Furniture Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Material, Category, End User and Region

Furniture Market Definition:

Laboratories, spas, workplaces, clean rooms, restaurants, camping, bedrooms, outdoor, libraries, parks, and stores all have furniture. The majority of furniture is made from a range of materials and comes in a number of styles. Chairs, beds, cupboards, tables, shelves, and other moveable things, as well as decorative art, are all examples of furniture. The furniture market shows growth throughout the forecast period as high demand from a variety of purposes, including sleeping, dining, seating, and storage. Furniture plays a vital part in seating arrangements and document storage in commercial areas. Furniture designs can be altered using machine-based methods and handcrafting, depending on the eventual usage.

 

 

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Furniture Market Dynamics:

With the rise in the number of compact households, multi-functional furniture has become more popular, allowing for more storage. There has been an increase in the use of extra home spaces for offices, which has resulted in a demand for office furniture. Due to various vendors, both worldwide and regional competitors, the furniture market is highly fragmented. The furniture market is currently being propelled by the booming real estate industry. Moreover, an increase in disposable income has inspired individuals to spend more on a pleasant lifestyle, which is projected to drive growth in the furniture market.

 

Various reasons such as rising disposable incomes, the growth of the real estate and hotel industries, and customer demand for luxury and premium furnishings are driving the industry. Also, the emergence of new species of wood tree for furniture production and online marketing are two aspects that are expected to boost to the market's growth. Moreover, future furniture industry demand in the residential and commercial sectors would be boosted by increased government investments in infrastructure development. Integration of the internet of things into furniture goods is expected to boost furniture market growth even more.

 

Furniture has become significantly less expensive thanks to advancements in manufacturing technology, which encourages people to buy it. The rise in the economy globally has increased customers' buying power, which has pushed the sale of branded furniture items on the market. Also, during the forecast period, the development of automated production systems is expected to have a substantial impact on the furniture market.

 

In May 2020, Theodore Alexander USA, Inc., a producer of console tables and chairs, has collaborated with Ralph Lauren Corporation, a fashion products firm based in the United States, to develop its business through the partner's fashion stores in the United States and Ashley HomeStore Corporation, an American upholstery products firm, announced the opening of a new manufacturing factory in Davie County, California, in September 2019. A facility of this size can create over 500 stock-keeping units (SKUs), such as bedrooms and home furniture.

 

The middle-income section of the population nowadays prefers to acquire low-cost, second-hand home furnishings over high-end things. The furniture market's growth is expected to be stifled as a result of this. Moreover, in many nations around the world, fierce rivalry from unorganised industry players is stifling the expansion of well-known enterprises. Fluctuating raw material prices, as well as shifting import & customs tariffs on fixture products in numerous countries throughout the world, are expected to stymie industry expansion.

 

Furniture Market Segment Analysis:

By Material, Due to the cost-effectiveness of such items compared to other varieties, the wood segment has a furniture market share of 43 %. Also, the related industries' continuous supply of highly constructed hardwood chairs and sofa sets is anticipated to reduce demand for such products in domestic settings. For example, Ashley HomeStore Corporation introduced wood-based, highly constructed home decor items for Indian households in August 2020, such as the Fair Ridge Accent Cabinet and Ridge Accent tables.

 

Because metal items are more durable and robust than other varieties, the metal industry is expected to increase significantly. Metal-based items are also frequently used in business gardens and playgrounds. As a result, expanding playground and garden infrastructure settings are driving demand for such products even higher. For example, the Australian government announced "The Monish Playground and Playspace Strategy 2020" in October 2018, an action plan to build garden parks and reserves in Monish, Australia.

 

By End User, Because of the high demand for couch sets and chairs among residential consumers for their home and backyard sitting needs, the residential segment dominated the market with 38% share. In many nations around the world, the expanding urbanisation rate and the rise in the number of nuclear families are also fueling segment growth in the furniture market.

 

Due to the widespread availability of computer desks in a variety of sizes and designs around the world, the office segment has a high market share and generates significant revenue. Also, the increasing popularity of remote working among corporate professionals is expected to reduce demand for ergonomically built office chairs for their remote work setting, resulting in further segment growth in the furniture market.

 

To provide a comfortable living experience to its guests, premier hotels and restaurants throughout the world like to utilise high-quality and luxurious home décor products in their hotel amenities. This will increase demand for high-quality furnishings in such settings, boosting the hotel industry's growth. Furthermore, the expanding number of hotel and restaurant chains around the world is driving up product revenues in this sector.

 

Furniture Market Regional Insights:

In 2020, the Asia Pacific furniture market accounted for more than 40 % of total revenue. The rise in disposable income of the upper and middle classes can be attributed to this expansion. Moreover, the market is expected to be driven by rising demand for living room furniture, followed by bedroom, kitchen, and dining furniture. The burgeoning real estate industry, as well as government-sponsored housing projects, are driving this increase. Also, rising urbanisation, combined with the expansion of the IT industry, is likely to boost demand in this region.

 

Through the forecast period, Europe is expected to grow at a CAGR of 6.9 %, owing to the growing tourism industry, which is boosting the hospitality sector, which in turn is driving demand for luxury furniture. Europe is one of the primary regions where the ratio of furniture exports to imports is higher. Due to concentrations of significant key players, Italy, Germany, and France are the primary countries in the business.

 

Furniture Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The furniture market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in Europe and North America, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Furniture market to the stakeholders in the industry. The report provides trends that are most dominant in the Global Furniture market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the global market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Global Furniture market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the global market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the global market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Global Furniture market. The report also analyses if the Global Furniture market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Global Furniture market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Furniture market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the global market is aided by legal factors.

 

Furniture Market Scope:

Furniture Market
Market Size in 2023	USD 586.73 Bn.
Market Size in 2030	USD 893.35 Bn.
CAGR (2024-2030)	6.19%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Material Wood Metal Plastic Others
	by Category Indoor Outdoor
	by End User Residential Office Hotel Others
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Furniture Market Key Players: 

• Harman Miller Inc. (U.S.)
• Steelcase Inc. (U.S.)
• HNI Corporation (U.S.)
• Ashley Furniture Industries Inc. (U.S.)
• Duff & Phelps, LLC. (U.S.)
• Global Furniture USA (U.S.)
• ZouYou (China)
• P & C ArteMobili SA (Brazil)
• Saudi Modern Factory Co. (Saudi Arabia)
• DEDON GmbH (Germany)
• Dare Studio (England)
• Inter IKEA Group
• Steelcase Inc.
• La-Z-Boy