Furniture Market Size
|Study Period||2019 - 2028|
|Market Size (2023)||USD 652.40 Billion|
|Market Size (2028)||USD 855.49 Billion|
|CAGR (2023 - 2028)||5.57 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Furniture Market Analysis
The Furniture Market size is expected to grow from USD 652.40 billion in 2023 to USD 855.49 billion by 2028, at a CAGR of 5.57% during the forecast period (2023-2028).
The unexpected COVID-19 pandemic that struck the world in the early days of 2020 drastically altered the landscape of the furniture industry. The interruptions in the supply chain and the temporary prohibition on global trade significantly impacted countries that relied heavily on imports for furnishings. The pandemic drove around 58% of the world's population to adhere to the stay-at-home policy for an extended period, motivating customers to optimize their houses and furniture in response to the increased time spent at home. COVID-19 also emphasized the significance of lowering import dependency and enhancing industry automation and digitalization.
Among the major factors favorably affecting the market are the burgeoning worldwide population, increased urbanization, and rising development of both residential and commercial buildings. Additionally, the demand for lightweight, adaptable, portable furniture with ample storage is rising globally due to the growth of the travel and tourism industries, rising income levels, changing lifestyles, and raising living standards. In addition, the rise in nuclear families is fueling demand for foldable, compact furniture that is simple to set up in limited places.
In addition, the prevalence of postural dysfunction is fueling a desire for ergonomically designed furniture to prevent health issues and posture issues in children and adults. Additionally, the ease with which innovative products are made available through online purchasing portals fuels industry expansion. Leading manufacturers are also creating new designs and working with interior designers to increase their market share and attract more clients. In addition, they are launching recyclable furniture that is expected to lead the market. This furniture is built from salvaged wood, textiles, and wood pallets.
Furniture Market Trends
Rising E-Commerce Due to Smartphones Penetration is Driving the Market
The ubiquity of smartphones has resulted in cheaper internet costs, and the simple availability of low-cost handsets has resulted in an exponential increase in online buyers worldwide. Because of the global expansion of internet penetration, many consumers can access the online channel. Furthermore, several businesses offer "designing your interior sitting at home" services using online interactive room designer software. These factors will likely drive furniture sales via the e-commerce industry during the projection period.
Additionally, as consumers furnish their homes to increase their comfort level and lead a luxurious lifestyle, the demand for furniture has grown overall among urban households. This growth results from easier access to financing for consumer durables and increased awareness of international furniture products. During the projection period, demand for furniture is anticipated to increase due to all these factors' favorable effects on the furniture industry.
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Asia-Pacific Region is Fastest Growing in the Market
The Asia-Pacific region dominates the furniture market, which is attributable to the large number of wood furniture producers in nations like China and India. Due to its large population and expanding residential construction, the Asia-Pacific area is expanding quickly. Customers have started making purchases of furniture and home decor in China as the country's standard of living rises. The region's furniture market has grown due to rising consumer spending power. The region's furniture market is projected to increase due to the major players in the industry launching their exclusive online platforms and forming alliances with e-commerce platforms to expand their distribution networks. The rivalry in the nation and the area became more complicated with IKEA's arrival in the Indian subcontinent, which aided the company in bolstering its global position. Additionally, the growing adoption of premium-quality home décor items among the population in countries such as India and Australia further drives the furniture market growth in the region.
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Furniture Industry Overview
The report covers the major international players operating in the furniture market. Regarding market share, some of the major players currently dominate the market. Some major players are Ashley Furniture Industries, Inc., Inter IKEA Group, Herman Miller, Inc., HNI Corp., and Steelcase, Inc. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
Furniture Market Leaders
Ashley Furniture Industries, Inc.
Inter IKEA Group
Herman Miller, Inc.
*Disclaimer: Major Players sorted in no particular order
Furniture Market News
- March 2023: Wriver announced the launch of a range of new furniture pieces designed in collaboration with the eminent award-winning design studios Morph Lab, MuseLAB, Studio Sumeet Nagi, and Wriver Design Studio, exclusively at India Design 2023. To synergize rare craftsmanship and material innovation and further their vision of 'energizing modern living,' the collections were grounded in international sensibilities and crafted to empower interior designs.
- February 2023: IKEA launched three collections as part of its new Transitions range - Vivid Wonderland, Glorious Green, and Simple Serenity. Instead of regularly replacing items around the home, the Swedish retailer encourages households to be more sustainable with their purchases, choosing longer-lasting items that can be used repeatedly in households to be more sustainable with their purchases, choosing longer-lasting items that can be used repeatedly.
Furniture Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Industry Value Chain Analysis
4.6 Porter's Five Forces Analysis
4.6.1 Bargaining Power of Buyers/Consumers
4.6.2 Bargaining Power of Suppliers
4.6.3 Threat of New Entrants
4.6.4 Threat of Substitute Products
4.6.5 Intensity of Competitive Rivalry
4.7 Technological Innovations in the Industry
4.8 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Application
5.1.1 Home Furniture
5.1.2 Office Furniture
5.1.3 Hospitality Furniture
5.1.4 Other Furniture
5.2 By Distribution Channel
5.2.1 Home Centers
5.2.2 Flagships Stores
5.2.3 Specialty Stores
5.2.5 Other Distribution Channels
5.3.1 North America
5.3.4 Latin America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Ashley Furniture Industries Inc.
6.2.2 Inter IKEA Group
6.2.3 Herman Miller Inc.
6.2.4 HNI Corp.
6.2.5 Steelcase Inc.
6.2.7 Okamura Corporation
6.2.8 L. and J. G. Stickley
6.2.9 Global Furniture Group
6.2.10 Knoll Inc.*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
Furniture Market Research FAQs
How big is the Furniture Market?
The Furniture Market size is expected to reach USD 652.40 billion in 2023 and grow at a CAGR of 5.57% to reach USD 855.49 billion by 2028.
What is the current Furniture Market size?
In 2023, the Furniture Market size is expected to reach USD 652.40 billion.
Who are the key players in Furniture Market?
Ashley Furniture Industries, Inc., Inter IKEA Group, Herman Miller, Inc., HNI Corp. and Steelcase Inc. are the major companies operating in the Furniture Market.
Which is the fastest growing region in Furniture Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Furniture Market?
In 2023, the North America accounts for the largest market share in the Furniture Market.
Furniture Industry Report
The global market for items such as Tables, Chairs, Sofas, Beds, Desks, Dressers, Bookcases, Wardrobes, and Cabinets is projected to expand due to factors like increased urbanization, the growth of residential and commercial buildings, and the demand for lightweight, adaptable, portable items with ample storage. The increase in nuclear families is also boosting the demand for compact, easy-to-set-up items. The prevalence of postural dysfunction is driving the need for ergonomically designed items. The ease of purchasing innovative products like Couches online and the creation of new designs by leading manufacturers are also contributing to market expansion. The market is also seeing a trend towards recyclable items made from salvaged materials. The market for these items is segmented by application and distribution channel, with online sales seeing a significant increase. The Asia-Pacific region, with a large number of wood item producers, dominates the market. Major international players in this market include Ashley Furniture Industries, Inc., Inter IKEA Group, Herman Miller, Inc., HNI Corp., and Steelcase, Inc. For a more detailed analysis, a free PDF download of the report is available.