Major companies in the household furniture and kitchen cabinet market include IKEA AB; Ashley Furniture Industries Inc; Leggett & Platt Incorporated; La-Z-Boy Incorporated and Man Wah Holdings Limited.
New York, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Household Furniture And Kitchen Cabinet Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06009726/?utm_source=GNW
The global household furniture and kitchen cabinet market is expected to grow from $282.56 billion in 2020 to $343.7 billion in 2021 at a compound annual growth rate (CAGR) of 21.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $426.97 billion in 2025 at a CAGR of 6%.
The household furniture and kitchen cabinet market consists of sales of household furniture and kitchen cabinets by entities (organizations, sole traders and partnerships) that produce household furniture including furniture for kitchens, bedrooms and living rooms. This market includes built-in kitchen cabinets. The household furniture and kitchen cabinet is segmented into household furniture and kitchen cabinet.
Asia Pacific was the largest region in the global household furniture and kitchen cabinet market, accounting for 51% of the market in 2020. North America was the second largest region accounting for 20% of the global household furniture and kitchen cabinet market. Africa was the smallest region in the global household furniture and kitchen cabinet market.
RTA furniture is gaining traction among homeowners and renters globally. This is primarily because RTA furniture are cheap and serve the purpose of quick furnishings. The RTA furniture, also known as Knock Down furniture is not assembled by the manufacturer, and is available in parts with instructions to assemble the piece of furniture. Already popular in developed countries, RTA furniture has been gaining traction in developing economies such as China and India. RTA furniture also benefits manufacturers by eliminating the assembly time and cost of manufacturing, which allows manufacturers to focus only on design and production of parts. Some of the examples of RTA furniture include RTA bedroom sets, RTA dressers, RTA computer desks, RTA bookcases and RTA filing cabinets. For instance, IKEA, a major ready to assemble manufacturer, has opened stores in India owing to high demand for ready to assemble furniture.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the household furniture and kitchen cabinet manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in halting of manufacturing activities and a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the household furniture and kitchen cabinet manufacturing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
Increasing demand for online shopping is expected to help the household furniture and kitchen cabinets market grow. Manufacturers can now sell their products on a larger platform than before, which will increase their customer base geographically driving the growth of the furniture manufacturing market. In countries such as India, for instance, e-commerce portals have boosted the sales of household furniture and kitchen cabinet manufacturers by giving larger exposure to producers who were confined to one geography.
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