Wall Furniture Market Size Share to Develop Gradually; Increasing Adoption in Modern Construction to Stimulate Industry Growth by 2028

(The Express Wire via Comtex)

The global wall furniture market size is expected to grow exponentially due to its adoption in modern construction. The aesthetic appeal of the furniture can enhance its demand from hotels and café, which, in turn, can boost the market growth. Fortune Business Insights™ mentions this information in its report, titled, "Wall Furniture Market, 2021-2028."

Wall furniture is utilized in several modern construction industries because of its ability to save space and enhance the look of the house. It is an alternative to cupboards and other storage options as it maintains floor space and appropriately utilizes the space on walls. It is an effective option for several small houses as they save floor space and utilize unused space on walls. The emergence of several hotels and café would fuel the demand for wall furniture because of the focus on saving space and storing goods in a way that looks good.

As per the Asia Chain and Hotel Report's information, the number of restaurants in Asia Pacific reached 1,251 in India, 2,624 in Japan, 356 in Vietnam, 1,023 in Thailand, 1,732 in Australia, and 1,223 in Indonesia in 2018. Its amazing aesthetic appeal enhances the look of restaurants and saves space. Therefore, these factors can boost the market growth in the upcoming years.

Impact of COVID-19

Restrictions on Production Activities to Decline Sales

This market is expected to slump during the COVID-19 pandemic due to the rising cases of COVID-19 infections worldwide. Governments across the world have imposed several regulations that restrict production activities to control virus spread. The halt on transportation activities has led to the lack of raw materials required for producing wall furniture. Further, the closure of construction activities has led to the lack of demand for wall furniture. However, the government has eased restrictions and allowed part-time to enable manufacturers to balance their costs.

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By type, the market is segregated into storage and decoration. Based on application, it is bifurcated into commercial and residential. By material use, it is divided into plastic, steel, and wood. Geographically, it is clubbed into Europe, North America, South America, Asia Pacific, and the Middle East and Africa.

Highlights of the Report

  • The report highlights the leading segments and recent market trends.
  • It comprehensively studies the impact of COVID-19 and the driving and restraining factors.
  • This report examines the strategies deployed by the market's major players and the regional developments.

Drivers and Restraints

Remarkable Progress of the Furniture Industry to Enhance Market Growth

The demand for wall furniture is increasing rapidly due to its rising construction applications. The adoption of good-looking furniture with storage facilities is increasing rapidly among consumers, which, in turn, can develop the furniture industry remarkably. As per theGlobal Wood Market Info's data, furniture trade reached 149 billion in 2018. It is a 4% spike from the previous years. As a result, the demand for furniture that consumes lower space and provides excellent visual appeal is increasing. Its adoption in commercial and residential buildings, restaurants, café, shops, and educational institutes can enhance wall furniture's demand. Therefore, these factors can drive the wall furniture market growth.

However, the availability of movable furniture is estimated to hamper the market growth.

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Regional Insights

Rising Adoption of Office Furniture to Foster Market Growth in North America

North America is expected to dominate the wall furniture market growth due to the rising adoption of office furniture. As per the Business Institutional Furniture Manufacturers Association's data, North American countries' office furniture sales reached USD 14.83 in the United States, USD 1.06 billion in Canada, and USD 600 million in Mexico. In addition, the rising construction activities can enhance the consumption of wall furniture, thereby boosting the market growth.

In Asia Pacific, the adoption of wall furniture is increasing rapidly due to the increasing urbanization. Urban houses are smaller in size and require wall furnishing to enhance the space and look of the house. Thus, this factor can boost the market growth.

Competitive Landscape

Prominent Manufacturers to Adopt Advanced Production Techniques to Enhance Productivity

Prominent companies operating in the market are incorporating advanced production techniques to enhance their product quality, improve operational efficiency, and improve productivity. This strategy can enable them to perform efficiently and increase their annual revenues. Furthermore, the adoption of expansion strategies can enable them to acquire major players and enhance their reach. The strategy can allow companies to refine their market reach and establish manufacturing facilities globally.

Industry Development

  • December 2019: Design Café announced 12 elegant wall showcase designs for interior decoration.

List of Key Players Profiled in the Wall Furniture Market Report

  • IKEA Group Corp
  • Williams-Sonoma Inc
  • Ethan Allen Global. Inc
  • Kartell P.I.
  • Godrej Industries Ltd

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Press Release Distributed by The Express Wire

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