According to a new report published by Allied Market Research, titled, “Metal Furniture Market by Type, Application, and Distribution Channel: Global Opportunity Analysis and Industry Forecast 2021-2028” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The global metal furniture market size was valued at $141,444.0 million in 2020, and is projected to reach $191,734.0 million by 2028, registering a CAGR of 3.9% from 2021 to 2028. The bed segment was the highest contributor to the market, and is estimated to grow at a CAGR of 4.0% during the forecast period.
The global metal furniture industry has witnessed significant growth in the past few years, and is expected to grow at a steady pace during the forecast period. This is attributed to the fact that there is a rise in trend in customized designs, eco-friendly material, and French modern design. However, fluctuations in the price of raw materials and increase in counterfeit products restrain market growth.
The market is segmented into type, application, distribution channel, and region. By type, the market is divided into bed, sofa, chair, table, and others. On the basis of application, it is segmented into commercial and residential. By distribution channel, it is segregated into direct distribution, supermarket/hypermarket, specialty stores, and e-commerce. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
On the basis of type, the bed segment was the highest contributor to the global metal furniture market growth in 2020, and is projected to reach $47,617.4 million by 2028, registering a CAGR of 4.0% from 2021 to 2028. Increase in standard of living leads to influence of home decor among customers, which leads to increase in demand for this segment. Moreover, the table segment is expected to be the fastest growing segment during the forecast period.
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On the basis of the application, the residential segment was the largest contributor to the market growth during 2020. It is estimated to reach $105,490.5 million by 2028, at a CAGR of 3.8%. This growth attributes to increase in disposable income and rise in the real estate industry. With increase in numerous infrastructures, demand for furniture also rises. This trend leads to growth of the residential global metal furniture market.
By distribution channel, the specialty store segment was the highest contributor to the metal furniture market, with $43,505.7 million in 2020, and is estimated to reach $59,140.2 million by 2028, at a CAGR of 3.9% during the forecast period. Specialty stores provide a variety of selective products with expertized staff, which allows customers to choose right products easily.
Region-wise, according to the global metal furniture analysis, Asia-Pacific has gained considerable traction in market and is expected to grow at the highest CAGR of $3.9% during the forecast period of 2021-2028.
The key market players profiled in the report include:
• Chyuan Chern Furniture Co. Ltd.
• Cymax Group Inc.
• DHP Furniture
• Godrej Furniture
• Hillsdale Furniture
• Inter IKEA systems B.V.
• Meco Corporation
• Oliver Metal Furniture
• Simpli Home
Key findings of the study
• The global metal furniture market was valued at $141,444.0 million in 2020, and is estimated to reach $191,734.0 million by 2028, growing at a CAGR of 3.9% during the forecast period.
• In 2020, depending on application, the residential segment was valued at $78,324.6 million in 2020, and is estimated to reach $105,490.5 million by 2028, accounting for CAGR of 3.8% of the global metal furniture market share.
• By product type, the table segment is estimated to witness the fastest growth, registering a CAGR of 4.9% during the forecast period.
• In 2020, China was the most prominent market in Asia-Pacific, and is projected to reach $16,055.1 million by 2028, growing at a CAGR of 4.3% during the forecast period.
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