In this article we will take a look at the 10 best furniture companies in the world. You can skip our detailed analysis of the furniture industry’s outlook for 2021 and some of the major growth catalysts for furniture stocks and go directly to 5 Best Furniture Companies in the World.To get more news about Home Furniture Manufacturer, you can visit beour.com official website.
The global furniture market has experienced tremendous growth over the past few years. Whether luxurious or practical, the need for furniture always remains. Markets for all types of furniture such as living room furniture brands, luxury brands, office furniture, bedroom, and outdoor furniture are experiencing a rise in overall demand. The residential sector has a share of about two-thirds in the overall demand for furniture. According to Statista, the global furniture industry is expected to grow at a CAGR of 5.2% by 2024. The growing residential and commercial construction across the globe and the increasing number of strategic alliances and partnerships are expected to drive the market's growth.
Furniture Industry Outlook
In 2020, the global furniture market was valuated at $509.8 billion. Asia Pacific was the largest region in the global furniture market, accounting for 45% of the market in 2020.North America was the second largest region, accounting for 21% of the global market. Africa was the smallest region in the global furniture market, according to the Business Research Company.
The most significant factor that is driving the growth of the global furniture market is that the younger generation is creating more demand for home furnishing products. The increase in the demand is being met by more online retail stores that are becoming popular around the world. The demand for domestic furniture along with office furniture is continuing to dominate the market and the top furniture companies in the world are well aware of these opportunities and are capitalizing on its momentum.
Companies like Wayfair Inc. (NYSE: W), La-Z-Boy Incorporated (NYSE: LZB), IKEA, Oppein Home Group and Jason’s Furniture have become the key industry players in the furniture market. They are growing their market shares by introducing multi-functional furniture with innovative features such as maximum storage space, stylish and unique designing, customizable products, and other space saving products. In addition to significant demand from a younger demographic, other factors influencing growth are the increasing demand from Asian countries such as China and India and rising disposable income all over the world. The growing demand for do-it-yourself (DIY) furniture products and ready-to-assemble (RTA) is also helping the market to grow further especially in the home and office furniture segments thus helping the market to record more the sales across the globe.
Another important factor that is contributing to this growth is the increasing demand for online shopping. This will also boost the furniture manufacturing market as manufacturers are able to sell their products on a much larger platform than before. Their customer bases have increased geographically. For example, in India, e-commerce portals have significantly boosted the sale of furniture manufacturers by giving them greater access to producers who were previously confined to one market. Certain key manufacturers have risen up to this opportunity and have established themselves as multi-million dollar enterprises in the furniture business.
Haverty Furniture Companies, Inc. was founded in 1885 and has since established itself as a leading retail furniture company in North America. The company started with a single store in Atlanta and now has 120 stores in more than 15 states within the country. Havertys operates as a specialty retailer of residential and office furniture and accessories. It sells its products under the name Havertys. Apart from furniture, they also produce bedding product lines under the brand names of Sealy, Serta and Tempur-Pedic. The price range for their furniture products fall in the middle to upper middle price range which makes it an affordable choice for most Americans. Furniture accounts for more than 85% of the company's sales. HVT ranks 10th in our list of best furniture companies in the world.
