Find Out More About Living & Dining Room Market Global Growth With Rising CAGR And Forecast Till 2028Posted by Mrudula Anil Karmarkar on April 21st, 2023 The global living & dining room market size is expected to reach USD 203.9 billion by 2028, registering a CAGR of 4.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth is owing to the rising demand for Airia desks & media cabinets in the Asia Pacific. Growing demand for living & dining room cabinet products is anticipated to refuel the market growth. Moreover, the rising popularity of premium coffee tables in the U.S. is further anticipated to boost the market growth over the assessment period. The increasing procurement of TV Trolleys in China and India is a major factor to propel the market growth. Moreover, the growing demand for wall units across Japan is anticipated to boost business growth. Rising demand to procure cost-effective sled base storage products is an upcoming opportunity for the market. The coffee, dining & other tables segment will register the highest growth over the review period. This can be credited to the growing demand for laptop tables, and computer tables in the U.K. The AFC Systems is a popular brand in India to accomplish the demand for customizable side table products. The key players of the market are launching the compactors such as com-5, com-6, and com-7. Additionally, key players are expanding their manufacturing and storage areas in order to extend manufacturing capacities and fasten time-to-market. In September 2022, Ashley Furniture acquired Homestar North America's manufacturing facility in Statesville to increase their RTA furniture manufacturing. More than 500 SKUs, including bedrooms, entertainment, upholstered beds, occasional tables, and home office furniture, are planned to be produced at the 309,620 sq. ft. facility. At present, the prime key players are focusing to implement the powder coating methodologies. Several companies are targeting the expansion and launch of premium coffee table products in the global market. Offline distribution channel contributed the largest market share in the global revenue in 2021. The necessity of jett sideboard from the consumers of China is projected to boost the market growth. The furniture shops are providing the customized design of sideboards with multiple drawer products at an affordable cost which will turn to refuel the segmental growth. Asia Pacific made the largest contribution to the market with over 45% share in 2021 owing to the comprehensive product portfolio provided by the Okamura Corporation and AFC Systems. The rising demand of height-adjustable tables in the region is expected to propel market growth. The growth of the industry is being fueled by the expansion of the hospitality and real estate industries, as well as rising disposable incomes, particularly in metropolitan regions. Parallel to this, major global manufacturers have begun to relocate their manufacturing hub to Asian nations such as India and China, owing to low-cost labor and trained workforce, which is expected to substantially impact the global market. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/living-dining-room-market-report/request/rs1 Coronavirus has been staggering the global economy. The supply chain of the furniture industry had been slightly affected during the pandemic tenure. The business growth of offline distribution channels was hindered owing to the national lockdown executed across the globe. During the pandemic, the demand for living & dining room cabinets and storage had increased through the online platform. The major key players of the global market are evaluating the online sales methodology for door-step delivery. Growing investments by the U.S.-based prime players such as HNI Corporation and Kimball International, Inc. to procure miniature chests and Nelson basic cabinet series are fueling the market growth. The major key players are procuring the premium quality of prelam storage products. The rapidly growing demand for metal storage products from the U.K. consumers is further propelling the industry growth. Living & Dining Room Market Report Highlights
The growing acceptance of wall units in Japan is the major factor driving the market growth. Moreover, the rising demand for TV trolleys in developing economies such as China and India is expected to boost market growth. Rising demand to procure occasional furniture products at a rational cost is the upcoming prospect for the market. At present, key players are focusing on launching sled base storage to fulfill the demand for cabinets and storage. Hence, the living & dining room market is expected to perform significant market growth during the assessment period. The offline furniture shops have started showcasing their product lines on e-commerce portals and online websites in order to attract new customers during the spread of the coronavirus. The sales statistics are covered due to the growing demand for storage cabinets through electronic commerce. Fast delivery with minimal installation cost was escalating the business opportunity for the furniture products which in turn will refuel the market growth. The growing demand for smart furniture is expected to considerably contribute to the market growth. Low financing rates and the growth of internet retailers in emerging nations might boost worldwide market share. The global market is extremely adaptable to shifting trends, and new entrants are becoming more competitive. Consumers are highly inclined towards foldable, multi-purpose, and technology-driven furniture that fits in smaller areas and sever different purposes. List of Key Players in Living & Dining Room Market
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