According to the latest report by IMARC Group “Furniture Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The global furniture market exhibited moderate growth during 2015-2020. Looking forward, the market expects to grow at a CAGR of around 5% during 2021-2026.
Furniture refers to movable items deployed in residential or commercial spaces to make them suitable for living or working. It includes beds, tables, chairs, sofas, cupboards and cabinets used to support basic activities such as sitting, sleeping, dining and storage. Nowadays, consumers highly prefer furniture with better functionality, comfort and aesthetics as an essential part of home decor.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The expanding real estate and hospitality industries represent the primary factors driving the global furniture market. Besides this, there has been a growing demand for space-saving furniture due to the rising number of nuclear households. Additionally, the adoption of new-age interactive and flipped classroom models has escalated the demand for portable and versatile furniture from the education sector. Furthermore, the introduction of several product variants like sustainable furniture due to increasing environmental concerns and ergonomic furniture to prevent posture and health problems are contributing to the market growth. Other factors, including the emerging e-commerce sector, elevating incomes, improving living standards, and changing lifestyles, are also anticipated to drive the market further.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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