Furniture Covers Market: Introduction
Middle class population is shrinking in majority of the developed economies. U.S. middle class has reduced from approximately 62% in 1992 to 59%, twenty years later. Eleven of the Western European countries also witnessed the same trend. Upward shift of the middle class in income ladder and fast growing per capita income levels are influencing the consumers to choose trendy lifestyle. Interior design in homes, corporate offices, academic institutes and hotels & restaurants is increasingly influencing the demand for furniture covers globally. Manufacturers of furniture are vertically integrating their business to include production of furniture covers and cushions also. Furniture covers market is highly fragmented and dominated by small, medium and unorganized players in the Asia Pacific and Middle East & Africa regions. Global furniture covers market is witnessing a rise in number of consolidations. Furniture covers are used as a protection cover against dust, or spoilage due to frequent use. These are removable and washable, some of the furniture covers come with zipper locks. Majority of the furniture covers market are open ended.
Furniture Covers: Market Dynamics
Changing lifestyle in Asia Pacific and Middle East & Africa (MEA) is influencing the consumers to shift towards modern lifestyle, which in turn is driving the interior design market. Furniture covers market is anticipated to witness higher annual growth in middle class dominating countries like China, India, Brazil, South Africa, Nigeria and Brazil. In countries like India and Bangladesh where there is a lack of textile technology awareness and the market is highly unorganized, the manufacturers are integrating their manufacturing technology with global standards. Furniture covers made of synthetic fiber (made of polymers like nylon, polyester and others) are rapidly gaining market share. Cotton furniture covers are losing their market share to furniture covers made of synthetic fibers. Leather (artificial and natural) furniture covers are the fastest growing furniture covers segment worldwide. Lack of technology awareness, cost of labor and extra costs in supply chains due to middle men in emerging countries is negatively effecting small, medium and unorganized furniture covers businesses in emerging countries like India, Nigeria, South Africa and Bangladesh. Overall the global furniture covers market is expected to expand at a lucrative CAGR during the forecast period.
Furniture Covers: Market Segmentation
The furniture covers market is segmented on the basis of product type, application, by material, by end use and by region. On the basis of product type, the global furniture covers market is segmented into:
- Zipped Covers
- Standard Covers
Based on the application global furniture covers market is segmented into:
- Out Door
Based on the material global furniture covers market is segmented into:
Based on the end use global furniture covers market is segmented into:
- Corporate Workplaces & Offices
- Hotels & Restaurants
- Academic Institutes
Furniture Covers Market: Regional outlook
Furniture covers market has been segmented on the basis of region into North America, Latin America Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA) and Japan. North America furniture covers market is expected to dominate the global market. This is due to high per capita furniture cover consumption in the U.S. and Canada.
Furniture Covers Market: Key players
Some of the players associated with the global furniture covers market are K&H Manufacturing, LLC. Softline A/S, Rowe Furniture, Inc, Cassina S.p.A., Kover-it Covers & Awnings (U.K.), Ful Shanti Gujarat Industries, Rosy Hosiery Mills, Deyarco Furniture Factory LLC, The Wrenn Bennett & Co (India) Ltd, Sungrace Novatex Pvt. Ltd., Protective Covers Inc., Loom Crafts Furniture (India) Pvt Ltd, and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.