|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?
Home furniture refers to the category of products, which occupy the physical ambiance of a house. Home furnishing retailers include national chains and independent stores. The growing need for shifting and settling down has led to an upsurge in demand for home furniture. Increasing demand for smart furniture is also projected to contribute toward the growth of the global home furniture market significantly. Increasing deterioration in the quality of the furniture has led customers to purchase home furniture, globally. Low lending rates and the penetration of online stores in emerging economies may surge the global market share. The global market is highly adaptive as per the changing trends and observes increasing competition from new entrants. The number of single- and two-person households has been increasing, resulting in the demand for small and portable furniture. Consumers have also been looking for multi-purpose, foldable, and technology-driven furniture, especially when it comes to living in smaller spaces.
The COVID-19 outbreak acted as a massive restraint on the home furniture manufacturing market in 2020, as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments, globally. However, with various economies steadily lifting their respective lockdowns, a steady recovery trend is expected to be seen in the upcoming years, with the home furniture industry showcasing a decent jump in revenues.
Scope of the Report
A complete background analysis of the global home furniture market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview, is covered in the report. The home furniture market is segmented by product (living room and dining room furniture, bedroom furniture, kitchen furniture, lamps and lighting furniture, and plastic and other furniture), distribution channel (supermarkets/hypermarkets, specialty stores, online retail stores, and other distribution channels), and geography (North America, South America, Europe, Asia Pacific, and the Middle-East and Africa).
|Living Room and Dining Room Furniture|
|Lamps and Lighting Furniture|
|Plastic and Other Furniture|
|By Distribution Channel|
|Online Retail Stores|
|Other Distribution Channels|
|Middle East & Africa|
Key Market Trends
Bedroom Furniture Segment
The rising demand for multifunctional furniture is expected to bolster the growth prospects of the bedroom segment. With an expanding global population, real estate prices have plummeted significantly in most parts of the world, especially in cities and urban areas. This has led to a considerable reduction in house sizes. As rooms are getting smaller, customers are increasingly looking for furniture that is compact and easily movable to allow for efficient use of the available space. To cater to such requirements, the vendor companies have introduced multifunctional furniture with storage facilities. Most modern furniture products, like tables and beds, come with additional storage spaces.
To understand key trends, Download Sample Report
Increasing Disposable Income is Driving the Market
The rising disposable income of the population is expected to positively impact the growth of the home furniture market over the forecast period. Furthermore, changing the lifestyle of the people, such as increasing preference for smart furniture, is anticipated to intensify the growth of the home furniture market. Moreover, increasing disposable income of individuals has led to think regarding the social status, driving the increased spending on products, including furniture. Moreover, increasing disposable income among the urban population is driving the home furniture industry, wherein consumers are now willing to pay for premium products at a high cost. Asia Pacific is currently the most profitable region, gaining traction from increasing population, coupled with rising disposable income in countries, such as China, India, Vietnam, and Thailand.
To understand geography trends, Download Sample Report
The report covers major international players operating in the global home furniture market. In terms of market share, few of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets.
- September 2019 - Ashley Furniture expanded RTA furniture production with the company's acquisition of Homestar North America's facility in Statesville, North Carolina. The 309,620 sq. ft facilities are expected to have a capacity to produce more than 500 SKUs, which include bedrooms, entertainment, upholstered beds, occasional tables, and home office furniture.
- March 2020 - La-Z-Boy completed the acquisition of the Seattle Market, Washington business that operated six independently owned La-Z-Boy Furniture Galleries stores. This acquisition of the six stores may contribute approximately USD 15 million of additional sales annually to the company on a consolidated basis.
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 Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Bargaining Power of Buyers/Consumers
4.5.2 Bargaining Power of Suppliers
4.5.3 Threat of New Entrants
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Living Room and Dining Room Furniture
5.1.2 Bedroom Furniture
5.1.3 Kitchen Furniture
5.1.4 Lamps and Lighting Furniture
5.1.5 Plastic and Other Furniture
5.2 By Distribution Channel
5.2.2 Specialty Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 By Geography
5.3.1 North America
5.3.2 South America
5.3.4 Asia Pacific
5.3.5 Middle East & Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.2 Ashley Furniture Industries Inc.
6.2.3 Heritage Home Group
6.2.5 Godrej Interio
6.2.6 Stanley Furniture
6.2.7 Ethan Allen
6.2.10 Nitori Co. Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
You can also purchase parts of this report. Do you want to check out a section wise price list?
Frequently Asked Questions
What is the study period of this market?
The Global Home Furniture Market market is studied from 2017 - 2026.
What is the growth rate of Global Home Furniture Market?
The Global Home Furniture Market is growing at a CAGR of >5% over the next 5 years.
Which region has highest growth rate in Global Home Furniture Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Home Furniture Market?
North America holds highest share in 2021.
Who are the key players in Global Home Furniture Market?
Ikea, La-Z-Boy, Godrej Interio, Bernhardt, Ashley Furniture Industries Inc. are the major companies operating in Global Home Furniture Market.