The furniture manufacturing industry in global has revenue of nearly $400 billion annually as per the world furniture confederation. The furniture industry includes home and office furniture and furniture sales and it is mainly sensitive to change the economic climate. Unemployment and low business consumer confidence reasoned to economic recession thus the market was hit. Some furniture manufacturing industries are turning to outsourcing to lower expenses as they are moving parts of their production process overseas and US manufacturing industries are facing more competition from imports. US furniture manufacturers also import large amount of good from other regions like china. To produce furniture used typical materials include wood, synthetics, …show more content…
US furniture manufacturing covers around 20,000 firms, annually profits of around $60 billion representing. US Top furniture manufacturing companies are La-Z-Boy, Sealy and Herman Miller, Heritage Home, Steelcase, HNI. Italy’s one of the top furniture manufacturing companies Ntuzzi it is involves in the design, manufacture And marketing of sofas, armchairs and sitting room accessories and it generated revenue of over $700 million in 2010. Around 7000 people are employed in Natuzzi. It spread and operates 120 countries outside the Italy. Approximately 90% of the company’s profits are from foreign markets. Natuzzi holds more than 50% of EU market share. Ntuzzi’s headquartered in Michigan the product of Herman Miller includes residential furniture, healthcare and office furniture, storage products, filing and seating the net sales of the company for 2010 reached over $1.3 billion Market Outlook Disposable incomes, living standards and a degree of recovery from the global down tum are rising as with the economy showing. Demand for furniture and furnishings are driving and shaping the market as a result of consumer confidence pick up. Natural products and designs focused on reducing stress include in current …show more content…
The furniture largest market share is highly taken by the North America and followed by Europe and then Asia Pacific. In upcoming days the market share of Asia-Pacific is likely to overtake the North American forecasted period in terms of market share. The Asian market is going to have great increase of their market share were we can witness through double-digit growth in the coming years. India and China are the two mostly concentrated nations, which are going to be taken huge market share in Asia Pacific market share in terms of