NEW YORK, March 2, 2021 /PRNewswire/ -- The online furniture market is expected to grow by USD 84.26 bn during 2020-2024, decelerating at a CAGR of almost 16%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Get FREE Sample Report within MINUTES
Online Furniture Market: Rise in online spending and smartphone penetration
Online shopping by mobile devices has also gained prominence over the years due to the high penetration of Internet networks, improved economy, and improved buying and distribution choices with the advent of m-commerce. In addition, websites now offer comprehensive information on goods, including pricing, safety precautions and user guidance, which have boosted demand for e-commerce, and customers now feel much more relaxed ordering products on-the-go. In addition, online payment protection features such as free shipping enhanced online customer care, and customer-friendly shopping website templates are also adding to business development. As the global online furniture industry rises, growing online purchases serve as the main market driver. In addition, the growing number of subscribers shows the capacity for mobile device adoption, such as smartphones and tablets. The growing use of smartphones worldwide has thus provided a potential opportunity for e-commerce retailers to expand. This will greatly propel the market's growth during the projected period.
As per Technavio, the growing preference for customizing furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Online Furniture Market: The growing preference for customizing furniture
Market growth would be greatly influenced by the increasing preference for customizing furniture, which involves material, color and scale. Customized furniture is popular as it adds value to a place's environment and offers additional convenience and comfort as well. The preference for online shopping has been fuelled by the proliferation of online payment options, a wide variety of goods, online order monitoring, 24/7 customer service, wider Internet coverage, and lower prices. With the emerging home and living model, one of the main online furniture industry dynamics, there is a change in the home and living concepts and trends, which is boosting investments in remodeling bedrooms
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Online Furniture Market: Segmentation Analysis
This market research report segments the online furniture market by Application (Online residential furniture and online commercial furniture) and Geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the online furniture market in 2020, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as rapid urbanization and the rise in the real estate sector for both residential and commercial properties.
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