USD 637.51 billion
Report ID: SQMIG25AH2003 | Region: Global | Published Date: November, 2022 | Pages: 165 | Tables: 122 | Figures: 70
Global Furniture Market size was valued at USD 637.51 billion in 2021, and it is expected to reach a value of USD 950.93 billion by 2028, at a CAGR of 5.70% over the forecast period (2022-2028).
The growing popularity of home décor, the availability of bedroom furniture in a variety of styles, dimensions, and materials to suit different needs, as well as technological advancements incorporated into personalised bedroom furniture, are all contributing factors to the furniture market's revenue growth. The furniture market is experiencing revenue growth due to factors like rising disposable income, higher standards of living, and a willingness to spend more on furnishings in order to find fulfillment and peace after a long, stressful day at work as well as to promote physical and mental wellness.
For instance, the Elev8 Smart Adjustable Bed Frame and the Smart Ortho Hybrid Pocketed Spring Mattress were introduced by Sleep Company on January 18, 2022. Elevat8 Smart Adjustable Bed offers a complete comfort experience and combines smart technology to improve overall health and well-being. Additionally, it has special features that are activated by pressing a button, including a zero gravity mode for balanced body comfort, television mode, and a dual-zone massager for extreme relaxation.
The focus of major companies in the global furniture industry is on product innovation since rising urban populations in developing countries and a thriving real estate market are expected to increase demand globally. A product's aesthetic appeal and usage of sustainable raw materials are two of the most effective commercial techniques for helping a firm reach fresh heights.
Players in the industry are employing more environmentally friendly and sustainable raw materials, which will help the furniture market thrive in the future. The expansion of distribution channels through online and e-commerce is anticipated to drive the global furniture market in the near future. Low interest rates on loans and the growth of online shopping in developing nations could increase worldwide market share.
The global market has a high degree of trend-following adaptability and experiences rising rivalry from new entrants. Small and portable furniture is in demand as a result of the rise in the number of one- and two-person households. Additionally, consumers have been asking for furniture that is foldable, multifunctional, and technologically advanced, particularly for people who live in smaller places.
Global Market Size
USD 637.51 billion
Household Furniture & Kitchen Cabinet
Household Furniture & Kitchen Cabinet
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The Global Furniture Market is segmented on the basis of Type, Distribution Channel, material, category, and Region. Based on Type, the market is segmented into Institutional and Office Furniture, Household Furniture and Kitchen cabinets, Mattresses, Blinds and Shades, and Hospital Furniture. Based on the distribution channel, the market is segmented into Home Centers, Flagships Stores, Specialty Stores, Online, and Other Distribution Channels. By material, the market is segmented into Wood, Metal, Plastic, and Others. By category, the market is segmented into Indoor and Outdoor. Based on region, the global Furniture market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
The global furniture market is divided into Institutional and Office Furniture, Household Furniture and Kitchen cabinets, Mattresses, Blinds and Shades, and Hospital Furniture. The household furniture such as bedroom furniture segment holds the major share of around 21% of the segment and kitchen cabinet furniture accounts for 17.9% of the Global furniture market in the year 2021. The rising disposable income from the middle-class population around the world is one of the major reasons that is pushing the furniture market growth globally. The growing millennial population and unique furniture preferences among them are driving the innovation in the furniture industry by manufacturing maximum storage, space-saving, and stylish design furniture and this propel the market growth during the forecast period.
Analysis by Distribution channel
The furniture market is segmented into Home Centers, Flagships Stores, Specialty Stores, Online, and Others. The specialty stores sector is dominating the furniture market in the year 2021. The furniture selection is all about the experience and compatibility with that furniture, the quality and the texture could be felt by the consumer by the physical presence of it and these were provided by the specialty stores that are the reason for their dominance in the furniture market.
But with innovation in technology and the introduction of AR also known as augmented reality, various online platforms are trying to provide the same or equivalent experience to customers at the ease of their home and this is expected to grow the online distribution channel which in turn will boost the growth of the global furniture market throughout the analysis period.
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In terms of revenue, North America holds the largest share of the global furniture market in 2021. The constant increase in spending by millennials on real estate and the comfort and decoration of these properties are the major reasons for the growth of the furniture market during the analysis period in the US and Canada region. The US is the largest market destination for furnish products in the world with 40% of the furniture imported from the world.
The Asia Pacific markets were expected to grow at a hefty pace of 5.1% CAGR during the analysis period. As the increasing infrastructure developments and improvements in technology in the field of the furniture market are one of the reasons for the growth of the global furniture industry during the analysis period.
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The Global Furniture market is relatively fragmented, with a high level of competition. Few large players, like IKEA, Ashley HomeStore, and Kartell, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the household furniture such as bedroom furniture segment holds the major share of around 21% of the segment, and kitchen cabinet furniture sums up about USD 159 billion of the Global furniture market in the year 2021. The specialty stores sector is dominating the furniture market and the online distribution channel for the furniture market is expected to increase by 84% in sales by 2024. The Asia Pacific markets were expected to grow at a hefty pace of 5.1% CAGR during the forecast period 2021 to 2028.
|Market size value in 2021||USD 637.51 billion|
|Market size value in 2028||USD 950.93 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
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For the Global Furniture Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Furniture Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Furniture Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Furniture Market for additional countries.
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Product ID: SQMIG25AH2003