Online Furniture Market size to grow by USD 84.26 billion | Market Research Insights highlight the rise in Online spending and Smartphone penetration as Key Driver – Technavio

NEW YORK, Nov. 15, 2021 /PRNewswire/ — According to the research report «Online Furniture Market – Forecast and Analysis Report…

NEW YORK, Nov. 15, 2021 /PRNewswire/ — According to the research report «Online Furniture Market – Forecast and Analysis Report 2020-2024«, the market witnessed a YOY growth rate of 18.99% in 2020. However, the market is expected to witness a decelerating CAGR of 16% between 2019 and 2024. The report segmented by application (online residential furniture and online commercial furniture) and geography (APAC, North America, Europe, South America, and MEA).

APAC is the largest market for online furniture. Factors such as rapid urbanization and expanding population in the emerging economies of the region are creating significant growth opportunities for online furniture manufacturers in APAC. In addition, rising dual-earning households and surging real estate sector in the region will further fuel the market growth during the forecast period.

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Vendor Insights 

The global online furniture market is concentrated, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their products. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.  

Steinhoff International Holdings NV – For Instance, In November 2019, Steinhoff International Holdings NV announced that it would sell Blue Group Hold Co. Ltd. to Alteri Investors. Similarly, In December 2019, Amazon entered into a partnership with Verizon Communications Inc. to offer 5G Edge Cloud Computing.

 The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • Alibaba Group Holding Ltd.
  • Amazon.com Inc.
  • American Signature Inc.
  • Ashley Furniture Industries Inc.
  • eBay Inc.
  • Herman Miller Inc.
  • Inter IKEA Systems BV
  • Kimball International Inc.
  • Steelcase Inc.
  • Steinhoff International Holdings NV.

Find additional highlights on the growth strategies adopted by vendors and their product offerings. Read Free Sample Report. 

Geographical Market Analysis 

APAC will provide maximum growth opportunities in the online furniture market during the forecast period. According to our research report, the region will contribute 76% of the global market growth and is expected to dominate the market through 2024.

In addition, countries such as China, US, Japan, South Korea (Republic of Korea), and UK are expected to emerge as prominent markets for online furniture during the forecast period.

Know more about this market’s geographical distribution along with the detailed analysis of the top regions. https://www.technavio.com/report/online-furniture-market-industry-analysis 

Key Market Trends & Challenges: 

The increase in mobile commerce and network marketing is one of the prominent trends that is likely to drive market growth. The increase in mobile commerce is driven by consumers who are purchasing new phones and are creating more opportunities for buyers to shop through the mobile commerce platform. Most of the online retailers have launched mobile versions of their shopping portals to take advantage of the rising popularity of shopping through mobile devices. Market players including Amazon.com, Flipkart, and Alibaba Group, have launched mobile applications in addition to their websites.

The longer replacement cycles of furniture products is one of the prominent challenges likely to hinder the market growth. Many furniture items are usually meant for long-term use and thus, do not need frequent replacements. Furthermore, consumers prefer to spend minimal maintenance costs instead of purchasing new products from scratch. This reduces the need for the frequent purchase of furniture and furnishings, which acts as a major growth barrier for the market.

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Online Furniture Market Value Chain Analysis 

It includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovations

Related Reports: 

Organic Furniture Market by Distribution Channel and Geography – Forecast and Analysis 2021-2025

 Luxury Furniture Market by Distribution Channel, Application, and Geography – Forecast and Analysis 2021-2025 

Report Coverage 

Details 

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Decelerate at a CAGR of 16%

Market growth 2020-2024

USD 84.26 billion

Market structure

Concentrated

YoY growth (%)

18.99

Performing market contribution

APAC at 76%

Key consumer countries

China, US, Japan, South Korea (Republic of Korea), and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Alibaba Group Holding Ltd., Amazon.com Inc., American Signature Inc., Ashley Furniture Industries Inc., eBay Inc., Herman Miller Inc., Inter IKEA Systems BV, Kimball International Inc., Steelcase Inc., and Steinhoff International Holdings NV.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period 

Customization purview

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About Us: 

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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