Furniture Market by Segment Forecasts and Revenue Analysis Report to 2026

Latin America furniture market is projected grow at a CAGR of around 4.2% through the assessment period. Likewise, North America furniture market is expected to grow at a CAGR of more than 4.7% over the forecast timeframe. Furniture industry in Europe held a market share of over 27% and is likely to grow at a CAGR of 5.1% through the forthcoming time period.

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Educational application segment is anticipated to grow at a CAGR of 4.8% over the forecast time period. Among other segments, healthcare segment is the third largest commercial application segment and will continue to showcase similar growth trends.

The furniture market is likely to register significant gains in coming years owing to high product adoption across commercial and residential sectors, and growing construction industry. Furniture is known to be an industrial or basically craft-based design used for supporting human activities. In commercial setting, furniture aids individuals in adapting to the diverse methodologies of everyday life at the office. Furniture further brings about variations in the space and its functionality.

Likewise, blind & shades segment will grow at a CAGR of more than 4.3% over the forthcoming time period. Mattresses application segment will grow at a CAGR of about 3.8% through the assessment time period. The others segment will witness a CAGR of around 3% over the forecast time period.

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In terms of application, the overall furniture market is segmented into commercial and residential. Among these, residential application segment held a market share of over 60% and is projected to grow at a CAGR of around 4.8% over the forecast time period.

The residential sector is further classified into mattresses, blinds & shades, dining room, kitchen cabinet, bedroom, non-upholstered furniture, upholstered furniture, and others. Among these, kitchen cabinet segment will grow at a CAGR of around 5.6% over the forecast time period. Dining room application segment is likely to grow at CAGR of around 5.1% through the forecast time period.

The hospitality segment is expected to register momentous gains over the coming time period. In 2019, the segment held dominant share of over 40% of the overall market share. In comparison to residential furniture, hospitality furniture is best known for its capability to resist wear and tear from continuous usage for longer periods. Further, the others segment is expected to grow at a CAGR of around 3.8% over the forthcoming time period.

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Middle East furniture market will witness substantial growth over the coming years. In fact, the region accounted for around 4% of the overall industry share back in 2019. This anticipated growth is ascribed to the growing construction industry across the region.

The commercial application segment is further categorized into healthcare, hospitality, educational, business/office, and others. Among these, office application segment was the highest commercial revenue generating segment back in 2019 and is estimated to register healthy grow over the coming years.

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Outdoor Furniture Market: https://www.prnewswire.com/news-releases/outdoor-furniture-market-to-hit-usd-20-6b-by-2026--says-global-market-insights-inc-301096387.html

Wooden Furniture Market: https://www.globenewswire.com/news-release/2020/09/09/2090758/0/en/Wooden-Furniture-Market-to-register-5-7-growth-through-2026-Global-Market-Insights-Inc.html