It is estimated that the furniture market in Europe is to hit €178 bn by 2024; this growth is caused by the fact that the production of geographical production that comes from the plant has increased over the last decade with Germany, Italy, Poland and France ranked amongst the top 10 world manufacturer which cumulatively account for 13% of the furniture market share.
The world furniture market share is very competitive with the existence of a reasonable number of local and global market players. The big players include Ashley Furniture Industries, Okamura Corporation, Inter Ikea Group, Haworth Inc.Kohler Co,. and Global Furniture Group. Other eminent players are McCarthy Group Ltd, Heritage Home, Herman Miller, and Humanscale Corporation.
Some of the key factors observed to be driving the industry include the availability of wood options, M&A, its distribution channel, superior finishing, high durability and strength of wood and innovative designs. Cumulatively, all these factors will positively impact product sales. The increase in residential and commercial infrastructure combined with innovative designs in production is the driving force in the furniture market. The trendy and change in customer taste and demand will drive the growth within the forecasted time. The shift in customer buying patterns that is informed by changing lifestyle, M&A, regional expansion of recognized brands will also stimulate the growth in the industry.
The rising need for outdoor furniture particularly in developed countries will stimulate the growth in the global furniture market. The advancement in technology for smart furniture will also support the sales within the estimated time frame. The urge for luxury furniture is likely to witness a reasonable growth due to the rise in disposable income, its affordability and trendy designs, color patterns will rapidly flood the market.
It is projected that offices, hospitals, hotels, learning institutions will be major contributors to the growth of the furniture sector in 2024.
The demand for furniture varies depending on the customer part and location. The world market is taking the changing fashion and taste into consideration. Key players are working to match up with the changing lifestyle pattern of the customers through innovative designs.
While furniture manufacturers are working to increase their profit margin with this projection through merging and expansion of distribution networks, innovative designs to accommodate the teeming population, improve the lives of people.
What role is the African government playing in ensuring that SMEs in the furniture industry also key into the projected revenue?