Global Household Furniture Market Size, Growth, Trends & 2023 Forecast Report

The household furniture market consists of sales of household furniture products such as dining tables, sofas, beds, chairs, bassinets, bookcases, chairs, TV stands, juvenile furniture and other household furniture products made from materials including wood, metal, plastics, reed, rattan, wicker and fiberglass.

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The global household furniture market reached a value of nearly $235 billion in 2018, having grown at a compound annual growth rate (CAGR) of more than 6% since 2014.

Growth in the household furniture market in the historic period resulted from the growth in emerging markets, rise in internet penetration, and growth in residential construction. Factor that negatively affected growth in the historic period was lumber supply crisis.

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Major Competitors are Inter IKEA Holding B.V., Ashley Furniture Industries, Inc., La-Z-Boy Incorporated, Steelcase Inc., Man Wah Holdings Limited

The household furniture market is expected to benefit from the growing popularity of products made from sustainable raw materials such as rattan. Consumers are showing a preference for furniture with raw materials procured from sustainable sources. Household furniture products made from rattan, which grows faster than wood, are durable and more resistant to wear and tear. This has increased its use in household furniture manufacturing.

The top opportunities in the global household furniture market will arise in the wood furniture segment which will gain $13.5 billion of global annual sales by 2023. The household furniture market size will gain the most in China. Household furniture market-trend-based strategies include manufacturing of RTA furniture, usage of virtual prototyping tools, and online retailing options. Player-adopted strategies in the household furniture industry include expansion through mergers and acquisitions and development of new product range.

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