on functionality to be appealing for a variety of consumers. This implies an expected increase in satisfaction from utility based furniture which has a pleasant design, all for a lower price than traditional retailers which is one of the key factors for IKEA expected to dominate the Indian Furniture market, more so the furniture raw material is expected to be locally sourced which would allow for greater margins. Finally IKEA standards for customer service is exemplary, as seen in the case of China. For the sake of the Chinese market, IKEA lowered their prices for furniture by almost half in order to appeal economically to the Chinese population. This signifies a strong commitment towards expanding the customer space and brand equity of the company in emerging markets.

Outlook: IKEA expects that India and China will become part of their biggest markets and are set to go toe to toe with their European customer base. Although this may take some time for implementation, there is strong possibility of IKEA becoming the market leader in the furniture market with growing disinterest by popular furniture players in the Indian market such as Future group being almost ready to abandon their furniture segment as it has consistently been a loss maker, second reliance already having exited the market, and landmark having falling sales over recent sales periods, aside from the lack of well structured competition, the level of fragmentation in the market presents a need for a company like IKEA capable of building a sustainable customer base and growing the interest of the Indian furniture market while managing to scale the business of the Chinese markets simultaneously.

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Global Luxury Furniture Market: Ken Research

Introduction: Luxury Furniture was something that only the wealthy could usually afford and primarily still is, although there has been significant increase in the capacity for those who can afford to obtain luxury furniture. Rising disposable income and the effect of cultural globalization have boosted the demand for luxury furniture and moved the demand center from the hospitality sector to the homes of individuals. While the hospitality sector was the predominant market for luxury furniture, there is now an increasing desire for consumers to purchase luxury furniture. This is further supplemented by the growing use of luxury furniture in Spas which is one of the key markets for industrial sale of luxury furniture due to the high reliance on aesthetics.

Market Overview: The luxury furniture market is expected to grow significantly in the upcoming period with the market valued at USD 23 Billion in 2017 and to be worth over 30 Billion by the end of 2023. This gives it a modest CAGR of 4.6%. The market is poised to grow faster beyond 2025 owing to increasing standards of living and an expected growth in consumer disposable income.  A major demand segment in luxury furniture is the use of art based furniture and recycled furniture, both of which are expected to be worth over USD 2 Billion by 2020. The luxury furniture market is expected to be one of the key drivers behind the growth of the furniture market.  With increasing emphasis on design and comfort, luxury furniture is poised to have major increase in industrial as well as commercial demand. The main channels for sale also play a crucial role as most luxury furniture is unique and the originality becomes a major selling point, hence, brands focus on the extent of differentiation they can offer in their design aiming to create design that cannot easily be replicated or to use materials that are rare for the construction of the furniture. Primary sales channel works through the distributor as many times, manufacturers deal with industrial sales majorly. Although the manufacturer winds up having higher margins despite mostly having lower prices than the distributor. Although the largest contributor to the market will be in the European region, the market is expected to experience high growth primarily in the Asia pacific and the Middle East region. Emerging economies are expected to be participants in the luxury furniture market in the long term

Key Drivers: The main drivers behind the luxury furniture market in any region are relatively similar, the primary driver being the increase in disposable income. Growing changes in lifestyle along with cultural and financial growth of the population have led to the market demand for more unique and authentic furniture which has originality attached to it. Another key driver is the increased demand from the hospitality sector owing to the increase in construction of luxury hospitality facilities in Asia and Europe. The other key driver is the emergence of the furniture art market where the entire focus is on the design of the furniture.

Competition Scenario: Some of the key players in the global luxury furniture market include Muebles Pico, Nella Vetrina, Laura Ashley Folding PLC, Henredon Furniture Industries, Inc., Giovanni Visentin srl, Iola Furniture Ltd., Turri S.r.l, Herman Miller, Inc., Heritage Home Group LLC and others. Companies born to serve the made to order requirements are now opening their stores in different geographical locations to provide buyers creative designs that go well with time. Besides this, many furniture manufacturers are partnering up with artists or interior designers to create and offer a luxury range of furniture.

Opportunities: There is a major opportunity for authentically designed furniture which is commercially viable. Although there are antique pieces of furniture, due to the requirement of functionality unlike wine, most furniture required to be used does not increase in value with time. The primary selling point for furniture luxury is the functionality and the design coupled with the extent of comfort. Most luxury furniture is manufactured using wood and that has been the major driver of the wooden furniture market being worth over USD 6 Billion in the year 2017.

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