Residential Furniture Market Insight
The global residential furniture market is projected to grow at the rate of 4.4% during the forecast period, 2018 to 2023. The market is expected to witness a strong growth during the forecast period owing to the growth in housing units, increasing urbanization rate, rise in demand for RTA ready to assemble) furniture, multi-functional, and eco-friendly furniture, supported by increasing popularity of home décor products. However, complexity in supply chain & logistics, long replacement cycle, fluctuations in raw material costs, and easy availability of counterfeit products are restraining the growth of residential furniture market.
Surge in Sales of RTA and Multi-Functional Furniture
With the population growing across the globe particularly in urban cities, real estate property prices have increased significantly. This has led to considerable reduction in available sizes of home. As available space is smaller, consumers look for furnishings that are compact and portable to allow for efficient use of the available space. Introduction of RTA and multi-functional furniture with storage facilities have gained popularity in the recent past. Many modern furniture come with storage spaces in beds, tables, and in entertainment consoles. Multi-functional sofas and recliner chairs can be folded and used as beds. Thus, there’s a rise in demand for RTA and multi-functional furniture, which in turn, is expected to increase the growth of the residential furniture market globally during the forecast period.
High Penetration of Organized Retail in Residential Furniture Market
The evolving retail industry, especially in developing countries, is marked by the evolving retail landscape through increased hypermarket, supermarket, and specialty formats. Comfort and convenience are increasingly becoming important to customers because of their hectic lifestyles and work schedules. Large organized retail stores stock numerous brands and a variety of residential furniture products under one roof, providing more options to consumers and promote seamless shopping experience. These stores also stock furnishing and other home décor products to fulfil the requirements of shoppers.
With the increase in preference for branded products among consumers, the importance of organized retailers carrying branded furniture and other home furnishing products have also increased. The penetration of organized retail will also enable consumers to seek information about various brands, compare prices, and quality, which results in better purchase decision.
Rising Demand for Customized Residential Furniture
With the growing trend of customization, the players are manufacturing tailored furniture to increase their customer base. Key players are using customer interactive platforms to get customers feedback on regular basis. For instance, IKEA offers a unique service to their customers, where they can add a personal touch through customization. Through this service, the customers can suggest additional modifications in the furniture design selected by them. With consumers shifting lifestyle like giving extra attention to home décor, the key players are expected to achieve a competitive advantage through customization.
Use of Social Media to Generate Product Awareness for Residential Furniture Market
Vendors leverage both traditional and social media platforms for advertising. Companies create campaigns and exhibition shows to promote their brands and products, reaching out their target audience through TV commercials and social media platform. For instance, IKEA uses separate pages for different countries on Facebook to cater to varying requirements of the customers. They also makes its catalogs available digitally for desktop and mobile users. Similarly Ashley Furniture HomeStore partnered with iCrossing, in order to interact with the customers through social media. Apart from Facebook, the company also has a strong presence on YouTube, Twitter, and Flickr.
Asia-Pacific to Witness Strong Growth in Residential Furniture Market
Asia-Pacific is the fastest growing region in the global residential furniture market. China, Japan, Australia and India are the top contributing countries in the region. Many key players in furniture market including residential furniture are entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network. Growth in housing units, increasing middle-class level population, rise in household expenditure, change in lifestyle, increased preference for branded furniture are some the major factor that will increase the demand for residential furniture market in the region during the forecast period.
Key Developments in the Residential Furniture Market
- March 2018: Inter IKEA Systems received a Red Dot Award for its innovative product design. Red Dot Award is an internationally organized competition which reviews the best products of the year.
- March 2018: Inter IKEA Systems launched IKEA Place app on Android. It allows the consumers to imagine their home furnishing using AR.
- August 2018: Inter IKEA Systems opened up its first store in India. Ikea team had visited over 1,000 homes in India with varied income levels and lifestyles to understand the Indian market.
