Global Furniture Market

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

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.

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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 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 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 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

Product ID: SQMIG25AH2003