The demand for different furniture and various furniture components is seeing a boom with time. There are plenty of reasons responsible for it. One reason for it is the rising investments in infrastructural development in the residential and commercial sectors.
As a result, the global furniture market is witnessing a boom in its growth over time. According to the Grand View Research report, the furniture market size stood at USD 480.7 billion in 2017. And it is predicted to grow at a CAGR of 5.1% during the forecast period, 2018-25, to reach USD 718.3 billion.
Many online furniture stores are manufacturing and selling a list of furniture components, namely hinges, undermount drawer runners, life systems, etc., online. Especially in the UK and Europe, the sellers of furniture components are increasing in number due to their high demand.
All across the globe, governments are investing in infrastructural development in both the residential and commercial sectors. As a result, there is a boom in demand for furniture products at a global level. Besides this, furniture components are also witnessing high demand due to the rising infrastructural development.
Apart from this, the rising disposable income of people, a boom in the hospitality sector, and real estate growth are the other reasons behind this forecasted furniture market growth. In this market, many sub-markets are operating seamlessly to meet the furniture needs of people.
Interior furniture, office furniture, and outside furniture are some of the components of furniture markets seeing a massive boom. Furniture products and furniture components are not just helpful in creating a comfortable seating space. But they also add a significant value to the home decor.