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 2024-2031

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

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 size was valued at USD 493.6 billion in 2019 and is poised to grow from USD 520.75 billion in 2023 to USD 843.14 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

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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