Furniture Market is Expected to Receive Momentum from Rapidly Developing Hospitality Sector by 2024
Category: #business  By Partha Ray  Date: 2019-10-11
  • share
  • Twitter
  • Facebook
  • LinkedIn

Furniture Market is Expected to Receive Momentum from Rapidly Developing Hospitality Sector by 2024

A comprehensive research study on Furniture Market introduced by Global Market Insights provides insights into the market size and growth trends of this industry over the forecast timeline. The study evaluates key aspects of Furniture Industry in terms of the demand landscape, driving factors and growth strategies adopted by market players.

Propelled by the rapid urbanization brought on by rising government & private spending on the development of residential complexes, furniture market is expected to consolidate itself as an extremely lucrative investment ground over upcoming years. As global population continues to rise and the financial standing of consumers worldwide depicts an upsurge, the demand for residential construction would consequently experience an incline to accommodate the rising populace. Moreover, escalating demands for remodeling services across the developed nations of North America & Europe would also be responsible for stimulating the furniture market growth over the coming years.

Request for a sample copy of this report @ https://www.gminsights.com/request-sample/detail/3024                

It is clearly apparent from the aforementioned trends that the global furniture market is primed to crop up as a reliable investment ground. Propelled by the increasing product demand across the residential construction & hospitality sectors globally, the overall furniture industry size is projected to exceed a USD 750 billion valuation by 2024.

Furniture made out of wood, historically, has been a go-to option for prospective buyers when selecting items to make a room more suitable for living or working in. The apparent preference is primarily due to the look & feel a set of well-crafted wooden furniture brings to a room. Another factor making wooden furniture the preferred option is the strength & durability of the material – being one of the oldest, wood is still considered one of the most robust raw-material options, which allows it to outcompete the furniture made out of other modern raw-materials such as plastic & metal. Bearing testimony to the aforementioned statement is the estimate by Global market Insights, Inc., which claims wood to have accounted for more than 60% of the furniture market share in 2017.

Incidentally, wood also possesses an inherent advantage over other raw materials – sustainability. Wood, when harvested & sourced in a certified & responsible manner, represents an outstanding option in alignment with the current sustainability trends, as unlike metal furniture, wooden furniture does not consume extensive amounts of resources during the production phase and unlike plastic, does not pose a significant environmental threat when it eventually is disposed.

Furniture Market by Material:

  1. Plastic
  2. Wood
  3. Metal
  4. Others

Make an Inquiry for Purchasing this Report @ https://www.gminsights.com/inquiry-before-buying/3024                

According to Australian not-for-profit organization, Make It Wood, responsibly sourced wood is the only renewable building material that exists. Since more than 50% of the dry weight of wood comprises carbon, it also has environmental benefits by keeping carbon out of the atmosphere, making it a viable choice for furniture.

Powered by the presence of prominent economies such as India, China, South Korea and Japan, APAC is touted to come up as one of the most preferred destinations for furniture industry stakeholders. The growth can quite overtly be attributed to the readily accessible cheap & economical labor and easy availability of a plethora of raw materials. These factors, coupled with the region’s expanding construction sector, are bound to impel APAC furniture market.

The regional industry is also expected to receive momentum from the rapidly developing hospitality sector in countries such as Indonesia, India, Malaysia and China, as these nations continue to capitalize on the enhanced economy and the proliferating tourist sector. In fact, Asia Pacific is anticipated to dominate the global furniture market with an estimated remuneration portfolio spanning a mammoth USD 400 billion by 2024. 

Global furniture market share is highly competitive with presence of large number of domestic and global players. The key industry players include Ashley Furniture Industries, Okamura Corporation, La-Z-Boy Inc., Haworth Inc. Steelcase, Inter IKEA Group, Kohler Co., and Global Furniture Group.

About Global Market Insights:

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.

Contact Us:

Arun Hegde

Corporate Sales, USA

Global Market Insights, Inc.

Phone:1-302-846-7766

Toll Free: 1-888-689-0688

Email: [email protected]

Web: https://www.gminsights.com/      

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

...

Read More

More News By Partha Ray

Handyman Software Market Size, Growth Trends, Top Players, Application Potential and Forecast to 2024
Handyman Software Market Size, Growth Trends, Top Players, Application Potential and Forecast to 2024
By Partha Ray

New report of Global Handyman Software Market Report communicates about the manufacturing process. The process is analyzed thoroughly with respect three points, viz. raw material and equipment suppliers, various manufacturing associated costs and the...

Grant Management Software Market Expected to Witness High Growth over the Forecast Period 2019 - 2024
Grant Management Software Market Expected to Witness High Growth over the Forecast Period 2019 - 2024
By Partha Ray

A new research document with title Global Grant Management Software Market Report covering detailed analysis, Competitive landscape, forecast and strategies has been added to MarketStudyReport.com. The study covers geographic analysis that includes r...

Chorea Treatment Market Outlook | Development Factors, Latest Opportunities and Forecast 2024
Chorea Treatment Market Outlook | Development Factors, Latest Opportunities and Forecast 2024
By Partha Ray

Global Chorea Treatment Market Report available at MarketStudyReport.com gives an overview of the Chorea Treatment industry which covers product scope, market revenue, opportunities, growth rate, sales volumes and figures. The report also explores th...