The furniture market entails of sales of furniture by countless entities (organizations, sole traders and partnerships) that introduce the furniture including tables, chairs, desks, cabinets or fixtures that are utilized in a room or building to support several human activities.
According to the report analysis, ‘Furniture Global Market Report 2020-30: Covid 19 Impact and Recovery’ states that IKEA AB; Ashley Furniture Industries Inc; Steelcase Inc; Tempur Sealy International Inc; Leggett & Platt Incorporated and many others are the major corporates, which presently operating significantly in furniture global market for leading the highest market growth and registering the great value of market share around the globe during the forthcoming duration while delivering the better consumer satisfaction, increment in the applications of such, spreading the awareness connected to such applications, decreasing the associated prices, establishing the several research and development programs, and implementing the policies and strategies of enlargements and profit making.
Although, the Furniture manufacturing corporates are integrating technology with furniture products to suggest the customers innovative and functional products. Technological improvements are supporting the furniture companies to offer customers opportuneness to address their day to day requirements. For instance, an American architect and designer Greg Lynn has structured a high tech chair for the sports brand Nike. The chair was structured for basketball players and it produced heat, cooled athlete’s body and also observed the amount of fluid lost.
While, the outbreak of Coronavirus disease (COVID-19) speak for as a massive restraint on the furniture manufacturing market during 2020 as supply chains were disrupted due to occupation restrictions and consumption declined due to shutdown imposed by governments globally. The COVID 19 is an infectious sickness with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified during 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally entails Western Europe, North America and Asia. Steps by the national as well as states governments to contain the transmission have occasioned in halting of business activities and a decline in economic activity with countries entering a state of lockdown and the epidemic is expected to continue to have a negative impact on businesses throughout 2020 and into 2021.Though, it is expected that the furniture manufacturing market will improve from the shock across the forecast date as it is a ‘black swan’ event and not interrelated to ongoing or fundamental weaknesses in the market or the international economy.
Whereas, the market is propelled by several factors such as increasing the disposable incomes, growth of real estate and hospitality industries, and requirement for luxury and premium furniture from certain customer sections. Additionally, growing government investments in infrastructural improvement is underwriting towards requirement for the residential and commercial sector can influence product requirement in the near future.
Furthermore, the growth around the Asia Pacific region can be accredited to augmenting the disposable income of the upper and middle class populace. Additionally, growing requirement for living room furniture followed by bedroom and kitchen and dining furniture is projected to propel the market. This growth is influenced by booming real estate industry coupled with the government-initiated housing projects.
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Ankur Gupta, Head Marketing & Communications
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