Global Furniture Market Insights Forecasts to 2030

• The Furniture Market size was valued at USD 548.38 billion in 2021
• The market is growing at a CAGR of 5.1% from 2022 to 2030
• The Global Furniture Market is expected to reach USD 780.8 billion by 2030
• North America is expected to grow the fastest during the forecast period.

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The Global Furniture Market is expected to reach USD 780.8 billion by 2030, at a CAGR of 5.1% during the forecast period 2022 to 2030. The COVID-19 pandemic also has had a major impact on the global furniture manufacturing sector. In addition to labour difficulties, the decline in furniture production and exports in countries including China, Germany, the United States, Japan, and South Korea has significantly decreased global market revenues in 2020.

 

Market Overview

The term "furniture" describes movable things used to support a variety of human activities, including sleeping, eating, and working with objects while sitting such as tables, chairs, and stools, beds and hammocks. Additionally, furniture serves as a place to store items or to hold objects at a suitable working height such as tables and desks, which are horizontal surfaces above the ground. It can be constructed from a variety of materials, such as metal, plastic, and wood. A variety of woodworking joints can be used to create furniture, which often reflects the local culture. Furniture designs can be modified using machine-based processes and handcrafting depending on the end use.

 

The furniture market is highly fragmented due to multiple vendors, both international and regional. In the current scenario, the global furniture market is propelled by a thriving real estate industry. It is also expected that the rise of the furniture market will be fuelled by low-cost furniture producers in China and Vietnam.

 

Report Coverage

This research report categorizes the market for global furniture market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the furniture market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the furniture market.

 

Driving Factors

Increasing consumer desire for portable, adaptable products that fit readily in tiny places and have multiple uses is propelling industry expansion. The demand for furniture products is also impacted by residential and infrastructure growth, such as the building of community centres, hospitals, and public institutions. The market is fuelled by several reasons, including rising affordability, the expansion of the real estate and hotel sectors, and the demand from some consumer segments for luxury and high-end furnishings. Moreover, future demand for furniture in the residential and commercial sectors will be boosted by an increase in government spending on infrastructure development.

 

Restraining Factors

The global furniture business is restricted by a lack of highly skilled workers, efficient transportation, and services and infrastructure. Inconsistent costs of raw materials and shifting import & customs duties on fixture products in numerous nations throughout the world are expected to hinder business growth. Additionally, fierce competition from unorganized industry participants in numerous nations throughout the world is limiting the expansion of the leading manufacturers businesses.

 

Market Segmentation

• In 2021, the beds segment is witnessing a higher growth rate over the forecast period.

Based on products, the global furniture market is segmented into beds, tables & desks, sofas & couch, chairs & stools, cabinets & shelves, and others. Among these, the beds segment is witnessing a higher growth rate over the forecast period. The growing popularity of high-end furniture products among consumers as a result of technological developments in the furniture and home industry is a significant driver of the expansion of the beds segment. The sofa and couch segment is also expected to grow rapidly in the future furniture market. The growing number of millennial consumers procuring apartments, especially older apartments that require more renovation, is fuelling global growth in the sofa and couch segment.

 

• In 2021, the wood segment is witnessing significant CAGR growth over the forecast period.

On the basis of materials, the global furniture market is segmented into the wood, metal, plastic, and other furniture. Among these, the wood segment is witnessing significant CAGR growth over the forecast period. Because wood is a naturally occurring raw material that is used to make virtually all types of furniture products around the world, this growth is expected to accelerate. Wooden furniture is primarily made by processing raw timber and teak wood, which is both durable and fire-resistant. The three primary types of wooden panels are ideally plywood, fiberboard, and particleboard.

 

• In 2021, the indoor segment is witnessing significant growth over the forecast period.

Based on category, the global furniture market is segmented into indoor and outdoor. Among these, the indoor segment is expected to grow significantly over the forecast period owing to the rising consumer preferences for aesthetically pleasing interiors. The enormous demand for various types of kitchen, living room, and hall furniture among consumers for their regular indoor leisure requirements is what essentially causes the larger revenues from the indoor segment. Additionally, rising global population trends for house remodelling and home decor are fostering segmentation expansion.

 

• In 2021, the residential furniture segment is dominating the market with the largest market share of 55% over the forecast period.

Based on end-user, the global furniture market is segmented into residential furniture, office furniture, hospitality furniture, and other furniture. Among these, the residential furniture segment dominates the market with the largest market share of 55% over the forecast period. The segmental expansion is being driven by the rising rate of urbanization and the increasing number of real estate building projects that have been started by governments in many different countries throughout the world. The residential segment is anticipated to grow throughout the forecast period as a result of rising demand for furniture for living rooms and bedrooms, as well as rising demand from residential consumers for couch sets and chairs for their homes and backyards.

 

Regional Segment Analysis of the Furniture Market

 

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• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Asia Pacific is dominating the market with the largest market share of 60%.

Asia Pacific is dominating the market with the largest market share of 60% owing to the large number of wood furniture manufacturers in countries such as China and India. The rising disposable income of the upper and middle-class population has been attributed to this development. Additionally, it is anticipated that rising demand for living room furniture, accompanied by the bedroom, kitchen, and dining furniture, will boost market expansion. The rapidly developing real estate market as well as housing initiatives led by the government also contribute to the growth. Furthermore, furniture market growth is anticipated to be fuelled by the region's fast urbanization together with the expansion of the IT sector during the projected period.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global furniture market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Market Players

• Williams-Sonoma, Inc.
• Kimball International, Inc.
• DEDON Manufacturing Inc.
• Ashley Furniture Industries Inc.
• Oppein Home Group Inc.
• Duff & Phelps, LLC.
• Inter IKEA Systems BV
• Raymour & Flanigan
• Haworth, Inc.
• Dare Studio
• RH (Restoration Hardware)
• Jason Furniture Co., Ltd
• Godrej
• Okamura Corporation
• La-Z-Boy Inc.
• P & C ArteMobili SA
• Steelcase Inc.
• Durham Furniture Inc.
• American Signature
• Masco Corporation
• L. & J.G. STICKLEY, INC.
• Featherlite
• Heritage Home Group LLC
• HNI Corporation
• Harman Miller Inc.
• Stickley Furniture Inc.

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

 

Recent Development

• In December 2021, Empire Office, Inc. completed its acquisition of DeKalb Office Environments, Inc., establishing its global footprint in Atlanta and Birmingham.

 

• In March 2020, La-Z-Boy Incorporated revealed that it had bought the company that runs six independently owned La-Z-Boy Furniture Galleries, stores with an estimated USD 30 million in annual retail volume, and one warehouse in Seattle, Washington.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global furniture market based on the below-mentioned segments:

 

Furniture Market, By Product

• Beds
• Tables & Desks
• Sofa & Couch
• Chairs & Stools
• Cabinets & Shelves
• Others

 

Furniture Market, By Material

• Wood
• Metal
• Plastic
• Other Furniture

 

Furniture Market, By Category

• Idoor
• Outdoor

 

Furniture Market, By End-User

• Residential Furniture
• Office Furniture
• Hospitality Furniture
• Other Furniture

 

Furniture Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa