Press release
Furniture Global Market Estimated to Surge at a CAGR of 6.6% to Reach $1040.36 Billion By 2028 | Inter IKEA Group, Steelcase Inc., Herman Miller Inc., Haworth Inc., HNI Corporation
Furniture Market
The Business Research Company offers in-depth market insights through Furniture Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The furniture market size has grown strongly in recent years. It will grow from $752.22 billion in 2023 to $805.54 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to globalization of furniture manufacturing, economic growth and housing, sustainable and eco-friendly practices, demographic changes, rise of diy culture.
The furniture market size is expected to see strong growth in the next few years. It will grow to $1040.36 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to growing flexible and multifunctional designs, sustainable and circular furniture practices, wellness-oriented furniture, rental and secondhand furniture markets, focus on luxury and high-end furniture. Major trends in the forecast period include smart furniture integration, modular and customizable furniture, retro and vintage revival, biophilic design in furniture, multifunctional and space-saving designs.
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Market Segmentation:
The furniture market covered in this report is segmented -
1) By Type: Institutional And Office Furniture, Household Furniture And Kitchen Cabinet, Mattresses, Blinds And Shades
2) By Type of Material: Metal, Wood, Other Materials
3) By Distribution Channel: Exclusive Showrooms, Online, Hypermarkets, Other Distribution Channels
Subsegments Covered: Institutional Furniture, Office Furniture, Household Furniture, Kitchen Cabinet, Mattresses, Blind And Shade
Major Driver - Booming Real Estate Sector Anticipated To Fuel Furniture Market Growth
The increasing real estate industry is expected to propel the growth of the furniture market going forward. The real estate sector encompasses various facets related to properties, including their construction, renting, valuation, promotion, and administration, spanning across commercial, residential, agricultural, and industrial properties. In the commercial real estate sector, businesses require furniture for offices, hotels, restaurants, retail stores, and other commercial spaces. As new commercial properties are developed or existing ones are renovated, there is a continuous demand for commercial furniture, including office desks, chairs, and restaurant seating. For instance, in September 2022, according to Trade Arabia, a Bahrain-based online business news and information portal, the nation outlined its intentions to construct in excess of 555,000 residential units, around 275,000 hotel rooms, over 4.3 million square meters of retail area, and more than 6.1 million square meters of fresh office space, all anticipated to be completed by 2030. Therefore, the increasing real estate industry will fuel furniture market growth.
Competitive Landscape:
Major companies operating in the furniture market report are Inter IKEA Group, Steinhoff International Holdings NV, Masco Corporation, Kohler Co., Leggett & Platt Incorporated, Tempur Sealy International Inc, Ashley Furniture Industries Inc., Hunter Douglas N.V., Man Wah holdings, Steelcase Inc., Herman Miller Inc., La-Z-Boy Inc., Okamura Corporation, HNI Corporation, JASON FURNITURE (HANGZHOU) CO.LTD, Sleep Number company, Haworth Inc, American Woodmark Corporation, Heritage Home Group LLC, Hooker Furniture Corporation, Flexsteel Industries Inc., Bassett Furniture Industries Inc., Stickley Furniture Inc., L. & J. G. Stickley Inc., Global Furniture Group, Bernhardt Furniture Company, Kimball International Inc., Durham Furniture Inc., Vaughan-Bassett Furniture Company, LACQUER CRAFT MFG. CO. LTD.
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Top Trend - Furniture Industry Leaders Embrace Sustainability With Innovative Transition Range Products
Major companies operating in the furniture market are focused on developing innovative products, such as transition ranges, to increase their profitability in the market. Transition range products are aimed at encouraging households to be more sustainable with their purchases by choosing longer-lasting items that can be used repeatedly. For instance, in September 2023, Inter IKEA Systems B.V., a Netherlands-based manufacturer and provider of wood-based furniture, launched three new collections as part of its Transitions range, which include Vivid Wonderland, Glorious Green, and Simple Serenity. The collections include items that create a feeling of tranquility and introduce elements of nature into the living space, such as gentle and natural fabrics, green decorative accents, and indoor plants.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Furniture Market Characteristics
3. Furniture Market Trends And Strategies
4. Furniture Market - Macro Economic Scenario
5. Furniture Market Size And Growth
…..
27. Furniture Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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