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Wall furniture has gained escalating traction as people are progressively inclined towards the decoration of walls. The positive characteristics of the usage of wall furniture are to help save more space, perform as a decorative tool, and act as a good storage unit. The rising construction of hotels across the globe giving high priority on the utilization of space has resulted to have a positive impact on the increasing consumption. For instance, according to the Asia Chain and Hotel Report 2018 data issued, is declaring the number of chain hotels in Asia Pacific countries with India 1,251 Japan 2,624, Vietnam 356, Thailand 1,023, Australia 1,732, and Indonesia 1,223. Additionally, the growing popularity among food outlets such as restaurants, cafés, fast-food chains, and others tends to have the decoration of their walls to help attract more consumers is assisting to accelerate the consumption rate.
The flourishing growth of the furniture industry resulting to attract more consumers to wall furniture act as a propelling factor for the market growth. For instance, according to the data published by the Global Wood Market Info, is declaring that the 2018 global furniture trade was estimated to be 149 billion which is a rise of 4 percent from the previous year. The rising popularity of the usage of the product as a storage unit in education institutions also played a vital role for generating traction. Additionally, wall furniture is largely used in various types of shops to store goods, this in turn is fostering the demand for the product.
Nevertheless, the escalating consumption attractive of moveable furniture that are use instead of wall furniture is acting as a restraining factor for the market growth.
Key Market Driver -
The booming growth of furniture industry act as a driving factor for the market growth.
Key Market Restraint -
The rising consumption of movable furniture act as a restraining factor for the market growth…
IKEA Group Corp, Williams-Sonoma Inc, Ethan Allen Global. Inc, Kartell P.I., Godrej Industries Ltd, and others are the key companies operating in the market.
The wall furniture market is segmented into by type, application, material use, and geography.
On the basis of type, the market is bifurcated into decoration and storage. Decoration is estimated to be the large market owing to large number of people possess the desire to utilize the product to showcase achievement and beautify their homes and workplaces to achieve a better feel.
Based on application the market is divided into residential and commercial. The residential segment is anticipated to be the greater market on an account of a large number of people transforming the walls of their homes as a displaying and storage unit to make it feel cozier and save more space.
By material use, the market is fragmented into wood, steel, and plastic. Wood is projected to be the leading segment due to being able to offer elegant natural looks which is helping to enhance the feel and appearance of the room, and it's robust and long-lasting quality also helps to upsurge the consumption rate.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is projected to be the prominent market shareholder and is expected to continue throughout the forecast period of 2020-2027. The increasing spending made on office furniture products in this region has a huge contribution to the growth of the market. For instance, according to the data issued by Business Institutional Furniture Manufacturers Association, September 2020, is stating the market size of the office furniture of North American countries are United States USD14.83, Canada USD 1.06 billion, and Mexico USD 600 million. Additionally, the rising construction of new homes has played a significant role in the upsurging consumption rate. For instance, according to the data issued by Census.Gov, September 2020, is proclaiming that the United States' new residential construction data are housing completion 1,233,000, housing start 1,416,000.
Asia Pacific is expected to exhibit substantial growth in the wall furniture market owing to the rising use for the storage unit especially in urban places as most homes in urban places are smaller in size and require efficient utilization of space. For instance, according to the Trading economics data issued, is declaring that in 2019 91.7% of the Japanese population are estimated to be living in urban places. Furthermore, the rising growth of the home decoration industry in various countries is helping upsurge market growth. For instance, according to the data issued by the Economic Times, April 2019, is stating Indian home decoration market has shown a growth rate of 20 percent nationwide.
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