Furniture Market - Segmented by Category (Domestic Furniture, Office Furniture, Hotel/restaurant furniture, and Others), Furniture Material (Wood, Metal, and Others), Distribution Channel (Offline retail stores and Online retail stores), and Geography - Growth, Trends and Forecasts (2019 - 2024)

Furniture Market Insight

The global furniture market is projected to grow at the rate of 5.2% during the forecast period 2018 to 2023. Growing brand consciousness and increasing expenditure for furniture goods among millennial is supporting the market growth from last few years. Additionally, easy availability of furniture in various regions through the online platform is influencing the sales of domestic furniture products from last few years. Due to significant demand from the younger generation, key players have now come up with various offers on their products along with DIY furniture products. This strategy makes the products quite affordable and supporting the market growth. Rising trend among consumers to buy furniture products for home décor is further influencing the sales of furniture market across the globe.

Growing Demand for Domestic Furniture to Drive Furniture Market Growth

The growing demand for multi-functional furniture with various features such as the maximum storage facility, stylish design, and innovative space saving designs are driving the furniture market growth from last few years. The key players in the market are providing various products according to the preference and taste of the consumers, which is likely to influence the sales of domestic and office furniture during the forecast period. Increasing real estate industry and rising urban population in the developing economies is supporting the global furniture market growth. Moreover, increasing expenditure on domestic furniture products has influenced the demand of luxury furniture products, this is likely to provide opportunity for the growth of global furniture market during the forecast period.

Wood Furniture to Witness Significant Growth Rate during the Forecast Period

Furniture made from wood holds significant market share in furniture market across the globe. Growing popularity of indoor furniture made by hardwood, Pine, Oak etc. is further supporting the market growth of furniture market. Increasing application of hardwood for the manufacturing of high-quality luxury furniture products expected to drive demand of wood furniture in upcoming years. Key manufacturers are focusing on development of wood furniture as they are more popular due their natural look, durability, easy-to-use, resilience, and maintain features. Combination of glass and wood furniture is also experiencing huge demand for office furniture whereas, introduction of powder coated, chromed, and anodized furniture is expected play important role in the furniture market growth during the forecast period.

Increasing Popularity of Online Retail Stores to Support Market Growth in North America Region

In Asia-Pacific, many key players in furniture market are launching their own online platform and also entering into partnerships with the e-commerce retail stores in order to strengthen their distribution network which is likely to drive the furniture market growth in the regional. In North America, leading furniture brands are focusing on personalization in product offering which is gaining popularity among the various consumer groups. Popularity of DIY furniture among millennial and availability of products in attracting design is expected to boost the sales of furniture though online retail stores. Growing expansion of furniture manufacturers from Europe in developing countries in Asia is likely to change the market dynamics in the upcoming years. For instance, Renaissance Home, Pinnacle Saporiti, Gautier and Interior Espania, most of the imported furniture dealers sell their products in India, either under their own brand name or without any branding. Moreover, the rise of bulk of international trade of furniture in China, Germany, Italy, Poland and Vietnam with the Unites States, Germany, the United Kingdom, France, and Canada, is expected to play major role during the forecast period. 

Key Developments in the Furniture Market

• Nov 2017: Masco Corporation acquired Mercury Plastics, Inc. in the US to expand plastic furniture business segment in North America.
• Aug 2018: Swedish furniture maker IKEA has launched its first Indian outlet Hyderabad and promising to provide about 7,500 home furnishing products at attractive prices.

Competitive Landscape of Furniture Market

Major key players in global furniture market are Inter IKEA Group, Raymours Furniture Company, Inc., Durham Furniture Inc., L. & J. G. Stickley, Inc., Ashley Furniture Industries, Inc., Steelcase Inc. Okamura Corporation, Herman Miller, Inc., Century Furniture LLC, Heritage Home Group LLC, and Masco Corporation.

Reasons to Purchase Furniture Market Research Report

• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
• 3-month analyst supports, along with the Market Estimates sheet in excel

Customization of the Furniture Market Research Report

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