Global Furniture Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The growing demand for multi-functional furniture with various features such as the maximum storage facility, stylish design, and innovative space-saving designs are driving the furniture market growth from the last few years. The key players in the market are providing various products according to the preference and taste of the consumers, which is likely to influence the sales of home furniture during the forecast period. Ready-to-assemble (RTA) furniture is becoming increasingly popular among homeowners and renters, globally, because of lower costs and compact designs. RTA furniture, also known as flat-pack furniture, is not assembled by the manufacturer and is available in parts with instructions for customers, regarding assembling of the furniture.

In Asia-Pacific, many key players in the furniture market are launching their own online platform and entering partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the furniture market growth in the regional. China and India are the main countries for the furniture industry in Asia-Pacific. The key raw materials include wood, metal, and plastic, with bamboo and cane also being used in some cases. India imports wood from various South East Asian countries such as Indonesia, Malaysia, and Myanmar. As the standard of living continues to improve in China people are becoming increasingly willing to invest in home decoration. Consumers’ increasing purchasing power has driven the furniture market to develop in leaps and bounds. Prospects for Asian furniture production is better than anywhere else in the world. China is the largest manufacturer, but others are growing faster. India and Vietnam fastest-growing producers.