Product ID: SQMIG25AH2003
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 Insights
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 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.
Global Furniture Market Report Snapshots
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