Furniture Market by Global Demand, Competitive Landscape and Business Outlook 2022-2030

The Furniture Market size was valued at USD 637.26 billion in 2021 and is predicted to reach USD 945.53 billion by 2030 with a CAGR of 4.5% from 2022-2030.

Furniture mainly refers to the movable objects that supports and enables basic everyday functions such as seating, eating, and sleeping. In addition to this, they are essential element for home decor. The common furniture includes objects such as tables, chairs, desks, beds, dressers, and cupboards. Such movable objects are usually kept in a house for suitable and comfortable living. They are manufactured using various materials and is available in different designs. It can be made of different materials, such as metal, plastic, glass, or wood. Ongoing infrastructural development is significantly contributing towards demand for the furniture in residential and commercial sectors.

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Top Companies: Ashley Furniture Industries, Inc., Bassett Furniture Industries Inc, Herman Miller, Cymax Group Technologies Ltd., Inter Ikea Group, Kimball International, Inc., Godrej & Boyce Manufacturing Co., Ltd., Hooker Furniture, Kohler Company, HNI Corp., Steelcase Inc., KOKUYO, Home Depot, Inc., Herman Miller Inc., Bene GmbH, Dunn’s Furniture, Knoll Inc., Durham Furniture, Krost Office Products, Haworth Inc., Masterbrand Cabinets, Meridian Office Group, La-Z-Boy Incorporated, and others.

Market Dynamics and Trends

The growth of the real estate and hospitality industries significantly drives growth of the global furniture market. For instance, governments across the globe are focusing on development of real estate through a number of commercial and residential projects, ultimately helping to foster economy and creating demand for furniture. In addition to this, the factors such as rising demand for luxury and premium furniture due to increase in disposable income of populations and government investments for infrastructural development is fueling growth of the global furniture market.

However, lack of better transportation facilities coupled with the shortage of skilled labor are factors expected to restrain the growth of market during the forecast period. On the other hand, emergence of low-cost furniture by countries such as China and Vietnam create lucrative growth opportunities for the market. In addition, emergence & proliferation of smart furniture is anticipated to be opportunistic for market growth. For instance, according to the International Data Corporation, smart city projects around the globe are anticipated to attract technology investments of about $158 billion by 2022.

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Market Segmentations and Scope of the Study:

The global furniture market is segmented into type, product type, material type, end use, distribution channel, price range, and geography. Based on type, the market is segmented into RTA and non-RTA. Based on product type, the market is segmented into beds and mattresses, sofas and armchairs, entertainment units, storage units, tables and desks, and other furniture’s. Based on material type, the market is segmented into plastic, wood, melamine, glass, steel, wrapped panels, finished foils, laminates, and lacquered panels. As per the end use, the market is categorized into residential and commercial. According to the distribution channel, the market is segmented into home centers, flagships stores, specialty stores, e-commerce, and other distribution channel. As per the price range, the market is analyzed across the high-end price furniture, medium price range furniture, and low-price range furniture. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia Pacific, and Rest of the World.

Geographical Analysis

North America holds the lion share of furniture market at present and is expected to continue dominating the market during the forecast period. This is attributed to factors such as increasing usage of designer furniture embedded with new textures along with high spending capacity and increase in real estate sectors will boost the market in this region.

However, Asia Pacific is expected to show a steady rise in the furniture market due to the rapidly increasing investment in home decoration and home furniture in this region. Also, rising focus on the development of residential constructions and change in the lifestyle are expected to drive the furniture market growth in this region during the forecasted period.

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