July 05, 2021 20:00 ET | Source: Global Market Insights, Inc Global Market Insights, Inc
Selbyville, Delaware, July 05, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the furniture market which estimates the market valuation for furniture will cross US$ 785 billion by 2027. The swift technological advancements & innovations in the healthcare furniture industry will stimulate the business outlook in the market. Moreover, key trends, such as ergonomics, bariatrics, sustainability and safety of inputs, and cleanability, will further fuel the industry landscape.
The COVID-19 pandemic has highly impacted commercial & residential construction activities, resulting in a significant drop in the revenue generation. Additionally, the delivery of furniture items from China was postponed or interrupted due to difficulties in the production and shipping of goods due to the COVID-19 pandemic. Moreover, due to the COVID-19 pandemic, several residential & commercial construction projects are at a standstill and it has also disrupted the normal pace of economic operations and affected various sectors including the industry.
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Online distribution channel is poised to witness around 8.5% CAGR by 2027 in furniture market. The presence of several midsized & small domestic manufacturers along with the entry of e-commerce giants in the offline distribution segment indicates the importance of the offline business segment. For instance, in July 2019, Flipkart announced to establish a furniture experience center in India to compete with other e-commerce giants, such as Urban Ladder and Pepperfry, who have launched their offline experience studios to maximize revenues.
In 2020, Europe held over 25% share in furniture market size, since a quarter of the world’s furniture is produced in Europe. Germany, France, Poland and Italy are among the top 10 furniture manufacturers across the globe with over 10% share in global production and around 60% share in the European market. The EU flagship initiative, Industrial Policy launched within the Europe 2020 strategy will bolster the financial and regulatory benefits offered to the industry.
Some major findings of furniture market report include:
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Partial chapters of report table of contents (TOC):
2.1. Global furniture industry 360° synopsis, 2017 - 2027
Chapter 3. Global Furniture Industry Insights
3.4. Industry best practices & key buying criteria
3.7. Pricing analysis (including COVID-19 impact)
3.9.1.1. Change in consumer buying behavior due to transformation in living styles across the globe
3.9.1.2. Rising replacement of aging infrastructure
3.9.2.1. Limited availability of skilled labor to meet fluctuating consumer demand
3.9.2.2. Increasing cost and need to enhance supply chain visibility & efficiency
3.14. COVID-19 impact on demand for furniture market by application
Chapter 4. Furniture Market, By Material
4.1. Global furniture market insights, by material
4.2.1. Global market estimates and forecasts, 2017 - 2027
4.2.2. Market estimates and forecast, by region, 2017 - 2027
4.3.1. Global market estimates and forecasts, 2017 - 2027
4.3.2. Market estimates and forecast, by region, 2017 – 2027
4.4.1. Global market estimates and forecasts, 2017 - 2027
4.4.2. Market estimates and forecast, by region, 2017 – 2027
4.5.1. Global market estimates and forecasts, 2017 - 2027
4.5.2. Market estimates and forecast, by region, 2017 – 2027
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.