- Modern furniture refers to a specific style of furniture that is influenced by modernism.
- The modernist movement in furniture started in the early 1900s with the Bauhaus school of design. Modern furniture designs were a revolution against the luxuriant designs that preceded them.
- Modern furniture offers various solutions such as dining, sleeping, seating, and storage functions. It plays an important role in home and office layout.
Increase in Consumer Spending on Home Improvement to Drive the Global Modern Furniture Market
- Consumers are increasingly spending on improving the interiors and exteriors of their homes, as home furnishing has become a symbol of lifestyle status. Rise in investment in landscaping is driving the modern furniture market. Decrease in urban residential space has compelled people to focus on creating patio spaces. Growth in disposable income of the people and recovery of the residential housing sector are key factors anticipated to boost the global modern furniture market during the forecast period.
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Asia Pacific to Hold a Leading Share of Global Modern Furniture Market
- Geographically, the global Modern Furniture market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- North America country-level analysis features the U.S., Canada, and Rest of North America. Analysis and forecast of the Modern Furniture market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the Modern Furniture market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The South America Modern Furniture market is segmented into Brazil, and Rest of South America.
- Asia Pacific is dominating the market share due to improving lifestyle and increasing disposable income are highly contributing the market share of modern furniture.
- Also, Europe is anticipated to grow at a fastest CAGR growth rate during the forecast period. Rising demand of modern furniture is projected to drive product innovation in the region.
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Key Players Operating in the Modern Furniture Market:
The Modern Furniture market is competitive with several global and regional players. Major players are adopting various strategies, such as regional expansion and product portfolio expansion to enhance their position in the market.
Companies are focusing on increasing the product portfolio. For instance, Fermob, manufactures colorful outdoor furniture and accessories for residential and commercial spaces.
The modern furniture market is fragmented owing to the presence of few global and several domestic players. Most of the vendors sell and promote their furniture products via their own online sales website and some through e-tailor websites.
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A few of the key players operating in the global Modern Furniture market are:
- Ashley Home Stores, Ltd.
- Barlow Tyrie Ltd.
- TRIBÙ NV
- Modern Lighting (Lumens Light + Living)
- Williams-Sonoma Inc., by Inmod, Room & Board
- Crate and Barrel