- December 2017: Inter IKEA Systems has planned to open up a new plant in Ukraine in order to provide home furnishing products and solutions at affordable prices
Residential Furniture Market Competitive Landscape
There is an intense competition between the key vendors, leading to the introduction of many innovative residential furniture in the market. Major Key Players are Inter IKEA Systems B.V., Ashley Home Stores, Century Furniture LLC., La-Z-Boy Incorporated, Williams-Sonoma Inc., Legends Furniture, Heritage Home Group, Bernhardt Furniture Company, Herman Miller Inc., and Vaughan-Bassett Furniture Company.
Reasons to Purchase this Residential Furniture Market
- Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst supports, along with the Market Estimates sheet in excel
Customization of Residential Furniture Market Research Report
This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
1.1 Scope of Study
1.2 Study Deliverables
1.3 Study Assumptions
1.4 Research Phases
2. Residential Furniture Market Insights
2.1 Market Overview
2.2 Market Trends
2.3 Industry Attractiveness – Porter’s Five Forces Analysis
2.3.1 Bargaining Power of Suppliers
2.3.2 Bargaining Power of Consumers
2.3.3 Threat of New Entrants
2.3.4 Threat of Substitute Products and Services
2.3.5 Degree of Competition
3. Residential Furniture Market Dynamics
4. Residential Furniture Market Segmentation
4.1.1 Living Room Furniture
4.1.2 Bedroom Furniture
4.1.3 Other Residential Furniture
4.2 Distribution Channel
4.2.1 Offline Retail Stores
4.2.2 Online Retail Stores
5. Residential Furniture Market By Geography
5.1 North America Residential Furniture Market Size (2018-2023)
5.1.1 US Residential Furniture Market Size (2018-2023)
5.1.2 Canada Residential Furniture Market Size (2018-2023)
5.1.3 Mexico Residential Furniture Market Size (2018-2023)
5.1.4 Rest of North America Residential Furniture Market Size (2018-2023)
5.2 Europe Residential Furniture Market Size (2018-2023)
5.2.1 Spain Residential Furniture Market Size (2018-2023)
5.2.2 UK Residential Furniture Market Size (2018-2023)
5.2.3 Germany Residential Furniture Market Size (2018-2023)
5.2.4 France Residential Furniture Market Size (2018-2023)
5.2.5 Italy Residential Furniture Market Size (2018-2023)
5.2.6 Russia Residential Furniture Market Size (2018-2023)
5.2.7 Rest of Europe Residential Furniture Market Size (2018-2023)
5.3 Asia-Pacific Residential Furniture Market Size (2018-2023)
5.3.1 China Residential Furniture Market Size (2018-2023)
5.3.2 Japan Residential Furniture Market Size (2018-2023)
5.3.3 India Residential Furniture Market Size (2018-2023)
5.3.4 Australia Residential Furniture Market Size (2018-2023)
5.3.5 Rest of Asia-Pacific Residential Furniture Market Size (2018-2023)
5.4 South America Residential Furniture Market Size (2018-2023)
5.4.1 Brazil Residential Furniture Market Size (2018-2023)
5.4.2 Argentina Residential Furniture Market Size (2018-2023)
5.4.3 Rest of South America Residential Furniture Market Size (2018-2023)
5.5 Middle East & South Africa Residential Furniture Market Size (2018-2023)
5.5.1 South Africa Residential Furniture Market Size (2018-2023)
5.5.2 Saudi Arabia Residential Furniture Market Size (2018-2023)
5.5.3 Rest of Middle East & Africa Residential Furniture Market Size (2018-2023)
6. Residential Furniture Market Competitive Landscape
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
7. Company Profiles
7.1 Inter IKEA Systems B.V.
7.2 Century Furniture LLC.
7.3 Ashley Home Stores, Ltd.,
7.4 La-Z-Boy Incorporated
7.5 Williams-Sonoma Inc.,
7.6 LEGENDS FURNITURE
7.7 Heritage Home Group
7.8 Bernhardt Furniture Company
7.9 Herman Miller, Inc.
7.10 Vaughan-Bassett Furniture Company
*The list is not exhaustive