Research and Markets has announced the addition of the "Global Furniture Market 2016-2020" report to their offering.

The report forecasts the global furniture market to grow at a CAGR of 4.18% during the period 2016-2020.

The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

The growing penetration of the Internet and smartphones has led to a boom in online retailing. Furniture manufacturers and retailers have begun selling furniture, floor coverings, and other home décor products online. They are entering the e-commerce market with user-friendly websites and attractive product offers.

According to the report, the number of office spaces in Europe has been rising considerably. Office vacancy rates will fall back to 2009 levels in the near future. European cities recovering from recessive conditions will dominate the improving employment scenario, with rising corporate confidence and expansions. This positive economic outlook also projects positive trends in the furniture market in the region.

Further, the report states that wood is the most commonly used raw material in this industry, with 40%-50% of furniture being made of timber. The furniture industry is seeing a shortage in the supply of timber with the growing population demanding more products. This will lead to higher raw material acquisition costs for vendors.

(Source: Research and Markets)