Furniture is a movable accessory, fitting or a decorative art that is used for the purpose of making a room or building suitable to live in or to work. It includes chairs, tables, desks, beds, cupboards, etc. It can be made from a wide range of materials including wood, plastic, metal, fiber etc. The main purpose of furniture is to provide comfort and a suitable décor to a building or a room.
Over the years furniture industry has developed greatly and is no longer restricted to the production of tables and chairs. It has expanded into manufacturing of an assortment of interiors, home furnishings that exhibit elegance and class. In addition to the production of products for living rooms, offices, kitchens, gardens etc. it has also entered manufacturing upholstery, mattresses industries. Raw materials for production include plastic, wood, fiber, rattan etc. Skilled as well as unskilled labor is used in addition to machine oriented mass production techniques. Technologies like CAD/CAM are used for the designing purpose.
Traditional furniture manufacturing firms account for majority of the global market owing to their well established market share, production capacity and management experience. The growth of residential and commercial properties has been the key driver for market growth. In addition, changing lifestyle, increase in consumer purchasing power, consumer esteem needs, urbanization has positively impacted the market growth. Increased consumer interest in home decoration is expected to drive the market. Furthermore, environmental awareness amongst the consumers has fuelled the demand for organic home furnishing products. Factors including wide range of products regional market development have further attributed to the market growth. In coming years high demand for premium beds made using silk, hand-tufted horsehair, latex, memory foam, cashmere and lamb wool etc owing to their superior comfort level will spur the market growth. Outdoor furniture demand for products such as grills, umbrellas, covers, cushions etc has also fuelled the market growth to some extent.
Competition from countries such as China and rise of imports into the U.S. has impacted the global furniture market considerably. Further, ban by government on import and export of timber in specific countries is a restraint to the wooden furniture market.
The key vendors in the furniture market include Durham, Alfresco, Stickley, Century, Drexel Heritage, IKEA, Lifestyles among other. Low price, easy to build and innovative furniture manufactured by IKEA has helped propel the market growth. Furniture industry is expected to see a growth in coming years in developed as well as developing countries.
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