Credible Factors augmenting the growth of the Global Off-the-Shelf Second Hand Furniture Market
Rising concerns about quality and functionality of used products among most of the people is driving the used good retailers to refurbish their used products in order to ensure their quality & functionality and to maximize profit from those products.
Increasing number of market participants are offering their products through the online retailers to provide the products at competitive prices than the offline stores. For instance, companies such as ZEFO, eBay and Amazon are increasingly offering varied range of used furniture through their online stores.
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The off-the-shelf second hand furniture market is growing at a rapid pace on the back of rising availability of second hand furniture products across both online and offline channels. Consumers are adopting various furniture designs which are able to meet their needs. Additionally, the adoption of second hand furniture is getting influenced by the availability of products at an attractive price range which is expected to affect the significant demand for the second hand furniture in upcoming years. On an average, second hand furniture is 50% cheaper which allows the consumers an access to the products at comparatively less cost. Low cost being the primary factor is estimated to expand the global off-the-shelf second hand furniture market with a CAGR of 6.4% during the forecast period i.e. 2018-2025.
Additionally, rising millennial population across the countries such as India and China has been paving the way for rising sales through the online channels. This in turn would positively impact the supply of second hand furniture through the online channels. The global off-the-shelf second hand furniture market reached USD 29,302.7 Million in 2017 and is expected to reach USD 47,560.0 Million by the end of 2025 owing to the cost saving benefits of the second hand furniture and increasing desire of consumers to save money across the globe.
Regional Growth Highlights during 2017 – 2025
The global off-the-shelf second hand furniture market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa, out of which, Asia Pacific is projected to account for a leading share of more than 45% in the terms of revenue by 2025 in the off-the-shelf second hand furniture market. Amplifying size of the online marketplace for second hand goods is anticipated to impel the growth of Asia Pacific off-the-shelf second hand furniture market. Additionally, ease of accessibility, availability of a large variant of products coupled with comparatively low cost of second hand furniture is expected to impel the growth of the Asia Pacific off-the-shelf second hand furniture market during the forecast period. Countries such as China, Japan and India have the most prominent market in the region.
Further, North America is expected to hold second largest market share in 2025 by growing at a CAGR of 5.1% over the forecast period. This can be attributed to the increasing availability of the second hand furniture across the online merchants such as EBay and Amazon. The North America market of the off-the-shelf second hand furniture is closely trailed by Europe, where Germany and the United Kingdom are the major contributors to the Europe off-the-shelf second hand furniture market. Increasing desire to maximize the return on income coupled with surging emergence of charity shops as an eminent offline shopping destination for second hand furniture products is expected to drive the expansion of the Europe market of off-the-shelf second hand furniture with a CAGR of 5.5% during the forecast period.
Market Segmentation Synopsis
By Furniture Type
Global off-the-shelf second hand furniture market is segmented on the basis of furniture type into beds, chest of drawers, mattresses, wardrobes, kitchen furniture, dining furniture, living room furniture, bathroom furniture, other indoor furniture and outdoor furniture. Living room furniture segment with a share of 34.0% during 2017 occupies the largest market of the off-the-shelf second hand furniture across the globe and is predicted to dominate the market by crossing USD 16,500.0 Million by the end of 2025. Further, the off-the-shelf second hand beds segment is anticipated to achieve absolute $ growth of USD 2,405.4 Million between 2018 and 2025 and is expected to grow at a CAGR of 5.8% over the forecast period i.e. 2018-2025.
By Distribution Channel
The global off-the-shelf second hand furniture market is segmented into the distribution channel which is further segmented into online store and offline store, out of which, offline store segment with market share around 90% in 2017 is anticipated to have the largest share by the end of 2025. However, on the rise of increasing number of smartphone users and increasing penetration of the internet users, the market share for the online stores segment is expected to grow at a CAGR of 10.4% over the forecast period.
The study further analysis the Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Market Drivers & Challenges
The global off-the-shelf second hand furniture market is thriving on the back of rising penetration of the second hand furniture across the online channels along with rising demand in the commercial sector. Consequently, the market is expected to be positively impacted by the development pertaining to the rising prevalence of online channels. One of the other key factors backing the market is the rising urban population across various countries. An increase in urbanized population has been directly implying the growing demand for household products such as furniture.
Further, the reduced cost along with rising availability of the goods across various segments of furniture is fuelling the worldwide demand for second hand furniture. Increasing demand on the account of availability at an extremely low cost as compared with the new furniture is boosting the demand for the off-the-shelf second hand furniture. Additionally, the presence of large number of online and offline second hand goods retailers is driving the availability of goods in the worldwide second hand furniture market.
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Some of the affluent industry leaders in the global off-the-shelf second hand furniture market are Inter IKEA Group, Beverly Hills Chairs, Steelcase Inc., London Aerons Ltd., Rework by ROE, Top online refurbished furniture channels – Ebay, Craiglist, Etsy, Amazon and Yelp.
Beverly Hills Chairs, a privately held company headquartered in Los Angeles, California, U.S.A. offers wide range of products which include Herman Miller chair collection, ergonomic office chairs, desk collection, accessories and other products that are sold directly to the customers through the online stores. The company is now expanding their business by offering their products in all parts of the USA. Beverly Hills Chairs also provides easy financing and bulk discounts on the online purchase of the products.
Moreover, other key and niche players are aggressively focusing on strengthening their global presence by increasing the penetration in existing and new regional markets by strengthening their distribution channels in order to gain competitive edge in the global off-the-shelf second hand furniture market.
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