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New York -- Furniture sales reached a market valuation of $1.11 trillion in 2022, with the global furniture market expected to reach $1.89 trillion by the end of 2033, increasing steadily at a CAGR of 5% from 2023 to 2033, according to a new report by Persistence Market Research.
Furniture companies that prioritize modern designs are placing emphasis on innovation and are expanding their offerings to capture greater attention in the market. Customers are willing to pay more for high-quality, innovative, and unique products, which is why many companies are concentrating on producing premium furniture. To achieve this, businesses are investing heavily in research and development to create new products and market them as high-end items at competitive prices.
When it comes to attracting more customers, the appearance and functionality of a product are key factors. For home furniture, people are looking for strong and high-quality items that complement the decor of their homes without overpowering them. Several furniture companies are offering customized products with modern and modified designs to boost the sales of their products.
Governments across the world are promoting the construction of environment-friendly buildings and interiors through incentives such as funding and tax benefits.
For example, as part of its commitment to reach net zero emissions, the U.K. government announced a funding of $542 million for green construction projects in 2021.
Other countries are also offering incentives for the construction of green buildings. Such favorable government regulations are expected to boost the demand for green furniture over the coming years.
North America is estimated to account for 35.4% share of the global furniture market in 2023. Increasing construction activities in North America are likely to drive high demand for wooden home furniture.
Based on product type, home furniture is a leading segment in the market and is estimated to account for a market share of 65.6% in 2023.
Under material, wooden furniture is expected to account for 53.9% share of the global market in 2023.
“More people now are prepared to pay more for environment-friendly furniture products. This demonstrates a shift in people’s perceptions toward sustainability brought on by COVID-19, which continues to support the expansion of the furniture market. To capitalize on this trend, manufacturers are focusing on strengthening and expanding their product portfolios and production capacities through mergers & acquisitions, which is expected to further drive global demand for furniture,” says an analyst at Persistence Market Research.
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