It is estimated that by 2025, the compound annual growth rate of the global furniture market is 4.8%, and the scale of the global market is expected to increase by another US$192 billion. Among them, the performance of metal furniture will be more eye-catching, with a compound annual growth rate of more than 5.3%, and it is expected to reach a scale of 145.6 billion US dollars in 2025.
Among developed countries, the growth rate of the US furniture market will remain at around 3.7%. In addition, Europe will continue to be an important driving force for the global furniture market. In the next 5 to 6 years, the market size in Germany will increase by about US$6.7 billion.
The European market except Germany will increase its market size by another US$5.6 billion in the next 5 to 6 years.
As the world's second largest economy, China's performance will be even more eye-catching. In the next few years, the growth rate of the Chinese furniture market will remain at about 7.7%-equivalent to an additional 55.7 billion US dollars in market volume.
For furniture, the expansion of the market scale mainly comes from three aspects: population base, urbanization, and consumption capacity.
In Europe and the United States, urbanization has basically been completed, but the residents of the two places are relatively wealthy and have stronger spending power. Can effectively drive the growth of the furniture consumption market. This is especially obvious in Germany.
For South America and Africa, the population bases of the two places are not small, but the level of economic development is relatively backward. The consumption of durable goods such as furniture is small, and the brand premium is often not obvious. Most consumers even make their own furniture instead of buying furniture.
Finally, on the one hand, China has a rapid economic development, and the level of urbanization still has great growth potential. The rise of the middle class has provided sufficient purchasing power for the furniture market.
