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The upholstered furniture market share is expected to increase by USD 15.96 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 5.04%.
This upholstered furniture market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers upholstered furniture market segmentation by distribution channel (offline and online) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The upholstered furniture market report also offers information on several market vendors, including Ashcomm LLC, Bassett Furniture Industries, Century Furniture LLC, Craftmaster Furniture Inc., DELTA furnishers, DFS Furniture PLC, Ekornes Ltd., Flexsteel Industries Inc., Hooker Furniture Corp., Hughes Furniture Industries Inc., Inter IKEA Holding BV, Intermountain Furniture Manufacturing, LaZBoy Inc., LEEINDUSTRIES.COM LLC, Mayo Manufacturing Corp., Norwalk Custom Order Furniture LLC, Palliser Furniture Ltd., Rowe Fine Furniture Inc., Sherrill Furniture, and ShowroomSoftware among others.
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The growing influence of different retailing channels is notably driving the upholstered furniture market growth, although factors such as fluctuating labor costs and raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the upholstered furniture industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Upholstered Furniture Market Driver
The growing influence of different retailing channels is a major factor driving the global upholstered furniture market share growth. The growth of the global upholstered furniture market is positively influenced by the rising popularity of online as well as offline retailing channels globally. Furthermore, offline retailers comprise organized retailers, such as traditional stores, manufacturer-branded stores, discount stores, rental stores, warehouse clubs, and designer stores. Led by rapid industrialization globally, these organized retailers have increased in numbers and have emerged as one of the primary sources of selling upholstered furniture and their distribution globally. Due to increasing internet penetration globally, the influence of e-commerce-based shopping and online retailing has grown. Many major players have either launched their new furniture-specialist online stores or are planning to launch their new e-commerce-based outlets. With an aim to target other alternative retailing channels, major players operating in the global upholstered furniture market have been focusing on selling their products through various channels, including mobile apps. Thus, the growing influence of different retailing channels will be the primary market driver during the forecast period.
Key Upholstered Furniture Market Trend
The rapid emergence of eco-friendly and organic upholstered furniture is an upholstered furniture market trend that is expected to have a positive impact in the coming years. The demand for and popularity of eco-friendly upholstered furniture have increased in the past few years as there has been growing concern globally about the negative effects of deforestation and toxic furniture finishes on the environment. The factors mentioned above have encouraged many vendors operating in the global upholstered furniture market to develop eco-friendly furniture using green technology. Biodegradable, sustainable, and renewable raw materials, such as wood, are used to manufacture eco-friendly upholstered furniture. The growth of the eco-friendly and organic upholstered furniture category is being invigorated by recognition such as awards. Various vendors have been significantly investing in sustainable furniture. The abovementioned factors render the rapid emergence of eco-friendly and organic upholstered furniture an important trend, positively impacting the global upholstered furniture market. This, in turn, will drive the market in focus.
Key Upholstered Furniture Market Challenge
The fluctuating labor costs and raw material prices will be a major challenge for the upholstered furniture market during the forecast period. The price of furniture and furnishing products depends on factors such as manufacturing, labor, raw material, transportation, and marketing costs. Fluctuations in raw material cost directly impact the price of products or the profit margins of manufacturers. This further imposes a major price challenge for the vendors of upholstered furniture products. Manufacturing furniture and furnishing products include procurement and use of several raw materials such as steel, iron, plastic, wood, glass, electric equipment, and paints. The price of these materials is subject to change and fluctuates with international prices. The major raw materials, such as steel, rubber, iron, wood (lumber), and plastic, are witnessing increasing price volatility. This volatility has consequently led to either an increase in the price of the final products or reduced profit margins. Thus, the instability in prices of raw materials such as wood will negatively impact the profit margin of manufacturers, which, in turn, will negatively impact the market in focus during the forecast period.
This upholstered furniture market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global upholstered furniture market as a part of the global home furnishing market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the upholstered furniture market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the upholstered furniture market encompasses successful business strategies deployed by the key vendors. The upholstered furniture market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The upholstered furniture market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the upholstered furniture market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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47% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for upholstered furniture in APAC. Market growth in this region will be faster than the growth of the market in other regions. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The upholstered furniture market share growth by the offline segment will be significant during the forecast period. Offline stores enable consumers to touch and feel upholstered furniture as a part of the buying process, allowing them to experience the product before purchasing it physically. This is not possible in the case of online distribution channels. Therefore, offline upholstered furniture stores are prominent in developed as well as developing countries across the globe.
This report provides an accurate prediction of the contribution of all the segments to the growth of the upholstered furniture market size and actionable market insights on the post-COVID-19 impact on each segment.
Upholstered Furniture Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.04% |
Market growth 2022-2026 |
$ 15.96 billion |
Market structure |
Fragmented |
YoY growth (%) |
4.1 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 47% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Ashcomm LLC, Bassett Furniture Industries, Century Furniture LLC, Craftmaster Furniture Inc., DELTA furnishers, DFS Furniture PLC, Ekornes Ltd., Flexsteel Industries Inc., Hooker Furniture Corp., Hughes Furniture Industries Inc., Inter IKEA Holding BV, Intermountain Furniture Manufacturing, LaZBoy Inc., LEEINDUSTRIES.COM LLC, Mayo Manufacturing Corp., Norwalk Custom Order Furniture LLC, Palliser Furniture Ltd., Rowe Fine Furniture Inc., Sherrill Furniture, and ShowroomSoftware |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis, future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Distribution Channel
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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