|Study Period:||2017- 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The furniture market is expected to register a CAGR of 5% during the forecast period of 2021-2026.
The sudden COVID-19 pandemic, which hit the world during the initial days of 2020, has changed the face of the furniture industry on a large scale. The disruptions in the supply chain and the temporary ban on global trade have highly affected the countries with high dependencies on imports for their furniture needs. The pandemic forced around 58% of the world's population to switch to the stay-at-home protocol for a longer time, which motivated customers to optimize their homes and furniture with the increase in the time they spend at home. COVID-19 also heightened the importance of reducing the reliance on imports, along with improving automation and digitalization in the industry.
Increasing expenditure on furniture goods among millennials, coupled with the growing brand consciousness among them, is supporting the market to record growing revenues during the study period. The significant increase in the number of e-commerce platforms that offer various designs and models of furniture products is accelerating the growth of the market in the developing nations. The omnichannel distribution practices are also helping the key players record more revenues in the market.
Due to significant demand from the younger generation, key players have come up with various offers on their products. The growing demand for do-it-yourself (DIY) furniture products and ready-to-assemble (RTA) is also helping the market grow further, especially in the home and office furniture segments, thus helping the market record more sales across the globe. The growing residential and commercial construction across the globe and the increasing number of strategic alliances and partnerships are expected to drive the market's growth.
Scope of the Report
The furniture market refers to the total sales recorded by furniture products across the globe. The report offers the market size and forecasts for furniture in value (USD billion) for all the above segments. A complete background analysis of the furniture market, which includes an assessment of the national accounts, economy, and the emerging market trends by segments, significant changes in the market dynamics, and the market overview, is covered in the report. By Application, the market is segmented into Home Furniture, Office Furniture, Hospitality Furniture, and Other Furniture, Distribution Channel into Home Centers, Flagships Stores, Specialty Stores, Online, and Other Distribution Channels, and Geography into North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa. The report offers market size and forecasts for furniture in value (USD billion) for all the above segments.
|By Distribution Channel|
|Other Distribution Channels|
|Middle-East and Africa|
Key Market Trends
Growing Demand for Home Furniture is Driving the Market Growth
Owing to the rising global population and the growing middle class across the majority of regions of the world, the demand for home furniture is rising, helping the specific segment of the market to grow further. Coupled with the growing younger population and their unique furniture preferences, the demand for multi-functional furniture that feature maximum storage facility, innovative space-saving designs, and stylish design is driving the furniture market’s growth. The key players are focusing on ways to attract more customers by optimizing their products according to the tastes and preferences of consumers, which is anticipated to influence home furniture sales during the forecast period. RTA furniture is becoming increasingly popular among customers owing to the lower costs and compact designs.
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Asia-Pacific Region is Fastest Growing in the Market
The Asia-Pacific region, owing to the high population and the growing residential construction, growing at a fast pace. As the standard of living continues to improve in China, customers have started investing in home decoration and home furniture. Increasing consumers’ purchasing power has also driven the furniture market to develop in the region. The key players in the furniture market are also launching their exclusive online platforms and some also entered partnerships with the e-commerce channels to strengthen their distribution networks, which is likely to drive the furniture market’s growth in the region. With the entry of IKEA into the Indian sub-continent in 2018, the competition became more complex in the country and the region, helping the firm strengthen its global presence.
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The report covers the major international players operating in the furniture market. In terms of market share, some of the major players currently dominate the market. 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.
- In October 2020, Herman Miller expanded the gaming series with the launch of the Special Gaming Edition Sayl Chair, which is ergonomically designed for optimal performance and comfort with six new expressive color palette options, inviting gamers to play in style.
- In September 2020, IKEA teamed up with Republic of Gamers (ROG) to develop a new range of affordable gaming furniture and accessories to bring the gaming experience at home to a new level. The range consisting of about 30 products was planned to be launched first in China in February 2021, and from October 2021, it will be available in other IKEA markets.
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 Threat of New Entrants
4.6.2 Bargaining Power of Buyers/Consumers
4.6.3 Bargaining Power of Suppliers
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
*List Not Exhaustive
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.*
7. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Global Furniture Market market is studied from 2017 - 2026.
What is the growth rate of Global Furniture Market?
The Global Furniture Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Global Furniture Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Furniture Market?
North America holds highest share in 2020.
Who are the key players in Global Furniture Market?
Ashley Furniture Industries, Inc., Inter IKEA Group, Herman Miller, Inc., HNI Corp., Steelcase Inc. are the major companies operating in Global Furniture Market.