PUBLISHER: The Business Research Company | PRODUCT CODE: 1435389
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435389
Furniture comprises items made from wood, plastic, or rubber, used for sitting, lying, or storage, including tables, seats, beds, desks, dressers, and cupboards. Hardwood furniture, Unlike as cheaper alternatives, such as plywood or particleboard, maintains its integrity over time.
Primary furniture types include institutional/office furniture, household furniture, and kitchen cabinets, mattresses, blinds, and shades. Household furniture encompasses mobile items such as chairs, tables, sofas, and mattresses. These items are made from materials such as metal, wood, among others, and are distributed through various channels such as exclusive showrooms, online platforms, hypermarkets, and others.
The furniture market research report is one of a series of new reports from The Business Research Company that provides furniture market statistics, including furniture industry global market size, regional shares, competitors with a furniture market share, detailed furniture market segments, market trends and opportunities, and any further data you may need to thrive in the furniture industry. This furniture market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The furniture market size has grown strongly in recent years. It will grow from $752.22 billion in 2023 to $805.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be attributed to several factors, including the globalization of furniture manufacturing, economic growth and housing expansion, the adoption of sustainable and eco-friendly practices, demographic shifts, and the rise of the do-it-yourself (DIY) culture.
The furniture market size is expected to see strong growth in the next few years. It will grow to $1040.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. Forecasted growth is fueled by flexible, multifunctional designs, sustainable practices, wellness-focused furniture, rental markets, and luxury furniture. Major trends include smart furniture, customizable designs, retro styles, biophilic design, and space-saving solutions in furniture.
The expanding real estate industry is poised to drive the growth of the furniture market in the foreseeable future. The real estate sector, encompassing various aspects related to property, including construction, renting, valuation, promotion, and administration, spans across commercial, residential, agricultural, and industrial properties. Within the commercial real estate sector, the demand for furniture is continuous, as businesses require furnishings for offices, hotels, restaurants, retail stores, and other commercial spaces. The ongoing development and renovation of commercial properties contribute to a sustained demand for commercial furniture, encompassing items such as office desks, chairs, and restaurant seating. For example, in September 2022, as reported by Trade Arabia, Bahrain outlined plans to construct over 555,000 residential units, approximately 275,000 hotel rooms, more than 4.3 million square meters of retail space, and over 6.1 million square meters of new office space, with completion expected by 2030. Consequently, the expanding real estate industry is anticipated to fuel the growth of the furniture market.
The furniture market is expected to experience growth due to the increasing demand for online shopping. The advent of e-commerce platforms has provided manufacturers with a broader market reach, allowing them to sell products on a larger scale than ever before. This expanded geographical exposure is contributing to the growth of the furniture manufacturing market. Notably, in countries such as India, e-commerce portals have significantly boosted the sales of furniture manufacturers by providing greater exposure to producers who were previously confined to specific geographic regions.
The outbreak of the COVID-19 Disease (COVID-19) had a significant adverse impact on the furniture market in 2022. The disruption in supply chains due to trade restrictions and the decline in consumption resulting from global lockdowns imposed by governments led to a substantial setback. COVID-19, identified in Wuhan, Hubei province of China in 2019, prompted governments worldwide to implement measures to contain its transmission, resulting in the cessation of manufacturing activities and a downturn in economic activity. The imposition of lockdowns and restrictions negatively affected businesses throughout 2021 and into 2021. However, the furniture manufacturing market is expected to recover from this shock over the forecast period, as the pandemic is considered a 'black swan' event and not indicative of ongoing or fundamental weaknesses in the market or the global economy.
Major players in the furniture market are strategically focusing on developing innovative products, such as transition ranges, to enhance their profitability. Transition range products are designed to promote sustainability among households by encouraging the purchase of longer-lasting items that can be used repeatedly. As an example, in September 2023, Inter IKEA Systems B.V., a Netherlands-based manufacturer and provider of wood-based furniture, introduced three new collections as part of its Transitions range, namely Vivid Wonderland, Glorious Green, and Simple Serenity. These collections incorporate elements that evoke tranquility and bring nature into living spaces, featuring gentle and natural fabrics, green decorative accents, and indoor plants.
Furniture manufacturers are embracing augmented reality (AR) technologies to enhance the sales process, enabling sales representatives to present products more effectively and aiding customers in their decision-making. Augmented reality mobile applications provide customers with the ability to place virtual 3D models of furniture into their actual rooms in real-time. This technology enables customers to visualize furniture from various angles and positions, enhancing their overall shopping experience. A notable example is IKEA's augmented reality application, Place, which empowers customers to preview more than 2,000 furniture pieces within their homes before making a purchase.
Major companies operating in the furniture market report are Inter IKEA Group, Steinhoff International Holdings NV, Masco Corporation, Kohler Co., Leggett & Platt Incorporated, Tempur Sealy International Inc., Ashley Furniture Industries Inc., Hunter Douglas N.V., Man Wah holdings, Steelcase Inc., Herman Miller Inc., La-Z-Boy Inc., Okamura Corporation, HNI Corporation, JASON FURNITURE (HANGZHOU) CO. Ltd., Sleep Number company, Haworth Inc., American Woodmark Corporation, Heritage Home Group LLC, Hooker Furniture Corporation, Flexsteel Industries Inc., Bassett Furniture Industries Inc., Stickley Furniture Inc., L. & J. G. Stickley Inc., Global Furniture Group, Bernhardt Furniture Company, Kimball International Inc., Durham Furniture Inc., Vaughan-Bassett Furniture Company, LACQUER CRAFT MFG. CO. LTD.
Asia-Pacific was the largest region in the furniture market in 2023. Western Europe was the second largest region in the furniture market. The regions covered in the furniture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the furniture market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The furniture market consists of sales of commercial furniture, domestic furniture, wood, and plastic. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Furniture Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on furniture market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for furniture ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The furniture market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.