Global furniture market size, CAGR continues to grow
Posted on May 18 2023
Furniture is the daily necessities of the people, and there is a certain rigid demand. According to data from The Center for Industry Studies in Milan (hereinafter referred to as "CSIL") and the China Business Industry Research Institute, the output value of the global furniture industry has shown a steady growth in the past ten years. During the period from 2011 to 2014, affected by the financial crisis Affected by the global monetary easing policy, the output value of the global furniture industry has recovered and increased;
After a short-term decline in output value due to the weak European economy in 2015, in the six years from 2016 to 2021, the output value of the global furniture industry has continued to pick up and resume growth as the global economy gradually recovers. In 2021, the output value will increase to 533.1 billion US dollars. The global furniture market has entered a stage of steady growth, and the compound annual growth rate of the output value of the global furniture industry in the ten years from 2011 to 2021 is 3.55%.
According to the "2022 World Furniture Outlook" released by CSIL, the growth rate of global furniture consumption in 2022 will be about 4%. In addition, according to the public information of Statistics, the global furniture market will exceed 600 billion US dollars in 2022, and it is predicted that in the next four years ( 2023-2026) market size will continue to grow at a compound annual growth rate of 5.01%.
It is not difficult to see from the compound annual growth rate that the development momentum of the furniture industry remains unabated and the market potential is still huge.
It is worth noting that with the emergence of trends such as consumption upgrades, intergenerational changes in consumer groups, and diversification of sales channels, the furniture industry has transformed and upgraded from the 1.0 era to the 2.0 era, and the target groups targeted by the furniture industry are no longer satisfied with basic furniture functions. The realization of the goal is to pursue elements such as product design, high quality, environmental protection and quality of furniture, and convenience of the purchase process.
This consumption trend has gradually upgraded the competition among enterprises from a low-level price war to a comprehensive ability competition among brand connotation, design concept, product quality, green environmental protection and service management. Furniture manufacturers lacking core technologies may be eliminated. With the increase of competitiveness, the position of advantageous enterprises will be further stabilized, and the industry concentration will be further enhanced.
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