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The global furniture market is majorly being driven by the rising global infrastructure industry. The different factors driving the market include increased disposable incomes, growth in the real estate and hospitality industries, and the rising demand for luxury and quality furniture in certain consumer sectors. In addition, increased government expenditure in infrastructure development contributes to the demand from the residential and commercial sectors that can drive the demand for products in the near future. Governments in the Middle East, particularly the government of Saudi Arabia, are concentrating on real estate development through several residential and commercial projects, eventually supporting their economy. Moreover, high investment in the tourism, health, and education sectors has driven the expansion, which will ultimately drive the domestic demand for furniture in the infrastructure industry in Saudi Arabia.
In the coming years, the market is expected to be driven by rising innovation in products and design. In January 2020, Kimball International Inc (NASDAQ: KBAL), one of the key players in the global furniture market, launched its new furniture concept WorkAble, a solution that will build the capability to take and use a wall or space which was once unused. WorkAble was conceived as a forward-looking approach with increased functionality that can be easily integrated with technology with the growing importance of open-plan environments. Brian Graham, San Francisco artist, worked with Kimball to develop a solution that utilizes the wall, making it as usable as possible. The aesthetic is basic and innovative with materials like unique work tools, pegboard, cork, chalkboard, or PET, accessories, among other work surfaces.
The wood segment holds the largest market share in the global furniture industry and is projected to grow over the forecast period at the fastest CAGR. This growth will continue to speed up because wood is among the naturally abundant raw materials and could be used in almost every form of furniture.
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The major key players in the global furniture market include companies like Kokuyo Co., Ltd., Okamura Corporation, Godrej & Boyce Manufacturing Company Limited, Inter Ikea Systems B.V., HNI Corporation, HNI, Kimball International Inc., and Herman Miller, Inc. The comprehensive report covers their market share, capacity, and latest developments like mergers and acquisitions, and capacity expansions.
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