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The furniture market size is estimated to increase by USD 136.6 billion and grow at a CAGR of 4.15% between 2023 and 2028. One of the key drivers of the growth of the global furniture market is the evolution of consumer demographics, especially in emerging economies, which is increasing the sales of new furniture products, especially luxury furniture. By 2050, an additional 2.5 billion people are estimated to populate urban and semi-urban areas, with a 90% increase in Asia and Africa. Hence, the demand for furniture products such as outdoor furniture is expected to grow in these regions, which will increase the sales of the companies. Rapid urbanization has resulted in a consistent increase in wages and income levels across the world, especially in countries such as China and India.
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The global furniture market is experiencing a period of rapid evolution, driven by a combination of factors, including changing consumer preferences, economic growth, and technological advancements. Key trends shaping the industry include a shift towards sustainable and eco-friendly furniture, the increasing popularity of online shopping, and a growing focus on customization and personalization. As consumers become more conscious of environmental sustainability, there is a rising demand for furniture made from sustainable materials and produced using ethical manufacturing practices. Additionally, the rise of e-commerce has made it easier than ever for consumers to purchase furniture online, offering a wider range of options and convenient delivery services. The furniture industry is also adapting to evolving consumer preferences, with a focus on providing customizable and personalized furniture that meets individual needs and tastes. Overall, the global furniture market presents both challenges and opportunities for businesses, as they navigate the evolving landscape and strive to meet the changing needs of consumers.
The furniture market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
The home segment is estimated to witness significant growth during the forecast period. The home segment mainly includes for the living room, bedroom, and others. The living room segment comprises sofa sets, lounge chairs, recliners, tables, benches, chairs, ottomans, storages, sectional furniture, and others that are widely used in a living room of a house. Factors such as rising disposable income among consumers and the increasing penetration of e-commerce in emerging economies are fuelling the growth of the living room segment which in turn contributes to the home segment.
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The home segment was the largest segment and was valued at USD 441.30 billion in 2018. Bedroom is another subsegment in the home segment which mainly comprises beds, wardrobes, chests, nightstands, bedroom furniture, bedside tables, dressing tables, and study tables. This segment contains various sizes and types including king-size and queen-size beds and nightstands embedded with many drawers. There is an increase in innovative styles and designs that occupy space efficiently due to the increase in the number of modular homes which is significantly fuelling the demand for the bedroom segment. Hence, such factors are fuelling the growth of this segment which in turn will drive furniture market growth during the forecast period.
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APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Some of the main factors that are significantly contributing to the growth of the global market in the APAC region are the onset of urbanization and rising disposable income in developing countries, mainly due to different government policies and initiatives including the Smart Cities Mission, the Swachh Bharat Mission (SBM), the Sardar Patel National Urban Housing Mission, the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), and the Heritage City Development and Augmentation Yojana (HRIDAY) in India. Additionally, China is one of the leading manufacturers and exporters in the world. There is increasing focus by China on export-driven industrial production and high foreign investments which is positively impacting the market growth. Hence, such factors are expected to drive furniture market growth in APAC during the forecast period.
In the realm of furniture, bedroom furniture plays a crucial role in promoting both physical and mental wellness. Consumers seek portable, foldable, and multifunctional options to maximize space and convenience, while household furniture and kitchen furniture, including kitchen cabinets and mattresses, enhances comfort and functionality within the home. Blinds and shades provide privacy and light control, contributing to a serene environment. Hospital furniture manufacturers prioritize customization features to meet the specific needs of healthcare settings. As infrastructure expands to accommodate a growing global population, the demand for metal furniture grows, driven by its durability and modern appeal. With infrastructure growth and construction development, opportunities arise for manufacturers to innovate and meet evolving consumer preferences, shaping the future of the industry.
The global furniture market is undergoing a period of significant transformation, driven by a confluence of factors, including changing consumer preferences, economic growth, and technological advancements. Key trends shaping the industry include a shift towards sustainable and eco-friendly furniture, the increasing popularity of online shopping, and a growing focus on customization and personalization. As consumers become more conscious of environmental sustainability, there is a rising demand for furniture made from sustainable materials and produced using ethical manufacturing practices. Additionally, the rise of e-commerce has made it easier than ever for consumers to purchase furniture online, offering a wider range of options and convenient delivery services. The furniture industry is also adapting to evolving consumer preferences, with a focus on providing customizable and personalized furniture that meets individual needs and tastes. Overall, the global furniture market presents both challenges and opportunities for businesses, as they navigate the evolving landscape and strive to meet the changing needs of consumers.
One of the key factors driving furniture market growth is the increase in residential and commercial construction. There is an increasing investment in the construction of residential and commercial infrastructures in many developed countries such as the US which is positively impacting the market growth and driving the demand for office furniture. For example, the President of the US 2020 budget announced a sum of USD 200 billion for infrastructure growth.
