Global Furniture Market

Global Furniture Market Size, Share, Growth Analysis, By Type(Institutional, Office Furniture), By Distribution Channel(Home Centers, Flagships Stores), By Material(Wood, Metal), By Category(Indoor and Outdoor) - Industry Forecast 2023-2030


Report ID: SQMIG25AH2003 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 122 | Figures: 77

Global Furniture Market Insights

Global Furniture Market size was valued at USD 493.6 billion in 2021 and is poised to grow from USD 520.75 billion in 2022 to USD 843.14 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

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.

US Furniture Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 493.6 billion

Largest Segment

Household Furniture & Kitchen Cabinet

Fastest Growth

Household Furniture & Kitchen Cabinet

Growth Rate

5.5% CAGR

Global Furniture Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Furniture Market Size by Type, 2021-2028 ($ Bn)
Global Furniture Market Size by Type, 2021-2028 (%)

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Global Furniture Market Segmental Analysis

The Global Furniture Market is segmented on the basis of Type, Distribution Channel, material, category, and Region. Based on Type, the Furniture 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 Furniture Market is segmented into Home Centers, Flagships Stores, Specialty Stores, Online, and Other Distribution Channels. By material, the Furniture Market is segmented into Wood, Metal, Plastic, and Others. By category, the Furniture 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.

Furniture Market 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.

Furniture Market 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.

Global Furniture Market By Type, 2021 (%), 2021 (%)

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Global Furniture Market Regional Insights

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.

Global Furniture Market By Geography, 2021 - 2028, 2023-2030
  • Largest
  • Fastest

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Global Furniture Market Dynamics

Furniture Market Driver

  • The growth in the real estate and hospitality sector is driving the demand for the furniture market globally as furniture provides a plush feel in the hospitality sector and improves the customer experience. The focus on the improvement of real estate through various commercial and residential property developments propel the demand for furniture to be used in it to enhance the customer experience. The rising demand for luxurious and comfortable furniture by various classes of people is fueling the growth of the global furniture market.
  • The changing working dynamics and the new work from home culture increased the demand for luxurious furniture used in major cities for better comfort while working at home. This will drive the furniture market in a better way during the forecast period.

Furniture Market Restraint

  • Lack of proper transport and storage facilities with a shortage in skilled workers is one of the main reasons for maintaining the quality of furniture for a long time. Because of this the quality of furniture may reduce over time and could deal with broken furniture which will be dissatisfactory for the customer and will restrain the market growth during the period.

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Global Furniture Market Competitive Landscape

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.

Furniture Market Top Player’s Company Profiles

  • IKEA
  • Ashley Furniture Industries, Inc.
  • Steelcase Inc.
  • Herman Miller, Inc.
  • HNI Corporation
  • Haworth Inc.
  • Kimball International, Inc.
  • La-Z-Boy Incorporated
  • Masco Corporation
  • Okamura Corporation
  • Knoll, Inc.
  • Poltrona Frau S.p.A.
  • Hooker Furniture Corporation
  • Sauder Woodworking Co.
  • Teknion Corporation
  • Roche Bobois SA
  • Kokuyo Co. Ltd.
  • Nitori Holdings Co., Ltd.
  • Kinnarps AB
  • Aki-Home

Furniture Market Recent Developments

  • In April 2022, the large furniture retail brand from Netherland received the red dot 2022 award for its amazing and innovative products such as the table with an air purifier and a mixer tap which shows the integration of innovation with the class of furniture.
  • In April 2022, India's one of the furniture start-ups named wooden street raised USD 30 million from the global invest firm west bridge capitals for better expansion of product and supply chain and make further investments into technology.

Global Furniture Key Market Trends

  • The changing working culture in the corporate sector and adoption of the work from home model pushed the demand for furniture for a comfortable working atmosphere while working at a remote location.
  • The increased purchasing power of early-stage millennials towards spending on customizable yet affordable furniture. This enables the top companies to customize their products to meet the growing demand and invest more in these innovations in product development which in turn fuel the growth of the global furniture market.

Global Furniture Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2021 USD 493.6 billion
Market size value in 2030 USD 843.14 billion
Growth Rate 5.5%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Institutional, Office Furniture, Household Furniture & Kitchen Cabinet, Mattresses, Blinds, Shades, Hospital Furniture
  • Distribution Channel
    • Home Centers, Flagships Stores, Specialty Stores, Online, Other Distribution Channels
  • Material
    • Wood, Metal, Plastic, and Others
  • Category
    • Indoor and Outdoor
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)
Companies covered
  • IKEA
  • Ashley Furniture Industries, Inc.
  • Steelcase Inc.
  • Herman Miller, Inc.
  • HNI Corporation
  • Haworth Inc.
  • Kimball International, Inc.
  • La-Z-Boy Incorporated
  • Masco Corporation
  • Okamura Corporation
  • Knoll, Inc.
  • Poltrona Frau S.p.A.
  • Hooker Furniture Corporation
  • Sauder Woodworking Co.
  • Teknion Corporation
  • Roche Bobois SA
  • Kokuyo Co. Ltd.
  • Nitori Holdings Co., Ltd.
  • Kinnarps AB
  • Aki-Home
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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Furniture Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Furniture Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

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.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Furniture Market size was valued at USD 493.6 billion in 2021 and is poised to grow from USD 520.75 billion in 2022 to USD 843.14 billion by 2030, growing at a CAGR of 5.5% in the forecast period (2023-2030).

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. 'IKEA', 'Ashley Furniture Industries, Inc.', 'Steelcase Inc.', 'Herman Miller, Inc.', 'HNI Corporation', 'Haworth Inc.', 'Kimball International, Inc.', 'La-Z-Boy Incorporated', 'Masco Corporation', 'Okamura Corporation', 'Knoll, Inc.', 'Poltrona Frau S.p.A.', 'Hooker Furniture Corporation', 'Sauder Woodworking Co.', 'Teknion Corporation', 'Roche Bobois SA', 'Kokuyo Co. Ltd.', 'Nitori Holdings Co., Ltd.', 'Kinnarps AB', 'Aki-Home'

The growth in the real estate and hospitality sector is driving the demand for the furniture market globally as furniture provides a plush feel in the hospitality sector and improves the customer experience. The focus on the improvement of real estate through various commercial and residential property developments propel the demand for furniture to be used in it to enhance the customer experience. The rising demand for luxurious and comfortable furniture by various classes of people is fueling the growth of the global furniture market.

The changing working culture in the corporate sector and adoption of the work from home model pushed the demand for furniture for a comfortable working atmosphere while working at a remote location.

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.

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Global Furniture Market

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