Furniture not only enables and supports basic everyday functions such as eating and sleeping however has also been considered as a crucial element for home décor. Sofa, table, and chairs are the most important furniture in a home setting.
Over the years, the kitchen and dining furniture have become the most inevitable and functional home furniture, and there use is no longer limited to dining and eating. Preference for home remodeling & renovation particularly among millennials and Gen Zers is one of the major factors boosting the demand for kitchen and dining furniture market.
Theme-based home decor and constant home renovation is an on-going trend pursued by consumers belonging to upper-middle and middle-class populations of the urban economy. These consumers tend to look beyond the basic functionality of furniture and might seek additional attributes such as comfort and style.
Buying furniture has become easier owing to the convenience of E-commerce platforms. WorldMarket, Overstock, and Urban Ladder are a few of the popular e-commerce platforms for buying furniture.
The availability of a wide range of products and easy delivery options through online platforms has boosted the demand manifold and will continue to surge over the years to come. Demand for multi-functional and versatile products that offer portability and can easily be fitted in small spaces is widely preferred by consumers.
The increasing number of nuclear families is also resulting in a demand for space-saving and portable products. This aspect will drive the demand the market growth in the coming years.
The growing importance of environment protection measures and increasing awareness concerning the same is encouraging several market players to introduce low-cost eco-friendly products while possibly avoiding or reducing the use of toxic chemicals in the production or design process.
For instance, Eco Balanza, Cisco Home, Vermont Wood Studios, and Holzmanufactur, amid others are some companies that offer eco-friendly and multi-purpose products produced without any toxic chemicals and carcinogens. To put this in perspective, Cisco Home offers eco-friendly products that are manufactured utilizing non-toxic chemicals and FSC (Forest Stewardship Council)-certified wood.
The use of toxic materials during the manufacturing process is anticipated to hamper sales of the global kitchen & dining furniture market. High installation costs of the kitchen & dining furniture in addition to their higher maintenance might impede the market development throughout the forecast period. Furthermore, the increase in labor costs in developing regions due to changes in regulations is anticipated to limit market growth.
A radical shift in costs, demand, and supply availability have scrambled previously anticipated market pricing methods in the kitchen & dining furniture market. Several companies are adapting to their consumer's changing and immediate needs while they consider long term significances.
While limited availability of skilled labor amid the COVID-19 outbreak in tandem with rising manufacturing cost has become a complicated factor that is required to be addressed.
Manufacturers are evaluating segment-wise consumer preferences and buying patterns changes and are tailoring new offers for existing and new customers. For instance, a kitchen & dining furniture seller is now offering a discount, free shipping, ergonomic consultation, and no-contact delivery.
North America has shown impressive growth in the global kitchen & dining furniture market due to the growing consumer base and the presence of top players.
The US among other regions in North America is anticipated to generate the highest revenue of about US$25,501 Mn in 2020. The fitted kitchen cabinets, pantry shelves, countertops, kitchen islands, and carts are anticipated to gain traction in the region during the forecast period.
Europe will secure the future market growth in the near term due to surging demand for luxury kitchen & dining furniture. The Asian region is growing rapidly owing to the increasing demand for kitchen and dining furniture and increasing disposable income.
Major companies identified in the entryway furniture market are Ashley Furniture Industries Inc., IKEA, Williams-Sonoma Inc., Knoll Inc., and Masco Corporation. Manufacturers are focusing on mergers & acquisitions, partnerships, and joint ventures to increase their market presence in the industry.Loves Furniture, Inc. and US Assets, Inc. acquired assets and inventory of 27 stores across multiple locations of the Midwest and Mid-Atlantic.
The stores were formerly operated under the Wolf Furniture, Levin Furniture, and Art Van Furniture brands and will now operate under Loves Furniture’s growing portfolio. Made.Com collaborated with Livingtec Room 2 to create and offer fresh and exciting designs for consumers and boost their market presence.
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