Market Size of Furniture Industry
|2020 - 2029
|Market Size (2024)
|USD 688.74 Billion
|Market Size (2029)
|USD 903.14 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Furniture Market Analysis
The Furniture Market size is estimated at USD 688.74 billion in 2024, and is expected to reach USD 903.14 billion by 2029, growing at a CAGR of 5.57% during the forecast period (2024-2029).
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.