Living and Dining Room Market Size, Share, Growth Analysis, By Type(Sofas, and Chairs), By Material(Wood, and Metal) - Industry Forecast 2024-2031

Global Living and Dining Room Market size was valued at USD 149.98 billion in 2022 and is poised to grow from USD 157.03 billion in 2023 to USD 226.75 billion by 2031, by growing at a CAGR of 4.7% during the forecast period (2024-2031).

The market for living and dining rooms is experiencing significant growth due to increasing demand from developed economies such as the U.S. and Germany, especially for coffee table products. In addition, the sales of Airia desk & media cabinets in India are driving demand for living and dining room cabinets. The popularity of Nelson miniature chest products in the U.S. is also expected to boost market growth during the forecast period. As economies gradually lift their trade restrictions, a steady recovery trend is projected in the next few years, with the living and dining room business witnessing a significant increase in revenues. Key players such as HNI Corporation and Kimball International, Inc. are majorly contributing to the market growth by investing in premium quality premium storage products, miniature chests, and the Nelson basic cabinet series. The growing demand for metal storage products from U.K. consumers and wall units in Japan are also major factors driving market growth. Additionally, rising demand for TV trolleys in developing economies like China and India is expected to boost market growth, as consumers seek occasional furniture products at a reasonable cost. To meet this demand, key players are launching sled base storage solutions. The growing trend towards smart furniture is also expected to significantly contribute to market growth. Despite the impact of the coronavirus pandemic, offline furniture shops have started showcasing their product lines on e-commerce portals and online websites to attract new customers. The sales statistics are covering the growing demand for storage cabinets through electronic commerce, with fast delivery and minimal installation costs fueling business opportunities for furniture products. Low financing rates and the growth of internet retailers in emerging nations may boost worldwide market share, as the global market remains highly adaptable to shifting trends, and new entrants become more competitive.

US Living and Dining Room Market is poised to grow at sustainable CAGR for the next forecast year.