Moreover, in developing economies such as India, the possibility of 100% FDI for townships and settlement projects is estimated to fuel the demand for the products. Factors such as the increasing focus on Infrastructure developments and real estate development, as well as the construction of new residences, and offices, are expected to drive the market growth during the forecast period.
A key factor shaping furniture market growth is the increasing number of strategic alliances and partnerships. Several market players actively participate in strategic alliances to increase their market share over the last few years.
Moreover, by forming strategic alliances with other players in the market, the market players are increasingly focusing on enhancing operational efficiency to offer a wide range of services including home delivery, coupled with providing end-to-end solutions, to become global lifestyle brands. Hence, such factors are positively impacting the market which in turn will drive the market growth during the forecast period.
High volatility in raw material prices is one of the key challenges hindering global furniture market growth. Price volatility of raw materials is a significant challenge that can negatively impact the global market. The cost of some of the raw materials that are used in manufacturing including wood, steel, textiles, plastics, and cartons have increased considerably over the years.
Moreover, there is an increase in prices of raw materials such as chipboard, timber, foam, polish chemical materials, color paints, and hardware as well. One of the main reasons for the increase in the price of wood particleboard is due to the volatility in input and transportation costs as well as the continued downsizing of the manufacturers' production capacities. Hence, such factors are negatively impacting the profit margin of manufacturers which in turn will hinder the market growth during the forecast period.
The furniture market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the furniture market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Ethan Allen Interiors Inc: The company offers furniture such as classic sofas, timeless dining tables, and customizable bedroom sets.
The furniture market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
In the dynamic world of furniture, diverse trends and preferences shape the market landscape. From bedroom furniture to household essentials like kitchen cabinets and mattresses, consumers prioritize both physical and mental wellness, seeking portable furniture, foldable furniture, and multifunctional options. Whether indoors or outdoors, metal and plastic furniture cater to varying needs, with stylish designs enhancing both indoor and outdoor spaces. Augmented reality transforms the shopping experience, while infrastructure growth drive growth in the hospitality sector. Collaborative initiatives between furniture manufacturers and skilled workers ensure quality and innovation. With infrastructure expansion and construction development, the market responds to the needs of a growing global population. From stainless steel to aluminum and iron, materials offer customization features, catering to diverse tastes and budgets.
Moreover, the disposable incomes rise, competitive prices and elegant designs pave the way for a promising future in segments such as furniture and home decor. The market is witnessing a surge in demand for innovative solutions that prioritize functionality and versatility. Portable, foldable, and multifunctional furniture options are gaining popularity, especially in urban areas where space is limited. Specialty stores cater to discerning customers seeking unique designs and superior quality. The focus on customer experience is driving the evolution of retail spaces, with an emphasis on stylish design and personalized service. Hospital furniture, designed for comfort and functionality, plays a crucial role in healthcare settings, while metal furniture offers durability and modern aesthetics. As infrastructure grows, opportunities arise for expanding product definition and meeting diverse consumer needs. From bedroom furniture to specialized hospital equipment, the furniture industry is adapting to changing lifestyles and demands, paving the way for a more versatile and dynamic market.
Furthermore, in the realm of furniture, emphasis on physical wellness drives the demand for portable, foldable, and multifunctional options, catering to varying tastes and lifestyles. From household furniture to hospital and outdoor settings, stylish designs enhance spaces while promoting comfort and elegance. Blinds and shades offer both functionality and aesthetic appeal, complementing interior décor. Retail experiences at home centers, flagships stores, and specialty outlets prioritize customer satisfaction, ensuring a seamless shopping journey. As infrastructure grows, opportunities emerge for innovation and expansion, especially in the realm of metal and outdoor furniture. Garden designs further enhance outdoor spaces, offering tranquil retreats for relaxation. Looking ahead, future perspectives in furniture design promise a wider range of products that cater to evolving needs and preferences, defining new standards of comfort, style, and functionality.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.15% |
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Market growth 2024-2028 |
USD 136.6 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.92 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 49% |
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Key countries |
China, US, Germany, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ashley Global Retail LLC, Bernhardt Furniture Co., Dare Studio Ltd., Ethan Allen Interiors Inc., Flexsteel Industries Inc., Godrej and Boyce Manufacturing Co. Ltd., HNI Corp., Inter IKEA Holding BV, KOKUYO Co. Ltd., LaZBoy Inc., Masco Corp., MasterBrand Cabinets Inc., MillerKnoll Inc., Nitori Holdings Co. Ltd., Okamura Corp., Roomstogo.com Inc., Steinhoff International Holdings NV, The Home Depot Inc., Wayfair Inc., and Williams Sonoma Inc. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our furniture market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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